Smartwatch Market In India Resists Global Drop

The smartwatch market shrank once again in Q1 2023. It dipped by 8% YoY, which is a continuation from Q4 of 2022. Fire-Boltt took second place from Samsung in the global smartwatch market for the first time. Almost all regions saw a decrease in smartwatch shipments during Q1 of 2023, except for India.

On May 25th, 2023, cities around the world, including Seoul, New Delhi, Hong Kong, Beijing, London, Buenos Aires, and San Diego, were bustling with activity.

The latest Global Smartwatch Model Tracker by Counterpoint Research shows a 1.5% decrease in global smartwatch shipments in Q1 2023. India saw a 121% increase in shipments which helped minimize the decline. The decline was due to a decrease in demand from major brands like Apple and Samsung and global financial pressures, resulting in lower consumer sentiment. This is the second consecutive quarter with a YoY decrease in global smartwatch shipments.

According to Research Analyst Woojin Son, the smartwatch market has stopped growing since the end of 2022 when it declined 8% YoY in Q4. Demand for tech devices has slowed down globally, affecting smartwatch consumption. High-performance smartwatches from Apple and Samsung decreased from 60% to 53% in Q1 2023, while basic smartwatches increased from 23% to 34% due to demand in India. Even though overall shipment volume declined, affordable smartwatches with good performance are still in demand. Low-end smartwatches are also replacing smartbands.

Here's an updated report on Global Top 3 Smartwatch Brands. The figures are for the Q1 2023 compared to Q1 2022. The shipment share has increased for all brands. Brand 1 showed a significant increase of 10.5%. Brand 2 also had a good rise of 7.2%. Brand 3 is now at the top of the list with a 21.5% increase. Overall, it's clear that smartwatches are becoming increasingly popular worldwide.

The Counterpoint Global Smartwatch Model Shipment & Revenue Tracker for Q1 2023 is out. It provides insights on the shipment and revenue trends for the smartwatch industry during that period. This tracker is a reliable resource for analysts, researchers, and companies in the smartwatch market. It helps them understand and plan better for the future trends of the industry. The tracker covers key metrics like market share, unit sales, and revenue for the top brands in the smartwatch category. It also provides data on the different features and technologies that are driving the growth of the industry in different regions around the world. The Q1 2023 tracker is essential reading for anyone interested in the smartwatch market.

The Smartwatch Shipment Share got compared between Q1 2023 and Q1 2022. It was split up by region. We're talking about 4 different regions. North America, Europe, Asia, and the rest of the world. The numbers were analyzed. The data showed some changes over the years. The numbers for each region are different. The report is helpful for businesses to understand smartwatch trends.

The numbers in the blog might not equal 100% because rounding was used.

The Smartwatch Model Tracker from Counterpoint Global is out for Q1 2023. It tracks the performance of different smartwatch models. Some of the top performers include Apple, Samsung, and Garmin. Apple leads the market with its Apple Watch. Samsung comes second with its Galaxy Watch models. Garmin is third with its Forerunner and Fenix models. The tracker also shows that the smartwatch market continues to grow. More people are buying smartwatches because of their features, such as fitness tracking and smartphone integration. Overall, the Smartwatch Model Tracker is a valuable tool for anyone interested in the smartwatch industry.

Indian market is now the top region for smartwatch shipments with a 27% share. In Q1 2023, India's smartwatch market grew 121% YoY. The growth was due to affordability, rising demand, and a wide variety of budget options. Around 40% of total shipments were due to the Indian market.

The smartwatch market in China shrank by 28% compared to last year. The country's economy is recovering slower than expected. This is the biggest decrease among major markets. And, it's the smallest shipments since the pandemic started in Q1 2020.

Counterpoint Technology Market Research does global research on TMT products. It serves major tech and financial firms with reports and analyses of mobile and technology markets. Their analysts are expert in the high-tech industry.