India becomes the second largest smartwatch market while the global market grows 13% YoY, as Apple retains top spot.
As per reports, the global smartwatch market shipments grew 13% YoY in Q2 2022. For India, this is the first time it has grown more than 300% YoY overtaking China for the second spot. Indian OEMs such as Fire-Boltt and Noise took top spots in global market share.
Apple retains its top position in the market with shipments increasing 8% YoY, while Samsung and Huawei take the second and third spot respectively. Xiaomi’s shipments increased 13% YoY and Garmin fell two places to the seventh spot compared to the previous year. Fire-Boltt on the other hand recorded a remarkable increase in shipments, taking first place in India’s market in terms of quarterly shipments.
Associate Director Sujeong Lim said, “The market performed relatively well in the second quarter compared to the downtrend we expected three months ago. However, as expected, China’s economic slowdown resulted in a YoY decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit seeing limited YoY growth or decline. Nevertheless, given that the smartphone market declined 9% YoY during the same period, we believe that the smartwatch market is on the right track to healthy growth.”
