Apple Watch has once gain emerged as the best selling smartwatch in the world during the first quarter of 2022, a report from market research firm Counterpoint Research has said.
According to the report, the Apple Watch captured a 36.1 percent market share in Q1 2022, more than three times more than Samsung’s market share. Apple saw a 14 percent year-on-year growth in the smartwatch market and the complete smartwatch market saw a 13 percent year-on-year growth in Q1 2022. After Apple, Samsung was the second-largest brand in terms of units shipped, followed by Xiaomi.
According to Counterpoint Research, Apple maintained a solid lead with a 14 percent year-on-year increase, capturing a major 36.1 percent market share in Q1 2022. Apple was followed by Samsung, which took a 10.1 percent market share, but registered a staggering 46 percent increase in shipments as compared to Q1 2021. The report says that Samsung’s market share grew significantly in the APAC region as the Samsung Galaxy Watch 4 series is popular in the region.
Xiaomi, on the other hand, also registered a massive 69 percent year-on-year growth and is breaking its shipment record every quarter. This is the first time Xiaomi made it to the top 4 in the global smartwatch market, and the largest share of the company’s sale comes from the under $100 segment.
Huawei also registered a 7.2 percent market share in Q1 2022, but did not show any growth due to a weak position in the international market caused by restrictions.
Garmin ranked fifth in terms of shipments, but came in third in terms of revenues, thanks to the company’s higher average selling price (ASP). It occupies the majority portion of the premium smartwatch segment over $500, the report shows.
Amazfit also maintained a market share of 4 percent and took sixth place with the help of its latest GTR and GTS 3 series. Amazfit is also looking to expand outside of China, meaning that the company might increase its market share in the coming months.
By region, while most major regions grew YoY, only Europe recorded flat growth. Although Apple and Samsung continued to grow year-over-year, other major brands such as Garmin and Fitbit performed weakly in the European market during this period, the Counterpoint Research report said.