Global smartwatch shipments fell 1.5% during January-March 2023, marking the second consecutive quarter of negative growth in the segment. As for the Contrapuntal research report, major players such as Apple, Samsung, and Huawei all reported negative shipment volumes in Q1 2023 due to lower demand for tech products amid the challenging economic landscape.
Top 3 smartwatch brands, Q1 2022 vs Q1 2023
India was the only bright spot in the smartwatch market with 121% YoY growth in shipments fueled by high demand for entry-level smartwatches. Counterpoint now estimates that basic smartwatches that don’t run a dedicated operating system make up about 34% of all smartwatch shipments. An estimated 40% of all smartwatches shipped to India during Q1 were priced below INR 2,000 ($25).
Smartwatch shipment share by region, Q1 2022 vs Q1 2023
Apple remained the top smartwatch brand in terms of market share with 26%, while Indian brand Fire-Boltt overtook Samsung for second place with 9% of the market. Samsung finished third after a 15% drop in global smartwatch shipments compared to last year. On a regional basis, India contributed 27% of all smartwatch shipments, followed by North America with 26% and China with 18%, which saw a sharp 28% drop in its shipment share.
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