Counterpoint, a renowned publication for its research on the marketing side of technology, has released a new estimate on global smartwatch shipments for Q3 2022. The report contains some big surprises. According to the report, the global smartwatch market has grown by more than 30% per year since the beginning of 2022. With over 171% annual growth, India has surpassed the United States to become the world’s largest smartwatch market. That’s surprising, isn’t it?
Taking into account the report. It divides smartwatches into two categories: basic smartwatches and HLOS smartwatches. The term “HLOS smartwatches” in this context refers to high-end watches that can run third-party apps and have a high-end operating system. Basic smartwatches, on the other hand, are smartwatches with a light operating system aimed at budget-conscious consumers.
Apple is the market leader in the HLOS category of watches, with a market share of more than 50% and a 48% year-over-year increase. The remaining brands on the list are Samsung, Amazfit, Huawei, Garmin, and others. Samsung increased by 62% year on year, owing primarily to the Galaxy Watch 5 series. However, Samsung’s shipments increased by only 6% year on year as it lost market share in India, falling below 3%.
Noise has a roughly 25% market share in the basic smartwatch segment, followed by Fire-boltt with 24%, boAt with 16%, Xiaomi with 4.2%, and Huawei with 3.2%. Noise, an Indian-born company, is now ranked third in the world’s smartwatch rankings, trailing only Apple and Samsung. It has increased by an incredible 218% year over year.