In the third quarter of 2023, the global smartwatch market saw a notable 9% increase in shipments compared to the previous year, marking a continued upward trend, as per the latest report by Counterpoint Research released on Friday.
This growth surge was primarily steered by the sustained strong performance of the Indian market, primarily driven by Fire-Boltt, and a remarkable resurgence of Huawei in China.
"Despite a global economic slowdown affecting various consumer device markets like smartphones, the smartwatch segment has shown consistent year-on-year growth for two consecutive quarters across both premium and budget categories," highlighted Research Analyst Woojin Son.
Of significance, High-level Operating System (HLOS) smartwatches, known for their advanced features and higher price points, witnessed substantial growth in Q3 of 2023, largely spearheaded by Huawei, posting its most robust quarterly performance to date," Son added.
Apple showcased its best-ever Q3 performance, experiencing a 7% year-on-year increase in shipments, while Huawei achieved an impressive 56% year-on-year increase in overall shipments for the quarter. The HLOS smartwatches from Huawei particularly soared, registering a remarkable 122% surge. Additionally, Fire-Boltt reclaimed its leadership in India, achieving its highest quarterly shipments on record.
While the major Indian brands like Fire-Boltt, Noise, and boAt displayed slower growth rates compared to previous periods, this slowdown is interpreted as a stabilizing phase rather than a sluggish trend, as per the report's observations.
"In parallel, the Indian market, notably dominant in the Basic smartwatch sector, maintained robust growth, contributing to 35% of the total global shipments and solidifying its position as the global market leader for the third consecutive quarter," highlighted Son.
Samsung encountered a 19% year-on-year decline in shipments. However, the newer products launched in August showcased a mere 3% drop compared to their predecessors, indicating a more stable trajectory, as per the report's findings.
(With Agency Inputs)