CR: Global smartwatch market saw 12% YoY increase in shipments for 2022
Smartwatch shipments saw a 12% increase in 2022 compared to 2021 based on the latest Global Smartwatch Model Tracker report from Counterpoint Research. The growth was fueled by strong smartwatch sales in the first three quarters of 2022. Shipments in the Q4 period (October 1 - December 31) saw a 2% YoY decline fueled by rising inflation levels and slow growth in India.
Global smartwatch shipments share 2021 vs 2022 (Counterpoint Research)
Apple remains the top brand worldwide in terms of shipments with 34.1% of the market, followed by Samsung (9.8%) and Huawei (6.7%). Apple saw strong demand for its Watch Ultra, Watch Series 8, and Watch SE (2022) models. Cupertino captured an impressive 60% of the global smartwatch market revenue.
Samsung came in second place with a 12% rise in shipments but a mere 0.5% rise in revenues. Huawei saw a 1 percentage point slip while its revenues increased by 20%. Indian smartwearables brands Noise and Fire Boltt rose up to fourth and fifth spots in global shipments thanks to rapid growth in their home market. Garmin, Amazfit and boAt all hovered around the 4% market share figure. Fitbit came in tenth place while Xiaomi is now eleventh.
Smartwatch shipment share by region 2021 vs 2022 (Counterpoint Research)
Breaking down the global smartwatch market by region shows North America as the largest market by volume of shipments at 29%. India saw tremendous growth in 2022 and is now the second most important region for smartwatches while China comes in third place.
The largest chunk of smartwatches shipped in 2022 were in the ≤$100 price category which accounted 35% of all shipments. The >$400 saw the biggest rise in shipments (up 129% YoY) fueled largely by Apple Watch Series 8 and Watch Ultra models.
