Last year, the smartwatch market was quite sluggish in terms of growth, thanks to the COVID-19 pandemic. This year, however, the smartwatch market has shown 27% YoY growth. Interestingly, the premium contender Apple is leading the smartwatch market and the Apple Watch has crossed 100 million user base globally.
According to Counterpoint, the top 5 smartwatch leaders this year, especially in Q2 are Apple, Huawei, Samsung, IMOO, and Garmin. Compared to last year, all these brands have seen a great increase in the smartwatch market share except Huawei. Huawei is still up there but its share has slightly declined compared to the same time last year.
On the other hand, Garmin has seen a big leap as it reached the top 5 segments with a 5.8% market share in Q2 this year. Samsung has also seen an increase on the charts compared to the same time last year. Speaking of Apple, which has just crossed 100 million user base has witnessed some contrasts. Although it has most of the smartwatch market share covered, it has also gone down to 28% from last year’s 30% market share in Q2. However, the company is still maintaining the lead and the major user base contributing to this share is the US.
Apple’s increased market share has led other emerging Chinese and Indian brands to come to the smartwatch segment. Brands like Xiaomi, Realme, and Oppo have offered similar technology and features at an affordable price. Indian brands like Noise and boAt have also been contributors to the increased global market share.
India has over 6% market share in the smartwatch segment, which is increased significantly over the 2% market share last year. Post COVID-19 pandemic, the smartwatch market has reportedly shown great recovery majorly due to several health-related features. Now that even affordable smartwatches are equipped with health and fitness features like SpO2 sensors, heart-rate sensors, and breathing exercises, the smartwatch market is expected to see continuous growth YoY.
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