128 – India Now World No. 1 Smartwatch Market, Has 3 Brands In Top 5: Counterpoint Q3 2022 Report

 

In the third quarter of 2022, India emerged as the world’s largest smartwatch market, overtaking North America (yes, the entire continent) and China. According to Counterpoint Research’s latest Global Smartwatch Model Tracker, the Indian smartwatch market registered tremendous growth in the third quarter, taking the top spot in the global market as well as making the Indian brand the largest in the business. market. Counterpoint Research’s third quarter report also highlights a number of developments and trends in both the global and Indian smartwatch markets. Here are some highlights from the report:

(Note: Counterpoint divides its smartwatches into two categories: HLOS, which runs higher-level operating systems such as Watch OS and Wear OS, and runs third-party apps; Basic, which runs lightweight operating system and does not support third-party apps).

Ring the trumpet: India is the world’s largest smartwatch market thanks to phenomenal growth

The Indian smartphone market may be in the midst of a slowdown, but the smartwatch market appears to be booming. recorded significant growth. This growth made it the world’s largest smartwatch market for the first time. India holds a 30% share of the global smartwatch market in Q3 2022. That’s more than double the 14% share in the same quarter last year. This significantly outperformed North America with 25% market share and China with 16% market share in the quarter. Interestingly, North America, which led the market in this respect, actually posted 21% growth in the quarter, but this was dwarfed by India’s dramatic growth.

Also Read: Xiaomi Leads, Samsung Holds, Oppo Grows: 10 Key Takeaways from the IDC Quarterly Smartphone Market Report

Bluetooth calling and large displays drive growth

According to senior analysts at Counterpoint, Bluetooth calling and large displays were the main reasons for the dramatic growth of the Indian smartwatch market. According to analysts, 58% of smartwatches shipped in India in Q3 2022 had Bluetooth calling, and more than half had displays ranging in size from 1.5 inches to 1.69 inches.

#1 in India and #3 in the world for noise

India’s smartwatch market growth of 171% was staggering, but Indian brand Noise surpassed it, recording 218% year-on-year growth, maintaining its position as the leading brand in the Indian smartwatch market Did. This growth has made it the third largest smartwatch market in the world behind the Big Two from Apple and Samsung.

The fourth-largest global smartwatch brand is also made in India. 6th place is also made in India.

India’s influence on the global smartphone market can be measured by the fact that the fourth largest brand by shipments (after Apple, Samsung and Noise) is also an Indian brand. This is Fire-Boltt, which didn’t post year-over-year growth in the quarter, but still performed well enough to be number 4. At No. 6 in the global ranking is another Indian brand, Boat, which shipped 2 million units in the fourth quarter.

Basic smartwatches grow, but HLOS watches still dominate

Both high-level operating systems (HLOS) and basic smartwatches posted impressive global growth in Q3 2022. Affordable pricing. However, at the global level, HLOS smartwatches account for 65% of the market share, while basic smartwatches account for 35%. Not only that, but HLOS watches are overwhelming in terms of price as they are expensive, and the market size is 10 times larger than basic watches.

Indian brands dominate basic smartwatches

Indian brands have taken a shot in the basic smartwatch segment, with the top three brands in the market all coming from India. Noise and Fire-Boltt are competing for the top spot, with Noise taking a 25.2% share, slightly ahead of Fire-Boltt’s 24.6%. Third place was Boat with 16.8%. As these brands are predominantly present in the Indian market, their share reflects how much of the global smartphone market is influenced by India. As a record, the fourth place in the global basic smartwatch market is held by Xiaomi with 4.2%, while Huawei is in fifth place with 3.2%. Interestingly, the combined share of the fourth and fifth brands is less than half that of the third brand, Boats.

Apple still leads the way with HLOS smartwatches (Courtesy of Apple Watch series 8)

Many believe that Apple drove the smartwatch revolution, and Cupertino’s company remains the dominant player in the global HLOS smartwatch segment, accounting for just over half (50.6%) of all watches shipped in this segment. ). The Apple Watch Series 8 played a big role in this, accounting for 56% of Apple’s total shipments. Apple recorded 48% year-over-year growth, but its share actually declined from 54% in Q2 2022 due to weak North American and European markets.

Samsung grows globally, shrinks in India

Samsung’s quarter was somewhat mixed. At the global level, it recorded 62% year-on-year growth aboard the Galaxy Watch 5 series, placing it second in the global HLOS watch segment with a 22.3% share (up 5% quarter-on-quarter). However, in India, its share was below 3%. Even across the global market, Samsung didn’t have a big lead over Noise, according to the report.

Huawei is growing, Garmin is stable

Huawei may not be the top smartphone brand, but it still has a dominant presence in smartwatches. Chinese brands grew 65% year-on-year to rank fifth in the global market. Garmin didn’t record shipment growth, but revenue increased 11% thanks to a higher average selling price (higher than the Apple Watch, according to Counterpoint).