India Pips China, Becomes 2ndlargest Smartwatch Market Globally For 1st Time
According to Counterpoint Research, Indian brands such as Fire-Bolt and Noise led the global market as smartwatch shipments rose 13% in June (Q2) amid macroeconomic uncertainties such as inflation and geopolitical conflict. .
“As expected, China's economic slowdown has resulted in a year-on-year decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit showing limited growth or a year-on-year decline. Others,” said deputy director Sujeong Lim. .
Fire-Boltt reported significant growth in shipments and ranked first in the Indian market for quarterly shipments.Noise grows 298% YoY and is gaining popularity in both online and offline markets in India. However, due to rapid growth, Fire-Bolt lost its number one position in the Indian market with a 26% share in the second quarter.
"During the quarter, 30% of models shipped to the Indian market cost less than $50, with major local brands making affordable models and lowering consumer entry barriers," Lim said.
Apple's shipments are up 8% this quarter and number one in the world. However, the decline in Apple Watch 7 Series shipments worsened sequentially as the impact of the launch of the new model gradually faded.
"Samsung" retained its second place with annual growth of 40%. The Galaxy Watch 4 series has maintained its popularity, especially in North America and India.
Huawei leads the Chinese market for the third straight quarter, and Xiaomi's shipments grew 13% year over year without significantly changing market share.
"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," the report said.
China, which was second in the previous quarter, rose to third with a 10% year-over-year decline in shipments on a fall in consumer demand due to COVID-19 lockdowns and economic growth.
Post a Comment for "India Pips China, Becomes 2ndlargest Smartwatch Market Globally For 1st Time"