India has emerged as the world’s largest smartwatch market, driven by strong holiday sales and the launch of affordable yet attractive smartwatches. According to a report, the Indian smartwatch market grew 171% year-on-year in the third quarter of this year, making it the world’s largest smartwatch market. According to a report by Counterpoint Research, shipments in the global smartwatch market grew 30% (year-on-year) in the third quarter, despite inflation and the geopolitical crisis continuing since the beginning of the year.
“The Indian smartwatch market grew 171% (YoY) in Q3 2022 to become the largest market in the world. Indian brands have expanded their product portfolios at affordable prices and their focus on local production also contributed to the growth,” said Ansika Jain, Senior Analyst.
Strong sales of the newly released Apple Watch 8 series helped Apple grow 48% year over year. Noise increased by 218% (YoY) to regain the top spot in the Indian market. However, Fire-Boltt lost market share to India’s Noise, dropping him to second place behind Fire-Boltt.
Additionally, Samsung increased shipments by 62% (QoQ) by launching the new Galaxy Watch 5 series, the report said.
“Among the types of smartwatches, basic smartwatches with relatively lighter versions of operating systems (OS) and more affordable prices are the main factors driving the recent surge in the global market. HLOS smartwatch shipments will increase by 23% (in Q3 2022, basic smartwatch shipments will more than double year-over-year, accounting for 35% of the total market,” says Research analyst Woojin Son said.
Shipments in North America, which was the largest market from Q4 2020 to Q2 2022, increased by 21%, while India grew strongly, pushing it to number two in the world.
(with IANS input)