Worldwide Shipments of Smartwatch Witnessed A Year-over-Year Increase Following Two Consecutive Quarters

Counterpoint’s findings revealed that after the shipments declined continuously for the previous two quarters, Q4 2022 and Q1 2023, worldwide smartwatch shipments grew by 11% in 2023. Huawei is ranked second after two years for the first time, with a 58% year-over-year increase in domestic shipments. North America witnessed a decline of 9%. However, India has noted a surge of 70% year-over-year growth.

The research publication by Counterpoint called Global Smartwatch Model Tracker reported that the shipment in India skyrocketed by 70% year-over-year, acting as the catalyst for the market's recovery worldwide. China also experienced a decent increase in year-over-year smartwatch shipments. Furthermore, a remarkable change in the competitive environment has become apparent, with Huawei rising to the second spot in the rank for its share in the worldwide market.

Woojin Son, Research Analyst, reported that the company Huawei witnessed a notable surge in Q2 2023, now right below the first place in quarterly shipments, a success after two years of staggering behind. The company faced hindrances in growth due to sanctions and the diminished domestic market it faced. Huawei kept pursuing novel flagship products despite the Chinese market experiencing moderate recovery.

Woojin Son further stated that the company introduced new devices, such as the Watch 4 series, in Q2, making it the highest shipment since 2020 quarterly. Huawei is confident in its market recovery.

Leading company Apple witnessed a 10% year-over-year reduction in shipments in Q2 2023, dropping by 8 million units. This was the first time they had experienced such a decline after three years. Market share by Apple also dropped to 22% in Q2 2022.

However, Huawei has found success in the domestic market share, with an increase of 58% in shipments.

Fire-Boltt and Noise are two Indian brands that rose in popularity with a 70% and 86% year-over-year increase, respectively. Products by Noise priced below $50 witnessed a whopping 98% shipments. Fire-Boltt has also experienced similar success in widening its share in the market by focusing on affordable smartwatches.

Another leading contender, Samsung, experienced a 19% year-over-year shipment decrease in Q2 2023. However, its shipments increased in Indian and Chinese markets. On the other hand, in European and North American markets, Samsung faced a 13% and 24% year-over-year decline, respectively.

With an increase of 12% points, reaching 34% regional shipment shares, India has faced success after the stats from the previous year. 88% of Indian products priced below $50 ruled the smartwatch shipments in Q2 2023. boAt, Fire-Boltt, and Noise were responsible for 72% of all the shipments from India.

The Indian market broadening caused the share of Chinese markets to fall. Despite that, shipments from China increased by 5% after Q2 2022. Products below $500 increased to approximately 24% in China regarding revenue.

North America faced a 9% decline in Q2 2023 shipments. However, the revenue increased by 3% due to the demand for top-tier luxury products. Nonetheless, North American shares have declined in worldwide smartwatch revenues after looking back at the performance in Q2 2021 and Q2 2022.

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