India Beats China To Become Second Largest Smartwatch Market, Apple Top Brand: Report

While the global smartwatch supply market grew 13% YoY, India saw a 347% YoY growth, becoming the second largest smartwatch market by Q2 2022. According to a report by Counterpoint Research , India has become the second largest smartwatch market after China for the first time. Indian OEMs like Fire-Bolt and Noise have taken the lead in the global market. North America leads with 26% of smartwatches.

China, which was ranked first last quarter, dropped to third after a 10% year-over-year drop in shipments in the second quarter. According to reports, declining consumer demand due to Covid-19 restrictions and negative economic growth are among the reasons why China is falling from the top spot. Europe, which was third last quarter, fell to fourth, down 13 percent from a year ago, citing the Russian-Ukrainian war as the reason.

Also read | 5G in India by October 2022, 6G by the end of this decade: everything you need to know

Apple continues to lead smartwatch sales, with shipments up 8% year over year and peaking this quarter. "However, the quarter-over-quarter drop in shipments of the Apple Watch 7 series widened as the impact of the new model launch gradually faded," the report said.

Samsung was second with 40 percent year-over-year growth. The Galaxy Watch 4 series continues to enjoy great popularity, especially in North America and India. Huawei lost second place to Samsung and fell to third place in the global market. However, the company took first place in the Chinese domestic market.

Xiaomi's shipments grew 13% year-over-year, with no change in market share. The report states that the brand needs to increase its presence in India to further increase its market share, but competition will be tough due to strong local brands.