India is the second largest market for global smartwatches: Counterpoint

The global smartwatch market grew 13 per cent year-on-year in the second quarter of 2022, with Apple remaining on top despite a slight drop in market share. Meanwhile, Samsung also experienced strong growth, becoming the brand with the second largest share of the smartwatch market globally.

India is the second largest market for smartwatches

The information comes via Counterpoint Global Smartwatch Model Shipment and Revenue Tracker, Q2 2022, and offers some interesting insights into how the smartwatch space has grown in the past year. The biggest surprise in the report is the growth of Indian smartwatch brands, particularly market leaders Noise and Fire-Boltt, which made it into the top five global smartwatch shipments thanks to strong performance in India.

The Indian smartwatch market has seen massive growth, thanks to the launch of many affordable smartwatches and sensible distribution strategies from brands like Noise and Fire-Boltt. Other brands like Boat and Dizo have also seen some success in this segment in India, with many buyers choosing smartwatches under Rs. 5,000 over traditional wristwatches.

Apple and Samsung lead the way

Despite a slight drop in market share, Apple remains the number one brand in the global smartwatch market by a wide margin with a 29.3 per cent market share, fueled by strong sales and margins in its Apple Watch premium series. Notably, Samsung replaced Huawei in second place with a 9.2 per cent market share, while Huawei fell to third with a reduced share of 6.8 per cent.

Noise and Fire-Boltt round out the top five, while brands like Xiaomi, Amazfit and Garmin remain in the top eight. Noise recently launched the ColorFit Pro 4 and Pro 4 Max smartwatches in India, priced at Rs. 3,499, and Rs. 3,999, respectively. Fire-Boltt is also hoping to capitalize on last year's momentum and has regularly released new affordable smartwatches for the past few months.