The smartwatch market experienced significant growth in 2022, with global shipments increasing by 12% compared to the previous year. However, despite the strong sales in the first three quarters of the year, the market saw a 2% year-on-year drop in shipments in the last quarter due to rising inflation. This information was recently released in a report by Counterpoint Research, which provides an overview of the state of the global smartwatch market.
The global smartwatch market grew by 12% and Apple takes 60% of all profits
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Apple continues to be the leader in the global smartwatch market, with a share of 34.1% in total shipments. The tech giant also holds a record 60% of the industry’s revenues, making it the dominant player in the market. Analysts attribute this growth to the high demand for the latest Apple Watch models, including the Apple Watch Series 8, Apple Watch Ultra, and Apple Watch SE, which were all released in the fall of 2022.
Samsung is the second-largest player in the market, with a 12% increase in shipments and a 9.8% market share. Huawei, a Chinese company, holds the third position, with a 6.7% market share. Noise and Fire Boltt, two Indian smartwatch makers, have also made significant gains in the market. Securing the fourth and fifth spots, respectively, thanks to strong growth in the domestic market. Other brands, such as Garmin, Amazfit, and boAt, have fluctuating shares within 4%. Fitbit and Xiaomi ranked tenth and eleventh, respectively.
In terms of regions, North America leads the smartwatch market, accounting for 29% of total sales in 2022. India, on the other hand, experienced significant growth in the market, becoming the second-largest region for smartwatch sales. China, which was previously the second-largest region, fell to third place.
The market for budget smartwatches priced at $100 or less remains significant, accounting for 35% of total smartwatch sales in 2022. However, the market for smartwatches priced above $400 showed the most substantial increase in shipments, growing by 129% year-on-year. This growth was primarily attributed to the launch of the latest Apple Watch models, which were priced in this category.