The global smartwatch market experienced a 1.5% downturn during the first quarter of 2023, marking two consecutive quarters of negative growth in this sector. According to a report by Counterpoint Research, leading brands such as Apple, Samsung, and Huawei faced declining shipment volumes in Q1 2023 due to reduced demand for tech products amidst a challenging economic environment.
In contrast, India emerged as the sole beacon of hope in the smartwatch market, boasting a remarkable 121% YoY growth in shipments, driven by the high demand for entry-level smartwatches. Counterpoint’s analysis reveals that basic smartwatches without a dedicated operating system now account for approximately 34% of all smartwatch shipments. In Q1, nearly 40% of all smartwatches shipped in India were priced below INR 2,000 ($25).
Apple maintained its position as the leading smartwatch brand with a 26% market share, while Indian brand Fire-Boltt surpassed Samsung to secure second place, capturing 9% of the market. Samsung ranked third after witnessing a 15% decline in global smartwatch shipments compared to the previous year. In terms of regional contributions, India accounted for 27% of all smartwatch shipments, followed by North America at 26%, and China at 18%. Notably, China experienced a significant 28% drop in its shipment shares.