India has become the leading smartwatch market globally, according to a new industry report. India’s market grew 171 per cent (year-over-year) to become the biggest smartwatch market globally in Q3 2022, Counterpoint Research said in its report.
Despite inflation and geopolitical crises that have continued since the beginning of this year, the global smartwatch market shipments increased 30 per cent (year-over-year) in Q3, according to the analyst firm.
“India’s smartwatch market grew 171 per cent (year-over-year) in Q3 2022 to become the biggest market in the world. The main factor behind the record quarter was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth," said Senior Analyst Anshika Jain.
Due to the strong sales of its newly released Apple Watch 8 series, Apple grew 48 per cent (year-over-year).
Noise grew 218 per cent (year-over-year) to regain the top spot in the Indian market. However, Fire-Boltt lost market share to Noise in India, falling to second place behind Fire-Boltt.
Moreover, Samsung increased its shipments by 62 per cent (quarter-over-quarter) by launching the new Galaxy Watch 5 series, said the report.
“Among the types of smartwatches, the basic smartwatch, with relatively lighter versions of operating systems (OSs) and more affordable prices, has been the key driver in sharply boosting the global market recently. While HLOS smartwatch shipments grew 23 per cent (year-over-year) in Q3 2022, basic smartwatch shipments more than doubled (year-over-year), accounting for 35 per cent of the total market," said Research Analyst Woojin Son.
The shipments in North America, which remained the largest market from Q4 2020 to Q2 2022, increased 21 per cent, but India grew so much that it was pushed to second place globally, the report added.
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