How Indian smartwatch market helped reduce ‘global pain’ – Times of India

The global smartwatch shipment grew by 12% year-over-year in 2022. According to a report by Counterpoint, the first quarter of 2023 has seen a 1.5% YoY decline in shipments. This is also the second consecutive quarter when smartwatches saw decreased shipments. The report mentions that the decline was caused due to reduced demand from major players such as Apple and Samsung. The report also noted that global financial pressures also affected consumer sentiment which further impacted the market.
However, smartwatch shipments witnessed remarkable growth in the Indian market as it grew 121% in the country. This shipment growth not only softened the blow on the global smartwatch market but also helped India to regain its top position surpassing North America, with a 27% share of global smartwatch shipments.
How different brands performed in Q1 2023
Apple’s shipments reduced by 20% from Q1 2022 to fall below 10 million units for the first time in three years. As the economic crisis made the company’s products less affordable, the Cupertino-based tech giant’s market share also dropped from 32% to 26%. As per the report, the latest Apple Watch Series 8 failed to match the popularity of its predecessor.
Meanwhile, Fire-Boltt became the second-largest smartwatch seller in the world. The domestic brand tripled its shipments in 2022 and grew by 57% since the last quarter. The booming demand in India helped the company as it competed with other local brands like Noise and Boat.

On the other hand, Samsung shipments increased by 15% in its main market, North America. However, the Korean tech giant lost its ground in other regions. The company’s global shipments have reduced by 15% YoY and 21% since last quarter.
Chinese tech giant Huawei, which is also a dominant player in its domestic market, witnessed a 14% decline in China. However, the company expanded its presence in India, LATAM and MEA markets to reduce its overall global decline to 9%.