According to the new market research report, North America continues to lead the chart for region-wise shipment volume. But the region saw a year-on-year (YoY) decline of about four percent. Its share in the global smartwatch market also dropped from 31 percent in Q2 2021 to 26 percent this past quarter. North America isn’t the only market to decline, though. China and Europe suffered double-digit declines in shipment in Q2 2022 — 10 percent and 13 percent, respectively. While continued COVID-19 lockdowns and associated supply chain disruptions affected the former, the Russia-Ukraine war was the culprit for the latter’s decline. The two markets slipped to the third and fourth spots, respectively. India leapfrogged both China and Europe to second place. The market saw a staggering 347 percent growth in smartwatch shipment in the second quarter of this year. India’s share in the global market now comes in at 22 percent, from six percent during the same period last year. Counterpoint suggests the region is seeing a massive attraction toward wrist wearables. Entry-level products (price below $50) are hugely popular in the country, accounting for about 30 percent of all sales between April to June 2022.
Local brands drive smartwatch sales in India in Q2 2022
The massive growth in smartwatch sales in India is driven by multiple local brands, Counterpoint reports. Fire-Boltt topped the chart in the market, leapfrogging Noise. The latter dropped to the second spot despite a 298 percent increase in shipment. These two Indian brands grew so much in Q2 2022 that they made it into the top five in the global chart. Fire-Boltt comes in fourth with a share of 6.3 percent, followed by Noise at fifth with a 5.9 percent share in the global market. Apple is still the global leader in smartwatches, shipping about eight percent more units in Q2 2022 than the same period last year. But its market share marginally dropped YoY from 30.6 percent to 29.3 percent. Samsung was the biggest beneficiary among the top brands. It was immensely popular in the premium segment in India and North America, thanks to its Galaxy Watch 4 series. The Korean brand’s shipment grew 40 percent globally, taking up second place behind Apple with a 9.2 percent share. Beleaguered Chinese brand Huawei slipped to the third spot but continues to lead the domestic market. Compatriot Xiaomi also increased its shipment by 13 percent YoY in Q2 2022 but its share in the global market remained largely the same. Garmin and Amazfit make up the top eight biggest smartwatch brands between April to June 2022.
