Given tight economic credentials and geopolitical unevenness, the global smartwatch market grew at a YoY rate of 13% in the second quarter of 2022. Indian brands Fire-Boltt and Noise enjoyed a significant share of more than 12% of global smartwatch shipments.
Due to the high popularity of the Galaxy Watch 4 Series in major markets across geographies, Samsung witnessed a 40% YoY growth in the sector. While Garmin went two-step down to the seventh spot YoY, Amazfit witnessed a decline of 11% YoY due to lesser Chinese demand. Apple stayed at the same top but with decreasing shipments, given the tentative launch of Watch Series 8 next month. Xiaomi’s shipments, on the other hand, improved 13% YoY but with almost no change in its market share.
This quarter was particularly good for India as the smartwatch market here grew by 40% YoY, and overtook China, which saw a 10% YoY decline owing to its domestic economic slowdown.
