At the end of 2022, global smartwatch shipments increased by 12% compared to 2021. According to the report of research company Counterpoint Research, the strong sales in the first three quarters of last year were effective in this increase, while analysts recorded a 2% year-on-year decline in shipments in the last quarter due to rising inflation.Apple remains the global market leader in smartwatches, with a 34.1% share of total shipments by volume. In monetary terms, Apple accounts for 60% of the industry’s revenues. Analysts attribute Apple’s increased share to strong demand for the Apple Watch Series 8, Apple Watch Ultra and Apple Watch SE, which were released in the fall of 2022.
Indian smartwatch brands on the rise
South Korean Samsung ranks second with a 12% increase in shipments and a 9.8% market share. Chinese Huawei, on the other hand, completes the top three with a market share of 6.7 percent. Indian smartwatch manufacturers Noise and Fire Boltt climbed to fourth and fifth places respectively in the global market thanks to the rapid growth in the domestic market. Garmin, Amazfit and boAt hold around 4 percent. Brands such as Fitbit and Xiaomi ranked tenth and eleventh, respectively.
More than a third (35%) of smartwatches sold last year were budget models priced at $100 or less. Smartwatches in the $400 and above price range showed the biggest shipment growth, up 129% over the previous year. Most of the growth was reportedly due to the launch of the Apple Watch Series 8 and Watch Ultra.
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