Apple dominates the global smartwatch market with over 36 percent market share
The global smartwatch market, in Q1 2022, registered an impressive growth of 13 percent. Apple continues to be the segment leader and that too with a massive margin. Mimicking the trends of smartphone sales, Samsung is in the second position. The South Korean brand also registered impressive growth when compared to the same period last year.
Despite concerns over economic slowdown and inflation, Counterpoint Research’s study claims that the overall smartwatch market has witnessed growth. Chinese company Xiaomi also climbed up the ladder and performed well with its record-highest quarterly shipments.
Apple managed to take a solid lead in Q1 2022. The American company registered an increase of 14% YoY in Q1 2022. Some shipments carried over to Q1 2022 due to a month the late launch of Apple Watch 7, which helped continue the strength of the brand.
Samsung grabbed the second position with a 46 percent YoY increase in shipments. The brand witnessed significant growth in the APAC region, according to the Counterpoint study. The Galaxy Watch 4 series gained popularity in the Asia Pacific region.
Huawei’s troubles in the international market seem to be troubling the brand to gain in the smartwatch segment. The sales remained flat YoY in terms of shipments. Counterpoint study claims this happened due to the weak position in the international market caused by GMS restrictions, the proportion of the Chinese market in the brand’s total shipments is gradually increasing.
Xiaomi is inching towards the top and the Chinese brand recorded its first Top 4 position with 69% YoY growth. The company is breaking its shipment record every quarter as it rapidly penetrates globally. A large proportion of its sales come from the low-end segment under $100.
Popular fitness tracker brand Garmin reserved the fifth position in terms of shipments, but came in third in terms of revenues thanks to its higher ASP. It occupies the majority portion in the premium segment over $500.
American brand Amazfit has maintained its market share. The company managed to secure the 6th position. The GTR 3 and GTS 3 series helped the brand boost sales after their launch in the fourth quarter of 2021. The brand is also expanding outside of China and has had some success increasing its presence in Europe.
Fitbit couldn’t grab a top-5 position due to a lack of any new models last year. The company has been acquired by Google. The Counterpoint study suggests that the company is undergoing an internal reorganization.
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