In its recently published Global Smartwatch Model Tracker, Counterpoint reveals that the global smartwatch space showcased a tepid growth rate of around 13% year-over-year in the second quarter of 2022. However, a closer look at the data throws light on some interesting data.
To begin with, Apple — while continuing to dominate the segment in terms of market share — seems to be having a hard time fending off the increasing popularity of Samsung’s refreshed Galaxy Watch series. Q2, 2022 also saw Samsung overtake Huawei in terms of market share. The Korean chaebol now commands 9.2% of the global smartwatch market — up from just 7.4% a year ago. Samsung’s growth primarily came at Apple’s expense, which saw its market share slightly dip to 29.3%.
Other interesting insights from the report include the emergence of virtually unknown players like Fire-Boltt and Noise in the list of the top smartwatch brands. The last quarter also saw India’s smartwatch shipments overtake that of China. On the other hand, players like Huawei, Amazfit, and FitBit did not have a great quarter, with some of these brands not even making it to the list of top smartwatch vendors for Q2, 2022.
Given that Samsung recently launched the Galaxy Watch 5 lineup and Apple will likely launch its next-gen Apple Watch products next month, it will be interesting to see how this battle pans out over into the rest of 2022 and all through 2023.
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