Global smartwatch shipments contracted 1.5 per cent (year-on-year) in the first quarter of this year and a 121 per cent growth in India’s shipments managed to arrest the decline, a report showed on Friday.
In terms of regional markets, according to Counterpoint Research, India overtook North America, reclaiming its position as the top region with a 27 percent share of global smartwatch shipments.
“India’s smartwatch market grew by 121 per cent, driven by affordability, increasing consumer demand and the availability of a variety of options in the budget segment. Nearly 40 per cent of total shipments were driven by the sub-Rs 2,000 price band, the highest ever proportion,” said Anshika Jain, senior analyst.
The share of India-based players crossed 90 per cent for the first time as they were quick to upgrade their portfolio and adapt their products to customer needs at a reasonable price point.
This was the second consecutive quarter of a year-on-year decrease in global shipments (Q4 2022 saw an 8 percent decline), driven by a seasonal decline in demand for products from key players such as Apple and Samsung, as well as global financial pressures. was affected by the affected consumer sentiment. ,
According to Counterpoint Research, the FireBolt has overtaken Samsung in the global smartwatch market for the first time, taking the second spot.
“Amid the global slowdown in demand for tech devices, there has also been a change in the consumption trend of smartwatches. The market share of high-priced and high-performance HLOS smartwatches released primarily by Apple and Samsung is set to decline from 60 percent in Q1 2022 to 53 percent in Q1 2023,” said research analyst Woojin Son.
On the other hand, the market share of basic smartwatches increased from 23 percent to 34 percent due to rapid growth in the Indian market.
“While overall smartwatch shipment volume has declined slightly compared to last year, affordable products that offer a certain level of performance generate substantial demand based on their price accessibility,” Son said.
Apple’s shipment volumes fell 20 percent YoY in Q1. It was the first time in three years that its first quarter shipments fell below 10 million units.
Shipments of the Indian brand Fire-Bolt almost tripled over the previous year and saw a growth of 57 per cent over the previous quarter.
“This reflects the rapid growth of the Indian market, similar to other local brands such as Noise and boAt,” the report said.
The report said that Huawei, the most influential Chinese OEM, saw its shipments drop by 14 percent in the Chinese market, a key market for the company.
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