According to a recent survey by Counterpoint Research, India is now the second largest market for smartwatches internationally, trailing only Apple as the brand with the most market share. India is now home to companies like Fire-Boltt and Noise. In Q2 2022, the global smartwatch market expanded by 13% year over year, with Apple maintaining its leadership despite a minor decline in market share. Samsung also experienced significant increase, moving up to take the second-largest market share for smartwatches globally.
The second-largest market for smartwatches is India.
The data, which was obtained from the Counterpoint Global Smartwatch Model Shipment and Revenue Tracker, Q2 2022, provides some intriguing insights into the development of the smartwatch market over the previous 12 months. The expansion of Indian smartwatch companies, especially market leaders Noise and Fire-Boltt, who pushed it into the top five brands for worldwide smartwatch shipments as a result of excellent performance in India, is the biggest surprise in the research.
Due to the introduction of numerous reasonably priced smartwatches and clever distribution methods by companies like Noise and Fire-Boltt, the smartwatch market in India has experienced tremendous growth. In India, other brands like Boat and Dizo have also had some success in this market, since many consumers prefer smartwatches priced under Rs. 5,000 to conventional wristwatches.
Apple and Samsung are the top brands.
With a market share of 29.3 percent, Apple still commands a sizable lead over all other brands in the worldwide smartwatch industry, largely due to the robust demand for and profit margins on its expensive Apple Watch series. Notably, Huawei has fallen to third with a smaller market share of 6.8% while Samsung has supplanted it in second with a share of 9.2 percent.
The top five is completed by Noise and Fire-Boltt, with Xiaomi, Amazfit, and Garmin still ranking in the top eight. The ColorFit Pro 4 and Pro 4 Max smartwatches, which retail for Rs. 3,499 and Rs. 3,999 respectively, were just released by Noise in India. Aiming to build on the momentum of the previous year, Fire-Boltt has been releasing new, reasonably priced smartwatches on a regular basis over the past few months.
