Indian smartwatch market grows by 300 percent in a year, overtakes China

Global market for smartwatches has expanded by 13 percent YoY in Q2 2022. India was one of the biggest drivers of growth for the smartwatch industry. It registered a growth of more than 300 percent YoY to overtake China for the second spot. Indian OEMs such as Fire-Boltt and Noise took top spots in the global market share. This growth was registered despite macro uncertainties such as inflation and geopolitical conflicts, according to Counterpoint Research’s recent study.

China had ranked second in the previous quarter but was pushed down by India to third place in smartwatch sales with a 10 percent YoY decrease in its shipments as consumer demand contracted due to Covid-19 lockdowns and negative economic growth. In addition, Europe, which ranked third in the previous quarter, was pushed down to the fourth place with a 13 percent YoY decline against the backdrop of the Russia-Ukraine war.

Smartwatch Brand Ranking

Apple’s shipments increased 8% YoY, taking the top spot in this quarter as well. However, as the effect of the new model launch gradually weakened, the decline in Apple Watch 7 series shipments became larger compared to the previous quarter.

Samsung maintained its second place with a 40% YoY growth. The Galaxy Watch 4 series has maintained its popularity, especially in North America and India.

Huawei took the first position in the Chinese market for the third consecutive quarter. But the brand will find it difficult to regain the second position from Samsung globally due to the brakes on its global expansion.

Xiaomi’s shipments increased 13% YoY with no significant change in its market share. The brand needs to increase its presence in India to further expand its market share, but competition will not be easy due to strong local brands.

Garmin fell two places to the seventh spot compared to the previous year. However, due to its higher ASP, the brand ranked third after Apple and Samsung in terms of wholesale revenues.

Amazfit’s shipments declined 11% YoY due to the weak demand in China market. But it performed well in India, growing 65% QoQ.

Fire-Boltt recorded a remarkable increase in shipments, taking first place in India’s market in terms of quarterly shipments.

Noise grew 298% YoY, gaining popularity in both online and offline markets of India. However, due to the rapid growth of Fire-Boltt, it lost the No. 1 position in the Indian market with a 26% share.

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