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Amid uncertainties such as inflation and semiconductor chip shortages, India beat China to become the second-largest smartwatch market in Q2 FY22. Global smartwatch shipments grow 13 percent year-on-year (YoY) in Q2 2022 .
In a report published in Counterpoint Research, India’s smartwatch market grew by more than 300 percent year-on-year to overtake China. India’s growth can be attributed to the strong growth of domestic brands like Fire Boltt and Noise. As the global market share of local brands like Noise and Fire Boltt grew, Apple continued its streak and retained the top spot, followed by Samsung and Huawei.
China was ranked second in the previous quarter, but has now been relegated to third place with a 10 percent year-on-year drop in shipments. The decline witnessed a reduction in consumer demand due to negative economic growth and the Covid-19 lockdown.
The report also noted how Europe has now been relegated to fourth place with a 13 percent year-on-year decline, which has come against the backdrop of the Russia-Ukraine war.
According to the report, North America continued to hold the top spot.
“The market performed relatively well in the second quarter compared to the downward trend we expected three months ago. However, as expected, the slowdown in the Chinese economy led to a year-on-year decline in its market, with major Chinese brands such as Huawei, Amazfit seeing limited YoY growth or decline. However, with the smartphone market down 9 percent year-on-year over the same period, we believe the smartwatch market is on track for healthy growth,” said associate director Sujeong Lim.
Here’s how the major smartwatch manufacturers fared in Q2:
While Apple’s shipments recorded a year-on-year increase of 8 percent, the effect of the launch of the new model gradually weakened.
Samsung continued its run in second place with 40 percent year-over-year growth. In regions such as North America and India, the Galaxy Watch 4 series has maintained its popularity
The Chinese manufacturer took first place on its home turf. But it will have trouble regaining the second position because of the brakes on its global expansion.
Xiaomi’s shipments grew by 13 percent year-on-year without major changes in its market share.
Garmin dropped two places and is now in 7th place compared to the previous year.
Amazfit’s shipments also fell 11 percent year-on-year due to weak demand in the Chinese market, but the smartwatch maker did well in India, where it grew 65 percent quarter-on-quarter.
Fire-Boltt saw remarkable growth in shipments as it took the top spot in terms of quarterly shipments in the Indian market
Noise recorded a remarkable year-on-year increase of 298 percent. It has gained popularity in both online and offline markets in India