Competition in the global smartphone market continues at full speed. However, various brands are expanding their product ecosystem with different devices to stay ahead in this race and attract more users.
For example, currently, Apple, Huawei, Samsung, Xiaomi, Oppoand many other manufacturers produce smart watch themselves. In addition, these secondary products alone constitute a multi-billion dollar market.
Recently, Counterpoint released a new report monitoring the global smartwatch market, which shows that shipments increased by 11% year over year after declining for two consecutive quarters. .
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 11% year over year in Q2 2023, after declining in Q4 2022 and Q1 2023. Notably, the main contributor to this growth is India.
Global smartwatch sales graph Photo: Counterpoint
Smartwatch sales in the region increased 12% compared to the same period last year, reaching a market share of 34%. Meanwhile, there was a slight decline in sales in North America, China and the rest of the world. So, which brand manages to dominate sales, Apple, Huawei or Samsung?
When we first looked at the report, we saw that Apple once again maintained its position at the top, but there was a significant decline. The company’s market share was 27% in Q2 2022, but fell five points to 22% in Q2 2023.
The decline pushed its shipments to below 8 million units for the first time in three years. Considering that most of the growth takes place in India, this situation is quite normal as budget-friendly models are more popular in the country.
Huawei emerged as the best performing brand this quarter, especially with a significant increase in market share in China. Thanks to this growth, the company’s global market share increased by 3%, reaching 10%.
Huawei’s smartwatch business expansion is fueled by the popularity of its new Watch GT 3 Pro series. The company is also entering new markets such as Europe and North America, further increasing its share of the global smartwatch market.
Samsung experienced a 19% decline in Q2 2023. The company managed to increase shipments in the Chinese and Indian markets. However, its performance in North America and Europe, its most important markets, recorded declines of 24% and 13% respectively.
Samsung’s decline in shipments was caused by increased competition from other brands, such as Apple and Huawei. Samsung also faces challenges in the supply chain, which affects its ability to meet demand.
Indian brands Noise and Fire-Boltt emerged as key competitors, with growth of 86% and 70% YoY respectively, resFire-Boltt is also making strides in expanding its market share by leveraging cost-effective smartwatches. The brand’s smartwatches are available in a variety of colors and designs, making them appeal to a wide range of consumers.
Fire-Boltt is also making strides in expanding its market share by leveraging cost-effective smartwatches. The brand’s smartwatches are available in a variety of colors and designs, making them appeal to a wide range of consumers.
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