Smartwatch Shipments Grow 13% In Q2 2022 Amid Economic Headwinds
Despite the global economic challenges that have had a huge impact on smartphone sales, smartphone shipments are increasing. In the second quarter of 2022, smartwatch shipments experienced strong growth of 13% year-on-year, while the smartphone market has declined by 9% over the same period.
According to the latest market research report, North America leads the rankings in terms of export volume by region. But the region experienced a year-over-year decline of around four percent. That fell to 26 percent in the second quarter of 2021 from 31 percent in the previous quarter.
However, North America wasn't the only market that saw a decline. China and Europe saw double-digit declines in shipment volumes in the second quarter of 2022, at 10 percent and 13 percent, respectively. While Covid-19 restrictions and related supply chain disruptions continue, the Russo-Ukrainian war is responsible for the post-war decline. . Both markets dropped to third and fourth place respectively.
India ranks second after China and Europe. The market saw an impressive 347% growth in smartwatch shipments in the second quarter of this year. India's global market share is now 22 percent, up from 6 percent in the same period last year Countermeasures shows the region is seeing significant traction in wearables. Entry-level products (under $50) are the most popular in the country, accounting for 30 percent of sales between April and June 2022.
Several local brands are leading the sharp growth in smartwatch sales in India, reports Counterpoint. Fire-Bolt dominates the market charts, killing the noise. The latter slipped to second place despite a 298% increase in load. These two Indian brands made their way into the global top five in the second quarter of 2022. Fire-Bolt ranks fourth with a 6.3 percent share, while Noyce ranks fifth with a 5.9 percent global market share.
Apple is still the world leader in smartwatches with 8% more units in the second quarter of 2022 compared to the same period last year. However, the market share fell slightly to 29.3% from 30.6% last year. The top brand winner is Samsung. It was very popular in the premium segment in India and North America, thanks to the Galaxy Watch 4 series, shipments of the Korean brand grew by 40% worldwide, second only to Apple with a 9.2% share.
Chinese brand Huawei has dropped to third place but continues to dominate the domestic market. Compatriot Xiaomi increased its shipments by 13 percent year-on-year in the second quarter of 2022, but its global market share is basically the same. Garmin and Amazfit will form the top eight smartwatch brands between April and June 2022.
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