India is growing, China and Europe are falling: the results of the smartwatch market in Q3 2022

As Huawei gears up to launch quirky Huawei Watch Buds with built-in TWS earbuds, Counterpoint Research

share their observations on the situation in the market of smarthours. In the third quarter, global shipments soared 30% from the same period a year earlier, with India as the main driver of growth, where sales increased by an incredible 171% in Q3 2022, making the country the largest consumer of smartwatches in the world. Sales growth is observed in many other markets, but with the exception of China and Europe.

And this time, the researchers provide datatwo categories of watches at once: high-level models with a full-fledged OS that supports the installation of third-party applications (Apple's WatchOS or Google's WearOS) and inexpensive models with “light OS”. Obviously, it was the latter that made the greatest contribution to the growth of the market: their supplies more than doubled. On the other hand, full-bodied models are much more profitable in terms of revenue, bringing in 10 times more money due to the high average selling price. By the way, a visual position in the highest segment of smartwatches is illustrated by the diagram below:

As you can see, the ball is ruled by Apple with a dominant50.6% share: every second fully-fledged smartwatch sold in the world has an apple logo. Moreover, the success in the third quarter was provided by the new Apple Watch Series 8, which accounted for 56% of all sales in the segment. Samsung's growth turned out to be stronger (+62%), but this did not even help to get closer to the leader's indicators - the share of Koreans is only 22.3%. This is followed by Amazfint with a share of 7.1%, and Huawei and Garmin conclude the top five. Separately, the researchers mention the situation in China, where the smartwatch market in Q3 continued its four-quarter decline, dropping by 28%.

    © Vladimir Kovalev.

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