The competition in the global smartphone market continues at full speed. However, brands are expanding their product ecosystems with different devices to get ahead in this race and attract more users. For example, today, Apple, Huawei, Samsung, Xiaomi, Oppo, and many other manufacturers are producing their own smartwatches. Moreover, these secondary products alone are generating a market worth billions of dollars. Recently, Counterpoint released a new report monitoring the global smartwatch market, indicating that shipments increased by 11% year-over-year after declining for two successive quarters.

Indian Smartwatch Brands Make Big Strides in Q2 2023

When looking at Counterpoint‘s report, the first thing that stands out is the increase in global smartwatch shipments. According to the data, sales increased by 11% year-over-year in Q2 2023, after declining in both Q4 2022 and Q1 2023. Notably, the primary contributor to this growth is India. Smartwatch sales in the region increased by 12% compared to the same period last year, reaching a 34% market share. Meanwhile, there is a slight decline in sales in North America, China, and the rest of the world. So, which brands managed to dominate sales, Apple, Huawei, or Samsung?

When we first look at the report, we see that Apple has once again maintained its position at the top, but there is a significant decline. The company’s market share was 27% in Q2 2022, but it fell by five points to 22% in Q2 2023. This decline pushed its shipments to below 8 million units for the first time in three years. Considering that much of the growth is happening in India, this situation is quite normal because budget-friendly models are more popular in the country.

Huawei emerged as the best-performing brand this quarter, particularly seeing a significant increase in market share in China. Due to this growth, the company’s global market share rose by 3%, reaching 10%. The expansion of Huawei’s smartwatch business is fueled by the popularity of its new Watch GT 3 Pro series. The company is also entering new markets like Europe and North America, further boosting its global smartwatch market share.

Samsung witnessed a 19% decline in Q2 2023. The company managed to boost shipments in the Chinese and Indian markets. However, its performance in North America and Europe, its pivotal markets, recorded 24% and 13% declines, respectively. The decline in Samsung’s shipments is attributed to the increasing competition from other brands, such as Apple and Huawei. Samsung is also facing challenges in the supply chain, which is affecting its ability to meet demand.

Indian brands Noise and Fire-Boltt emerged as major contenders, boasting 86% and 70% YoY growth, resFire-Boltt also made strides in expanding its market share by capitalizing on cost-effective smartwatches. The brand’s smartwatches are available in a variety of colors and designs, making them appealing to a wide range of consumers. Fire-Boltt also made strides in expanding its market share by capitalizing on cost-effective smartwatches. The brand’s smartwatches are available in a variety of colors and designs, making them appealing to a wide range of consumers.

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