A new estimate on global smartwatch shipments for Q3 2022 has been released by Counterpoint, a renowned publication for its research on the marketing side of technology. There are some unexpected surprises in the report. Since the year 2022’s beginning, the global smartwatch market has increased by more than 30% annually, according to the report. With over 171% annual growth, India has now taken the top spot and is the largest smartwatch market worldwide. That’s unexpected, isn’t it?

Taking into consideration the report. It has separated smartwatches into two groups: basic smartwatches and HLOS smartwatches. The term “HLOS smartwatches” here refers to high-end watches that are capable of running third-party applications and have a high-end operating system. Basic smartwatches, on the other hand, are smartwatches with a light operating system that are aimed at consumers on a budget.

smartwatch

Research Analyst Woojin Son said, “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% YoY in Q3 2022, basic smartwatch shipments more than doubled YoY, accounting for 35% of the total market. This remarkable increase in basic smartwatch shipments shows us that the market base is rapidly expanding toward more accessible segments amid aggressive drives by the supply side. But still, in terms of revenue, the HLOS smartwatch overwhelms the basic smartwatch with a market size of almost 10 times due to its high average selling price (ASP).”

With a market share of over 50% and a 48% year-over-year increase, Apple is the industry leader in the HLOS category of watches. Samsung, Amazfit, Huawei, Garmin, and other brands are the remaining ones on the list. Samsung increased by 62% QoQ, largely as a result of its Galaxy Watch 5 series. However, Samsung’s shipments only increased by 6% YoY as it lost market share in India, dropping below 3%.

Regarding the market share leaders in the basic smartwatch segment, Noise has a market share of roughly 25%, followed by Fire-boltt with 24%, boAt with 16%, Xiaomi with 4.2%, and Huawei with 3.2%. Noise, an Indian-born business, has risen to third place in the world’s smartwatch rankings, behind only Apple and Samsung. It has increased by an astounding 218% year over year.

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