For North America, which was the largest market from Q4 2020 to Q2 2022, shipments increased 21% year-over-year. However, India’s growth in the smartwatch segment pushed it to number two in the world.
“Among the types of smartwatches, basic smartwatches with relatively light operating system (OS) versions and affordable prices are the main factors driving the recent rapid growth of the global market. While watch shipments grew 23% year-over-year in Q3, basic smartwatch shipments more than doubled year-over-year to make up 35% of the total market.
“This significant increase in shipments of basic smartwatches shows that the market base is expanding rapidly towards more accessible segments amid positive moves on the supply side. Because of the higher price point (ASP), it’s worth 10x,” said Woojin Son, research analyst at Counterpoint Research, in a statement.
Domestic brand Noise reclaimed the top spot in the Indian market with 218% year-on-year growth. This was followed by another domestic brand, Fire-Boltt.
By region, India topped the list of smartwatch shipments for the first time. “The Indian smartwatch market grew 171% year-over-year in Q3, making it the largest market in the world. Indian brands, which have expanded their product portfolio at affordable prices and focused on local manufacturing, also contributed to the growth.
“Bluetooth calling has emerged as a key feature, contributing to a 58% share of total shipments, the highest share ever. Consumers also prefer larger display sizes. , more than half of total shipments in the third quarter were from display sizes of 1.5 inches to 1.69 inches,” said Ansika Jain, senior analyst at Counterpoint Research.