India overtakes China to become the second largest smartwatch market in 2022

New Delhi: Indian Smartwatch market has overtaken the second spot from China in Q2 2022 globally, inching closer to North America which is holding the first spot. According to CounterPoint Research’s new report called “Global Smartwatch Model Tracker”, the Indian Smartwatch market has grown by 300% year-by-year basis in Q2 2022 overtaking China for the second spot, with the extraordinary rise of local smartwatch manufacturers like Fire-Boltt & Noise.

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Interestingly, the global shipment market has grown by 13% y-o-y amid high inflation, supply-chain disruption, and global uncertainties. China had seen the biggest dip in the Smartwatch market with a decline 9% y-o-y due to economic slowdown.

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According to Sujeong Lim, the company’s associate director, “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.”

Apple is the top Smartwatch manufacturer globally

Apple is spearheading the Smartwatch manufacturers globally with around 30% market share, with its shipment rising 8% y-o-y. Samsung is keeping its second spot with 40 % y-o-y growth as its Galaxy Watch 4 series maintains its popularity. While the third spot is taken by Huawei with a 6.8 % market share, the brand has been the top Smartwatch manufacturer in China for many years. But the brand will find it difficult to regain its second spot from Samsung after its break from global expansion.

India’s emerging smartwatch manufacturers

Not only has India's Smartwatch market grown exponentially in the past few years, but its local manufacturers have also performed very well, competing with big firms like Apple and Samsung.

Fire-Boltt, India's Smartwatch manufacturer has become the top market player in the sector with a remarkable increase in shipments. Noise has taken the second spot in India’s market with shockingly 298 % y-o-y growth. Though it has lost the first spot from the Fire-Boltt brand in the Indian market as the latter has a 26 % share.