Smartwatch shipments saw a 12% increase in 2022 compared to 2021 based on the latest Global Smartwatch Model Tracker report by Contrapuntal research. The growth was fueled by strong sales of smartwatches in the first three quarters of 2022. Shipments in the fourth quarter (October 1 – December 31) were down 2% year over year, fueled by rising inflation levels and the slow growth in India.
Global Smartwatch Shipments Split in 2021 vs 2022 (Counterpoint Research)
Apple remains the first global brand in terms of shipments with 34.1% of the market, followed by Samsung (9.8%) and Huawei (6.7%). Apple has seen strong demand for its Watch Ultra, Watch Series 8, and Watch SE (2022) models. Cupertino captured an impressive 60% of the global smartwatch market revenue.
Samsung came in second place with a 12% increase in shipments but a mere 0.5% increase in revenue. Huawei recorded a 1 percentage point decline while its revenues increased by 20%. Indian smartwear brands Noise and Fire Boltt climbed to fourth and fifth place in global shipments thanks to rapid growth in their domestic market. Garmin, Amazfit and boAt all hovered around 4% market share. Fitbit came in tenth place while Xiaomi is now in eleventh.
Smartwatch Shipment Share by Region 2021 vs 2022 (Counterpoint Research)
The breakdown of the global smartwatch market by region shows North America as the largest market by shipment volume at 29%. India experienced tremendous growth in 2022 and is now the second most popular region for smartwatches, with China in third place.
The majority of smartwatches shipped in 2022 fell into the ≤ $100 price category, which accounted for 35% of all shipments. The $400 saw the largest increase in shipments (+129% year over year) fueled largely by the Apple Watch Series 8 and Watch Ultra models.
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