Flourishing on a global level, the market for connected watches experienced a truly meteoric rise in Indiain the third quarter of 2022. Compared to the same period in 2021, and according to data collected by the firm Counterpoint Research, growth in India would have reached 171%… against 30% at a global level. This lightning growth, which allows India to become the world’s largest market for smartwatches in Q3 2022, is however largely due to the most basic models of watches and bracelets.
“ The Indian smartwatch market grew by 171% year-on-year in the third quarter of 2022, becoming the largest market in the world. The main factor behind this record quarter is the festive season in India. Indian brands expanding their product lines at affordable prices, and emphasizing local manufacturing, also contributed to the growth. “, explains Anshika Jain, Counterpoint analyst.
Mass-produced, including by local brands, and offered at affordable prices, these entry-level products are therefore the real engine of this growth, in India and worldwide. Growth that also benefits higher-end models, but to a lesser extent, explains Counterpoint.
Apple and Samsung remain prosperous…
” The basic smartwatch, with lighter versions of operating systems (OS) and more affordable prices, has been the main driver of the strong boost in the global market recently. While high-end smartwatch shipments grew 23% year-over-year in Q3 2022, basic smartwatch shipments more than doubled year-on-year, accounting for 35% of the total market “, underlines Woojin Son, analyst for Counterpoint.
” This remarkable increase in shipments of basic smartwatches shows us that the market base is rapidly expanding towards more accessible segments in a context of aggressive supply. However, in terms of revenue, the high-end smartwatch overwhelms the basic smartwatch with almost 10 times the market size due to its high average selling price. “, continues the specialist.
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Source: Counterpoint
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Source: Counterpoint
Globally, the market leaders therefore remain prosperous. Thanks to its new Apple Watch Series 8, launched last SeptemberApple is enjoying annual growth of 48% compared to Q3 2021. However, this is less than the +54% recorded by the brand in Q2 2022.
A little different dynamic at Samsung, where shipments increased by 62% from one quarter to another thanks to the arrival of the Galaxy Watch 5. The firm is nevertheless content with disappointing annual growth in the connected watch market : only +6%, and even disappeared from the radar in India, where it fell below the 3% market share mark.
Conversely, Noise and its affordable watches are showing an impressive annual growth rate: +218%, which allows it to once again become number 1 in sales in India. Its competitors Huawei and Fire-Boltt are content for their share of market shares identical to those recorded last year by Counterpoint. No progression for them, therefore, nor regression.
If we take a step back, the Indian market easily becomes number 1 thanks to its phenomenal growth in the 3rd quarter of 2022… but the North American market is not left out. Number 1 between the 4th quarter of 2020 and the 2nd quarter of 2022, the latter is now in second place in the ranking with annual growth estimated at 21%.
