Global Smartwatch Shipments Rose by 12 Percent YoY in 2022; Noise, Fire-Boltt in Top 5: Counterpoint Research

Global smartwatch shipments reportedly increased by 12 percent year-on-year (YoY) in 2022. The smartwatch market saw strong YoY growth in the first three quarters of the year, according to a survey conducted by Counterpoint Research. While Apple topped the global smartwatch shipments in 2022 with a 34.1 percent share of the pie, Samsung and Huawei were in second and third spots with 9.8 and 6.7 percent shipment share, respectively. Indian brands Noise and Fire-Boltt have also grabbed spots in the top five smartwatch companies with the highest shipment share.

According to the report published by Counterpoint Research, global smartwatch shipments rose by 12 percent year-on-year in 2022. Smartwatch shipments saw a significant increase YoY in the first three quarters of last year, whereas they declined by two percent in the fourth quarter.

Additionally, the smartwatch market in India more than doubled compared to 2021, showing steady growth until Q3 2022. However, in the fourth quarter, it fell 36 percent QoQ. A Senior Analyst at the firm cited the stocking up of inventories by the firms for the festive season as the reason behind the fall in shipments in Q4.

According to the survey, Apple is leading smartwatch shipments by 34.1 percent of the market share. Samsung and Huwaei contribute 9.8 and 6.7 percent of shipments. Indian smartwatch brands Noise and Fire-Boltt have also grabbed the spot in the top five smartwatch companies with the highest shipment share. They account for over 5 percent smartwatch shipments each. The two brands displaced Imoo and Amazfit from the fourth and fifth spots, respectively.

Apple saw strong demand for its Apple Watch Ultra, Apple Watch Series 8, and Apple Watch SE 2022 models with an overall increase of 17 percent in smartwatch shipments in 2022 compared to 2021. The company's annual shipments increased by 50 million for the first time, accounting for about 60 percent of the global smartwatch market revenue, said the report. Samsung's 2022 shipments, on the other hand, increased around 12 percent year-on-year in 2022, but the revenue increased by only 0.5 percent.

Huawei's market share fell by 1 percent YoY, but revenue increased by 20 percent. Fitbit and Xiaomi fell to tenth and eleventh spots, respectively, from seventh and eighth the previous year on the list of smartwatch companies with the highest shipment share in 2022.