Amazfit Archives - Counterpoint

China’s Q1 2023 Smartwatch Shipments Drop to Lowest in 12 Quarters

In Q1 2023, China’s smartwatch shipments declined both YoY and QoQ.
HLOS* smartwatches’ share increased when compared to that in 2022.
Despite its shipments falling 15% YoY, Huawei ranked first in Q1 with more than a quarter of the market share.
Apple’s Watch Series 8 was the best-selling model in Q1 even as the brand’s shipments fell 27% YoY.

Beijing, New Delhi, Seoul, Hong Kong, London, Buenos Aires, San Diego – May 30, 2023

China’s smartwatch market did not fully recover in the first full quarter after the country’s reopening. According to Counterpoint Research’s latest Global Smartwatch Model Tracker, China’s smartwatch shipments declined 28% YoY and 16% QoQ in Q1 2023 to reach their lowest level in 12 quarters.

Senior Analyst Shenghao Bai said, “Although the Spring Festival can boost consumption generally, the demand for smartwatches was still weak in Q1 2023. This was similar to what we saw in China’s smartphone shipments. The market needs more time to recover.”

The top three brands were Huawei, Apple and BBK (imoo). They accounted for nearly 60% of China’s smartwatch market in Q1 2023. Among the types of smartwatches, the HLOS* smartwatch’s shipments saw the smallest YoY drop even as its share increased to 45% from 39% in Q1 2022. Meanwhile, China’s ‘kids smartwatch’ shipments decreased 31% YoY. The country is the world’s biggest kids smartwatch market.

Chart-China-Smartwatch-Q1-2023

Source: Counterpoint’s Global Smartwatch Model Tracker

Note: Figures may not add up to 100% due to rounding

Commenting on the market trends, Research Associate Alicia Gong said, “Despite the overall demand for smartwatches dropping in Q1, the demand share for HLOS smartwatches rose. These are advanced watches offering users more customization and independence. Though BBK (imoo) still dominated the kids smartwatch market with a 35% share, its shipments of the watch remained flat YoY amid a shrinking kids segment.”

Market summary

Huawei was the biggest winner in China’s smartwatch market with a 27% share, thanks to its strategy of having multiple portfolios. Though the brand’s overall shipments dropped 15% YoY, it ranked first in all price bands from $101 to $400. The Huawei Watch GT 3 was the second best-selling model in Q1 2023.

Apple took the second largest share, mainly driven by its Apple Watch Series 8 and Apple Watch SE 2022. The two models were the first and third best-selling models in Q1 2023. However, Apple’s shipments decreased 27% YoY due to shrinking demand. Focusing on HLOS smartwatches helped the brand take an 87% share in the above-$400 segments.

BBK (imoo)’s Q1 shipments were generally flat YoY thanks to the back-to-school season. The brand benefited from its multiple-models strategy. Its Z6A series contributed the most to its shipments.

Xiaomi’s shipments saw a 42% YoY drop but a 31% QoQ increase in Q1 2023. The brand ranked first in the <$50 segment.

OPPO was the only one among the main brands to see its shipments increase both YoY and QoQ. The performance was driven by the OPPO Watch 3 and OPPO Watch 3 Pro. OPPO’s market share increased to 4% in Q1.

Qihoo 360 recorded a 35% YoY drop. It had fewer models on sale compared to Q1 2022.

Amazfit has a variety of models in China but lags behind in having popular models. The brand’s shipments declined 34% YoY in Q1 2023.

*HLOS smartwatch: Electronic watch running a high-level OS, such as Watch OS (Apple) or Wear OS (Samsung), with the ability to install third-party apps.

*All the prices mentioned in the article are wholesale prices.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts

Shenghao Bai

Alicia Gong

Counterpoint Research

India Smartwatch Market’s 121% YoY Growth Restricts Global Decline to 1.5% in Q1 2023

The global smartwatch market continued to contract in Q1 2023 following an 8% YoY decline in Q4 2022.
Fire-Boltt surpassed Samsung for the first time in the global smartwatch market, capturing the second spot.
All regions except India witnessed a YoY decline in shipments in Q1 2023.

Seoul, New Delhi, Hong Kong, Beijing, London, Buenos Aires, San Diego – May 25, 2023

Global smartwatch shipments contracted 1.5% YoY in Q1 2023, according to Counterpoint Research’s latest Global Smartwatch Model Tracker. The 121% growth in India’s shipments managed to restrict the decline. This was the second consecutive quarter of a YoY decrease in global shipments, which were hit by the seasonal decline in demand for products from major players like Apple and Samsung, along with consumer sentiment dampened by global financial pressures.

Research Analyst Woojin Son said, “The global smartwatch market, which had been experiencing steep growth for several years, has entered a period of stagnation since the end of last year when it declined 8% YoY in Q4 2022. Amid a global slowdown in demand for tech devices, the smartwatch consumption trend has also undergone a transformation. The market share of high-price and high-performance HLOS smartwatches*, primarily released by Apple and Samsung, decreased from 60% in Q1 2022 to 53% in Q1 2023. On the other hand, the market share of Basic smartwatches* significantly increased from 23% to 34% driven by rapid growth in the Indian market. Although the overall smartwatch shipment volume declined slightly compared to last year, affordable products that offer a certain level of performance generated substantial demand based on their price accessibility. These low-end smartwatches are also absorbing or replacing the existing smartband market.”

Global Top 3 Smartwatch Brands’ Shipment Share, Q1 2023 vs Q1 2022

Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q1 2023

Market summary

Apple’s shipment volume fell 20% YoY in Q1 2023. This was the first time in three years that its Q1 shipments fell below 10 million units. As a result, Apple’s market share, which was 32% in Q1 2022, dropped to 26%. This can be attributed to the ongoing macroeconomic crisis, which has led to decreased accessibility to relatively higher-priced Apple Watches. Despite the Apple Watch Series 8’s release about a month ahead of its predecessor, it did not achieve the same level of success as the previous model.
Indian brand Fire-Boltt surpassed Samsung for the first time and reached the second position in the global market. Its shipments increased by approximately three times compared to the previous year and saw a 57% growth compared to the previous quarter. This reflects the rapid growth of the Indian market, just like other local brands such as Noise and boAt.
While Samsung experienced a 15% increase in shipments in its key market North America, it witnessed a decline in shipments in other major markets. As a result, its overall global shipments declined by 15% compared to the previous year and 21% compared to the previous quarter.
Huawei, the most influential Chinese OEM, saw a 14% YoY decline in its shipments in the Chinese market, which is a key market for the company. However, Huawei saw increased shipments in India, LATAM and MEA, limiting its overall decline in global shipments to 9%. Huawei has been employing a strategy of relaunching models previously released for the Chinese market in the international market.

Smartwatch Shipment Share by Region, Q1 2023 vs Q1 2022

Note: Figures may not add up to 100% due to rounding

Source: Counterpoint Global Smartwatch Model Tracker, Q1 2023

In terms of the regional markets, India surpassed North America, reclaiming its position as the top region with a 27% share of global smartwatch shipments. Senior Analyst Anshika Jain said, “India’s smartwatch market grew 121% YoY in Q1 2023 driven by affordability, rising customer demand and availability of a wide variety of options in the budget segment. Around 40% of the total shipments were driven by the <INR 2,000 (<$25) price band, its highest proportion ever. The share of India-based players crossed 90% for the first time as they were quick in terms of upgrading their portfolios and adapting their products to customer needs at a reasonable price point.”

China’s smartwatch market experienced a significant contraction of 28% compared to the previous year, as the country’s economy showed a slower recovery than expected. This decline represents the sharpest contraction among the major regional markets and the lowest quarterly shipments since the outbreak of COVID-19 in Q1 2020.

*Types of smartwatches:

HLOS smartwatch: Electronic watch running a high-level OS, such as Watch OS (Apple) or Wear OS (Samsung), with the ability to install third-party apps.
Basic smartwatch: Electronic watch running a lighter version of an OS, with no ability to install third-party apps.

Background

Analyst Contacts

Sujeong Lim

Neil Shah

Follow Counterpoint Research

press@counterpointresearch.com

Global Smartwatch Shipments Grow 9% YoY in 2022; Price Polarization Seen in Demand

The market showed decent YoY growth in 2022, though it dropped 8% YoY in Q4
Quarterly shipments turned to a YoY decline after seven consecutive quarters of growth.
Shipments in the >$400 price band more than doubled in 2022, while the mid-price range saw a YoY drop.
Indian brands such as Noise and Fire Boltt found spots in the global top 5 sellers’ list thanks to the rapid growth of their domestic market.

Seoul, New Delhi, Hong Kong, Beijing, London, Buenos Aires, San Diego – February 22, 2023

The global smartwatch market shipments grew 9% YoY in 2022 due to the strong YoY growth witnessed in the first three quarters of the year, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. But the shipments fell 8% YoY in Q4 2022 amid inflationary pressures and slow India growth. This was the market’s first negative growth in eight quarters since the pandemic hit the world in 2020.

Global Top-selling Smartwatch Brands’ Shipment Share, 2022 vs 2021

Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q4 2022

The most striking feature of the year was price polarization in demand. Shipments in the mid-price range decreased while those in the >$400 and ≤$100 segments increased 104% and 41%, respectively, compared to the previous year.

Research Analyst Woojin Son said, “Apple strongly drove the average selling price (ASP) rise in the global smartwatch market in 2022, especially in the >$400 price band. There are two main reasons for this ASP rise – a diversified Apple smartwatch line-up and a rise in the exchange rate. This year, Apple released its first premium model, Ultra, at a release price of $799 in the US. In addition, as the exchange rate rose, the local price of Apple Watch in various countries changed. The demand for the premium segment remained relatively strong despite the decline in consumer sentiment at the end of 2022.

Son added, “On the other hand, we must be cautious about the low-price band of sub-$100. While this segment expanded in 2022 along with the remarkable growth of India’s market, it showed a large withdrawal in Q4 when compared to Q3.”

Global Smartwatch Shipment Share by Wholesale Price Band, 2022 vs 2021

Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q4 2022

Market summary

In 2022, Apple’s global market share decreased by 2.6%p with shipments remaining almost flat year on year. In terms of revenue, however, it grew 15% YoY, accounting for 56% of the global smartwatch market revenue and further widening the gap with No. 2 Samsung.
Samsung’s yearly shipments increased by 12% to account for more than 10% of global smartwatch shipments in 2022. Although sales of the newly released Galaxy Watch 5 series in the year were positive, its revenues only increased by less than 1%, which seems to be largely due to a slight drop in the ASP compared to the previous year.
Huawei‘s market share fell 0.5%p YoY due to the Chinese smartwatch market losing momentum to India in 2022. However, the brand’s revenue increased by 20% thanks to its relative focus on HLOS* smartwatches.
Noise and Fire Boltt, the Indian brands that supported the rapid growth of their home market, showed excellent growth in 2022. The two brands surpassed 5% of the global market share to rank fourth and fifth, respectively. Although the makers failed to beat Huawei as the Indian market’s growth slowed in Q4, they are attracting discussions on whether they will be able to threaten Samsung’s position beyond Huawei next year.
Fitbit and Xiaomi’s rankings fell to 10th and 11th in 2022 from 7th and 8th in the previous year. The strength of Indian brands was also affected, but these two brands failed to defend their share in their main markets like North America (Fitbit) and China (Xiaomi). Their shipments were decreased or flat compared to the previous year.

Smartwatch Shipment Share by Region, 2022 vs 2021

Note: Figures may not add up to 100% due to rounding

Source: Counterpoint Global Smartwatch Model Tracker, Q4 2022

In terms of regions, North America recovered as the largest smartwatch market in Q4 2022, which also allowed it to remain in first place for a full year again. The Apple’s home market showed a significant increase in shipments QoQ, despite the sales of Apple Watches being lower than expected in the fourth quarter. However, North America’s share decreased slightly as India emerged as another core region in 2022.

India’s market more than doubled compared to 2021. It grew steadily until Q3 2022 but fell 36% QoQ in Q4. Senior Analyst Anshika Jain said, “The third quarter of 2022 saw a big rise because most of the brands pushed high inventories into the channel ahead of the festive season. Therefore, we saw a decline in shipments in the fourth quarter.”

In the fourth quarter of 2022, China’s shipments rebounded for the first time in the year as the COVID-zero policy was eased, and both Huawei and Apple are received a positive response with their more diverse products.

*Smartwatch type definition

HLOS smartwatch: Electronic watch running a high-level OS, such as Watch OS (Apple) or Wear OS (Samsung), with the ability to install third-party apps.
Basic smartwatch: Electronic watch running a lighter version of an OS, with the inability to install third-party apps.

Background

Analyst Contacts

Sujeong Lim

Neil Shah

Follow Counterpoint Research

press@counterpointresearch.com

IFA 2022 Focuses on Enhanced User Experience in Consumer IoT Products

This year’s edition of Internationale Funkausstellung (IFA), Europe’s biggest consumer electronics show, showcased some interesting product announcements and trends that will set new standards across the consumer electronics ecosystem. New product technologies on display at the show held in Berlin from September 2 to 6 included bigger screen size OLED and Mini LED TVs, bigger and better soundbars, foldable laptops and bendable TVs, digital charging cases, and smartwatches with more features, among others.

The chief focus of the show this year revolved around major consumer electronics segments like smartphones, smart TVs, TWS, tablets, home appliances and smartwatches. Big players such as LG, Sony, Lenovo, Huawei, Asus, Jabra, Fitbit and TCL launched new and amazing products at the event to enhance user experiences. We give below the major CIoT announcements at IFA 2022:

Foldable laptops by Asus and Lenovo

Asus Zenbook 17 Fold OLED

Asus launched the Zenbook 17 Fold OLED, a foldable laptop that has a 17” screen when expanded and a 12.5” screen when folded.
The device comes with an Asus ErgoSense Bluetooth keyboard and touchpad to make it easy to work with.
Once the magnetic keyboard is on screen, you can use it as a regular laptop. When expanded, it can have an expanded tablet.
The devices are equipped with a 1080p OLED display, 12th generation Intel Core i7 processors, Harman Kardon-certified quad speakers with Dolby Atmos support, Wi-Fi 6E connectivity, and two Thunderbolt 4 ports.
Priced at $3,499, the Asus Zenbook 17 Fold is an expensive laptop.
The laptop will be beneficial for people who travel a lot and need a large screen, or those who work in creative fields. The device can also be used for entertainment, as it supports both Dolby Atmos and Vision.

Lenovo ThinkPad X1 Fold 2022

Lenovo launched the 2022 version of its ThinkPad X1 Fold (review), an upgrade from the 2020 version. The latest version has smaller bezels, a 16.3” screen when unfolded and a 12” screen when folded.
The folding laptop comes with a 1080p OLED display and has Windows 11 OS.
The device comes with a detachable keyboard, which when attached turns the device into a 12” laptop.
The laptop is equipped with 12th-generation Intel Core i7 processors, with up to 1TB of storage and up to 32GB of RAM.
The Lenovo ThinkPad X1 Fold is priced at $2,499 for the base variant and $2,999 with a keyboard and a pen.

New smartwatches, smart bands and smart glasses from leading brands

Garmin Venu Sq2 and Venu Sq2 Music

Garmin launched two new smartwatches — Venu Sq2 and Venu Sq2 Music edition.
Both the smartwatches come with a 1.41” AMOLED screen, Gorilla Glass 3 protection, 5ATM water resistance and support for both Android and iOS.
They also support contactless payments through Garmin Pay and have smart notifications for text, email and other alerts.
Both have the Health Snapshot feature which lets users have a two-minute session and record health metrics such as heart rate, heart rate variability, blood oxygen level, respiration, and stress.
The Venu Sq2 is priced at $249.99, whereas the Venu Sq2 Music is priced at $299.99.
The Venu Sq2 Music offers built-in storage for offline music playback from streaming services. It can store up to 500 songs.
Both smartwatches are compact and lightweight. They are among the best in terms of features and come in a low price range.

Huawei Watch D

Huawei launched the Watch D, already launched for the Chinese market earlier this year.
The watch comes with IP68 certification, AMOLED display and over 70 sports modes with a battery life of around seven days.
The Watch D has advanced health monitoring features, such as blood pressure, ECG, skin temperature and blood oxygen tracking.
The Watch D will be priced at €449 in Europe.
The Watch D is more expensive than its competitors, but with additional health features, it could stand out.

Fitbit Inspire 3, Versa 4 and Sense 2

The Fitbit Versa 4 is a smartwatch thinner and lighter than the Versa 3. It also has a tactile button, making it easier to operate. The Versa 4 will have a revamped Fitbit OS with Google Wallet, and Google Maps with turn-by-turn directions. The watch has 40 sports modes, and Sleep Profile to analyze sleep.
The Fitbit Sense 2 is a lighter and thinner version of the Sense series. It has continuous EDA (cEDA), which measures skin perspiration response and signs of stress, and is used in conjunction with the Heart Rate Sensor.
The Inspire 3 smart band is Fitbit’s entry-level and lowest-cost device. It has a color display, blood oxygen monitor and Fitbit features such as Active Zone Minutes and sleep tracking, and supports 10 days of battery life.
It has an improved display and newer features. The mechanical button offers improved functionality. The Inspire 3 will offer more choices to the consumer in the entry-level smart band market.

Amazfit GTR 4, GTS 4 and GTS 4 Mini

Amazfit launched the GTR 4 and GTS 4 smartwatches.
The GTR 4 features a 1.43” AMOLED screen, whereas the GTS 4 has a 1.75” AMOLED screen. Both the watches are 5ATM resistant and feature 150+ sports modes.
Both the smartwatches have a new feature called BioTracker 4.0 optical sensor, which offers improved heart rate tracking, and an upgraded GPS for more accurate route tracking. Besides, they have more than 150 sports modes and can be connected via Bluetooth and Wi-Fi.
Both the GTR 4 and GTS 4 are priced at €199.
Amazfit also launched the GTS 4 Mini, a smaller and cheaper version of the GTS 4. The GTS 4 Mini has a 1.65” AMOLED display, 120+ sports modes, and health and fitness tracking capabilities, such as heart rate and SpO2. The watch is priced at €99.
The GTR 4 and GTS 4 have a dual-band GPS antenna which improves the route tracking capability. Besides, the two have features like fall detection and offline voice assistant that will attract users.

TCL NXTWEAR S

TCL launched the NXTWEAR S smart glasses which offer enhanced comfort and conveniences. The smart glasses have a dual 1080p Micro OLED display, front and correction lenses.
The wheel on the left temple can be used to adjust volume, whereas the one on the right can be used to adjust brightness and 2D/3D mode switch.
The NXTWEAR S will be available from Q4 2022 in selected regions.

Lenovo Glasses T1

Lenovo launched the T1 smart glasses, which let users connect devices like PCs, tablets and smartphones with USB C and watch content on a bigger screen. The glasses have a Micro OLED display, swappable noise clips, adjustable arms, and support prescription lenses.
The glasses have 1920X1080 resolution with a 60Hz refresh rate and are TUV Low Blue Light certified to reduce strain on the eyes. The glasses also have inbuilt speakers.

TWS category saw some interesting launches

Jabra Elite 5

Jabra launched the Elite 5, a mid-range offering and placed between the Elite 3 and Elite 7 Pro.
The Elite 5 features hybrid noise cancellation and is powered by the Qualcomm QCC3050 chipset. It also has an IP55 rating, 6mm drivers and support for Google Assistant and Alexa. Other features include the 6-mic call and wind-noise suppression technologies for a better call experience.
Another interesting feature is Spotify Tap Playback, which allows users to launch Spotify and pick up from where they left off with a single button press.
The Jabra Elite 5 is priced and £149.

JBL Tour PRO 2

JBL launched the Tour PRO 2, a TWS with the world’s first charging case having a touchscreen display.
The case features a 1.45” LED touchscreen to manage music, customize earbuds, receive calls and manage notifications. The TWS features a 10mm driver, ANC and JBL Spatial Sound.
The Tour PRO 2 comes with a 10mm audio driver and is Bluetooth 5.3 compatible. It lasts 10 hours, and 40 hours with the case.
The charging case is the first of its kind in the industry. It lets users control most of the functionalities of the case, instead of touching their smartphones.
The JBP Tour PRO 2 is priced at €249.

Tablets saw new models from leading brands

HONOR Pad 8

HONOR launched the Pad 8. It has a 12” 2K display and runs on Android 12.
The tablet is powered by the Snapdragon 680 4G, 7250mAh battery and a Type-C port.
The device makes it possible to operate phone and tablet on the same screen. The smart multi-view feature allows up to four windows at the same time.

Huawei MatePad Pro 11

Huawei launched its newest tablet, the MatePad Pro 11. The tablet has an 11” OLED display with120Hz refresh rate and 2560×1600 resolution. It also features Huawei Pencil, Huawei Notes and multitasking.
The tablet has six speakers and four mics, a dual rear camera with a 13MP main camera and an 8MP wide-angle camera, and a 16MP front camera.
The MatePad Pro 11 will run on HarmonyOS 3, with a configuration of 8GB RAM and 128GB storage.
The tablet is priced at €649. Early-bird offers include free Huawei M-Pencil Elegant Edition and a folio cover.

Nokia T21

Nokia launched its newest tablet, the Nokia T21, at IFA 2022. The tablet has a 10.4” 2K display with a 60Hz refresh rate. It has 128GB of internal storage which can be expanded to 512GB. The rear and front cameras are 8MP.
The tablet comes with two years of Android updates and three years of security updates.
The Nokia T21 is a compact size tab that will attract those looking for a smaller-screen device.

Lenovo Tab P11 (2nd Gen) and P11 Pro (2nd Gen)

Lenovo launched two new tabs at IFA 2022 — P11 (2nd Gen) and P11 Pro (2nd Gen).
The P11 Pro (2nd Gen) is an 11.2” OLED display tab with 120Hz refresh rate and Dolby Vision support. The P11 Pro comes with a detachable keyboard with a built-in trackpad, and an optional Lenovo Precision Pen 3. The tab has quad JBL speakers and Dolby Atmos.
The P11 (2nd Gen) is an 11.5” 2K display tab with a 120Hz refresh rate. The tab has quad speakers with Dolby Atmos. Along with the tab are available optional Lenovo Precision Pen 3 and keyboard pack.
The Lenovo Tab P11 Pro (2nd Gen) is priced at €499, whereas the Lenovo Tab P11 (2nd Gen) is priced at €299.

Smart TVs saw bigger OLED/Mini-LED displays and bendable TVs

LG OLED Flex and LG OLED evo Gallery Edition 97”

LG launched the OLED Flex, a 42” OLED TV and the world’s first bendable OLED display, which can be bent from a flat to a curved screen using a button on the remote.
LG is targeting the gaming segment with this TV, as curved screens are more suitable for gaming. The TV has a host of features for gamers, such as Dolby Vision support, 4K resolution with 120Hz refresh rate, variable refresh rate, and ultra-low latency mode.
LG also launched the world’s first OLED TV with a 97” display. The TV will be a part of its C2 series.

TCL Mini LED TVs

TCL launched the EISA Premium-awarded Mini LED TV C835 series, a 4K Mini LED TV with Dolby Atmos for an immersive sound experience, and the EISA Best Buy-awarded QLED TV C735 series with 144Hz refresh rate for a better viewing experience.
TCL also launched the C935 series, a premium Mini LED series with 1,920 local dimming zones and 2.1.2 channel up-firing speakers.
The company also launched the world’s largest Mini LED TV at 98”.
The new offerings from TCL will help it to increase its share in the Mini LED segment and offer more choices to consumers.

Toshiba QA5D, UF3D and UK4D

Toshiba launched QLED TV sets and TVs with Fire TV at IFA 2022.
The QA5D series is Toshiba’s first QLED TV series, offering better picture quality. The TVs have Toshiba’s TRU Picture Engine technologies, which offer enhanced picture quality. The TVs also have Dolby Atmos and Dolby Vision and run on Android.
The UF3D series is Toshiba’s first with Fire TV in the UK and is ideal for someone who prefers Alexa. The series also has Toshiba’s TRU Picture Engine, Dolby Vision and Atmos.
The UK4D series is powered by Toshiba’s own operating system, and also comes with Alexa. The series has frameless models. It also supports Toshiba’s TRU Picture Engine and Dolby Atmos and Vision.
Toshiba also announced that models launched in 2019 would have the TikTok TV app, giving more entertainment choices to the consumers.

Other notable product launches

Lenovo IdeaPad 5i Chromebook: Lenovo also launched the IdeaPad 5i Chromebook, a 16” Chromebook with 2.5K resolution and 120Hz refresh rate, giving a smooth scrolling and video-viewing experience to the user.
TECNO Megabook T1: TECNO launched its first laptop at IFA 2022, the Megabook T1. It is an ultra-thin laptop that is 14.8 mm thick with a 15.6” display and weighs 1.48 kg. The entire body is made of aluminum and has a fingerprint sensor over the power button. The device has a 70wh battery supporting up to 17.5 hours, and Wi-Fi 6 connectivity.
LG launched the MoodUP refrigerator with color-changing LED door panels. With the LG ThinQ app, users can choose from 22 colors for the upper door panel and 19 colors for the lower door panel. The refrigerator also has a Bluetooth speaker.
B&O launched the Beosound Theatre soundbar. It has 12 drivers and 800W of power and supports 7.1.4 Channel Dolby Atmos. The Beosound Theatre has a new three-dimensional sound directivity, which is a combination of direct, side- and up-firing speakers. Besides, the soundbar can be wall-mounted or floor-standing.
JBL launched the Bar 1000, a 7.1.4 Channel Dolby Atmos-supported soundbar and wireless subwoofer. The Bar 1000 has two battery-powered detachable speakers which work in concert with four upward-firing speakers attached to the sound system.
Sennheiser unveiled the AMBEO Soundbar Plus, a compact and affordable version of the AMBEO Soundbar Max. It is a 7.1.4 Channel system, has nine drivers, with two upward-firing ones, and supports Dolby Atmos.

Conclusion

The focus of the tech companies was on improving customer experience. The new products offer various new features, such as bendable and foldable displays in TVs and laptops, enhanced health trackers in smartwatches, expanding choices in tablets and Chromebook, and a better audio experience with new soundbars. Home appliances are becoming more connected, and visually appealing to soothe the people and the environment.

In the wearables segment, there has been an increased focus on health-related aspects. The new launches in smartwatches and smart bands at IFA 2022 bring more health-related features. Also, the inclusion of new AI capabilities to measure health more accurately in real-time is likely to provide a boost to this segment.

Infographic: Smartwatch Market | Q1 2022

Smartwatch Market Share by Brand

The global smartwatch market grew 13% YoY, reaching shipments at 33.7 million units in Q1 2022 and continued double-digit growth for the fifth consecutive quarter. Apple maintained a solid lead and increased 14% YoY in Q1 2022. Some shipments carried over to Q1 2022 due to a month late launch of Apple Watch 7, which helped continue the strength of the brand.

Smartwatch Market Share by Region

While most major regions grew YoY, only Europe recorded flat growth. Although Apple and Samsung continued to grow year-over-year, other major brands such as Garmin and Fitbit performed weakly in the European market during this period.

Use the button below to download the high resolution PDF of the infographic:

Smartwatch Market Grows 13% YoY in Q1 2022; Apple Stays First, Samsung Solidifies Second Place

The market grew 13% YoY and continued double-digit growth for the fifth consecutive quarter.
Apple maintained its lead, while Samsung solidified its second place.
Xiaomi recorded first Top 4 position with 69% YoY growth, and is breaking its shipment record every quarter.

Seoul, Beijing, Boston, London, Toronto, New Delhi, Hong Kong, Taipei – May 31, 2022

The global smartwatch market recorded 13% more shipments compared to the same period last year, despite concerns over economic slowdown and inflation, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. Despite -24% QoQ due to weak seasonal demand, Xiaomi performed well with it record-highest quarterly shipments.

Associate Director Sujeong Lim said, “Although the global smartwatch market saw little growth in 2020 due to the impact of Covid-19, it has continued to perform well since its rebound last year. In particular, Apple accounted for more than a third of the total shipments last year, and it is further increasing its influence with a market share of 36% in the first quarter of this year. The high brand loyalty of iPhone users is one of the success factors of the Apple Watch. This popularity appears to be higher among the younger generation, making Apple an irreplaceable market leader. Of course, everything was possible because the high performance of the product and the excellent connection among supported iOS devices. We believe that Apple’s market share is likely to rise further by the end of this year.”

Global Top 8 Smartwatch Brands Shipment Share, Q1 2022 vs Q1 2021

Source: Counterpoint Global Smartwatch Model Tracker

Market Summary:

Apple maintained a solid lead and increased 14% YoY in Q1 2022. Some shipments carried over to Q1 2022 due to a month late launch of Apple Watch 7, which helped continue the strength of the brand.
Samsung solidified second place with 46% YoY increase in shipments. It grew significantly in the APAC region with the popularity of Galaxy Watch 4 series.
Huawei remained flat YoY in terms of shipments. Due to the weak position in the international market caused by GMS restrictions, the proportion of the Chinese market in the brand’s total shipments is gradually increasing.
Xiaomi recorded its first Top 4 position with 69% YoY growth and is breaking its shipment record every quarter as it rapidly penetrates globally. A large proportion of its sales come from the low-end segment under $100.
Garmin ranked fifth in terms of shipments, but came in third in terms of revenues thanks to its higher ASP. It occupies the majority portion in the premium segment over $500.
Amazfit maintained its market share by occupying 6th place thanks to the GTR 3 and GTS 3 series that launched in the fourth quarter of 2021. In the meantime, it has been working to expand outside of China and has had some success increasing its presence in Europe.
With the China Kids Watch market sluggish at -7% YoY, and as Huawei and Xiaomi expanded their presence in this segment, imoo suffered a double-digit YoY shipment decline.
After the merger with Google, Fitbit appears to be undergoing an internal reorganization. As a result, there were no new models released last year, and the transition to Wear OS was delayed, so its sales decreased compared to the same period of the previous year.

Smartwatch Shipment Proportion by Region, Q1 2022 vs Q1 2021

Source: Counterpoint Global Smartwatch Model Tracker, Q1 2022

By region, while most major regions grew YoY, only Europe recorded flat growth. Although Apple and Samsung continued to grow year-over-year, other major brands such as Garmin and Fitbit performed weakly in the European market during this period.

Ms. Lim said, “We initially expected the war between Russia and Ukraine to have minimal impact on the market in Q1, but the prolongation of the conflict and the resulting logistical constraints have begun to affect the European region. The impact of the war will become more serious in Q2”.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Sujeong Lim

Neil Shah

Follow Counterpoint Research
press@counterpointresearch.com

Smartwatch Market Grows 24% YoY in 2021, Records Highest Ever Quarterly Shipments in Q4

The market grew a healthy 24% YoY, thanks to strong demand for sub-$100 smartwatches.
Samsung, Amazfit and Garmin recorded a higher growth than the market average, although Apple remained the undisputed leader.
The Indian market quadrupled YoY thanks to the notable growth of local brands such as Noise.

Seoul, Beijing, Boston, London, Toronto, New Delhi, Hong Kong, Taipei – March 14, 2022

The global smartwatch market shipments hardly grew in 2020 due to COVID-19, but they recorded a healthy 24% YoY growth in 2021, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. The fourth quarter alone saw shipments of more than 40 million units, the highest quarterly shipments ever.

Associate Director Sujeong Lim said, “The global smartwatch market’s good growth in 2021 is meaningful in itself, but it is more meaningful in that it makes us look forward to future growth. With their ability to monitor important health parameters like blood pressure, ECG and SPO2, these devices are becoming popular. Further, the attractiveness of smartwatches as independent wearable devices will increase if more of them start supporting cellular connectivity.”

Global Top 9 Smartwatch Brands Shipment Share, 2021 vs 2020

Source: Counterpoint Global Smartwatch Model Tracker

Market Summary:

Apple maintained its solid No. 1 position with a 30% market share but fell 3% points YoY due to intensified competition. However, its ASP rose 3% without the release of the SE model in 2021. As a result, Apple accounted for half of the total market revenue.
Samsung was one of the most successful smartwatch OEMs in 2021. Its QoQ growth was more than 200% in the third quarter to record the brand’s best shipments ever. This growth retained strength until the last quarter. Moving to Wear OS through a partnership with Google has worked well for the brand in many ways.
Huawei launched high-end new models and kids’ smartwatches despite continued US sanctions, but inevitably its shipments would decline YoY. Due to the Watch GT 3 and Watch Fit Mini, which were released in the fourth quarter, Huawei’s shipments more than doubled QoQ in the quarter.
imoo did not release a new model in 2021, resulting in a slight YoY decline. However, as it entered markets outside China, such as Europe, it remained the undisputed No. 1 in the kids’ smartwatch segment.
Amazfit succeeded in expanding its position in the market in 2021, recording more than 20% YoY growth over the past two years. Its ASP also rose 11% as the proportion of the GTR and GTS, the high-end models of the brand, gradually increased.
Garmin performed better than expected in 2021. Garmin had initially focused on introducing high-priced smartwatches for special categories like aviation and divers. But it is gradually shifting focus to bringing attractive consumer products from price and design perspective. As a result, it showed 35% YoY growth and took sixth place by raising its global ranking by one place.
Fitbit showed weak performance in 2021. Since the launch of the Sense and Versa 3 models in the third quarter of 2020, there has been no launch of new models, which seems to be due to strategy changes and reorganization due to the merger with Google. Therefore, it showed a YoY decrease of more than 15% in 2021. But it is expected to rebound with the release of the Versa 4 in the second half of 2022.
Xiaomi showed strong performance with its Mi Watch Lite in the first half of 2021 and released the Redmi Watch 2 series in Q4 2021. In this series, it launched the ‘Lite’ variant to broaden users’ choices and we expect it to contribute to Xiaomi’s market share gain.
Noise, the 1 local king in India’s smartwatch market, was the fastest-growing brand among the global top 9 brands. Leading the growth of the Indian smartwatch market, Noise was India’s No. 1 brand in 2021 and 2020.

Smartwatch Shipment Proportion by Region, 2021 vs 2020

Source: Counterpoint Global Smartwatch Model Tracker, Q4 2021

One of the driving forces behind the growth of the global smartwatch market in 2021 was the expansion of the Indian market. The Indian smartwatch market accounted for only 3% of the global market in 2020, but it grew four times in 2021 to raise its global market share to close to 10%.

Senior Research Analyst Anshika Jain said, “Noise is the No.1 Indian smartwatch brand and leads the growth of the local market. It captured the top position in 2021 due to its diverse product portfolio targeting the budget and mid segments, as well as strong partnerships with e-commerce players, financial institutions and celebrities. Noise also focused on community building and slightly shifted its price base towards the lower side to make its smartwatches accessible to a larger group of people, a strategy that proved to be effective. All this resulted in Noise ranking third in terms of shipments after Apple and Samsung in the APAC region except China in 2021.”

Background

Analyst Contacts:

Sujeong Lim

Anshika Jain

Neil Shah

Counterpoint Research
press(at)counterpointresearch.com

Infographic: 2021 | Smartwatch

Smartwatch Market Share By Brand, 2021 vs 2020

The global smartwatch market reached 127.5M units in 2021, with shipments of 42.4M in the fourth quarter.
While Apple’s Watch 7 series launch had been delayed to the fourth quarter, Samsung has boosted their market position in 2021 with the successful launch of the Galaxy Watch 4 series.
Similar to its decline in the smartphone market, Huawei showed weaker performance in the smartwatch market compared to 2020. But it still ranked 3rd in the global market.

Smartwatch Market Share By OS, 2021

Smartwatch operating systems: proprietary OS or RTOS still dominates. These lack the ability to install third-party apps.
With the popularity of the Apple Watch, Watch OS holds almost a third of the market.
The biggest change in 2021 in terms of smartwatch OS is Samsung’s move from Tizen to Wear OS. As a result, Google’s Wear OS has increased its share from 3% in 2020 to 10% in 2021.

Smartwatch Market Proportion By Region, 2021

The smartwatch market still has room to grow and shipments are yet centered around advanced markets such as North America and Europe.
China is the largest market for kids’ smartwatches, and this has helped it rank second in regional markets just behind North America in 2021.
The Indian smartwatch market was similar in size to MEA or LATAM in 2020, but recorded explosive growth of four times in 2021, achieving share of close to 10%.

Use the button below to download the high resolution PDF of the infographic:

India Smartwatch Market Sees Record 274% Growth in 2021; Local Brand Noise Remains Leader

Domestic brands captured over 75% of the total market shipments.
Noise led the market in 2021 with a 27% share, while boAt captured the top spot in Q4 2021.
Around 80 brands are present in India’s smartwatch market. Over 10 brands entered the market in 2021.
78% of the shipment came from online channels, where Flipkart and Amazon contribute 48% and 43% shares respectively.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – February 9, 2021

India’s smartwatch market saw record growth of over 274% YoY in 2021 shipments, according to the latest research from Counterpoint’s IoT Service. Further, with QoQ growth of over 8%, Q4 2021 became the market’s biggest ever quarter.

Commenting on the market trends, Senior Research Analyst Anshika Jain said, “The smartwatch market is showing tremendous growth, which is attributed to increased health awareness, affordable prices, growth of new entrants, discount schemes and numerous launches of feature-packed products throughout the year. More than 86% of the total shipments were driven by the under-INR 5,000 price band, compared to 59% in the previous year. Many of the features which were earlier present in the INR 3,000 – INR 5,000 price band smartwatches are now found in the INR 2,000 – INR 3,000 segment, like SPO2, blood pressure monitoring, voice assistance and larger display. Even features which were earlier prominent in premium smartwatches, like ECG and Bluetooth calling, can be seen in smartwatches priced under INR 5,000.”

India Smartwatch Market Share of Top 5 Brands, 2021 vs 2020

Source: India Smartwatch Shipments Model Tracker, 2021

Commenting on domestic manufacturing, Jain said, “Although only 1% of the total smartwatches shipped were domestically assembled, this number is likely to jump many times due to duty structure changes and government push.”

Commenting on market trends, Research Associate Harshit Rastogi said, “Indian players led the market by capturing over 75% share. The top three brands captured two-thirds of the total smartwatch market in 2021, compared to just half in 2020. The market saw over 10 new entrants in 2021, intensifying the competition. The market is estimated to grow by around 50% in 2022 considering the high demand and brands’ dedicated efforts to bring additional capabilities to their devices.”

India Smartwatch Market Share of Top 5 Brands, Q4 2021 vs Q4 2020

Source: India Smartwatch Shipments Model Tracker, Q4 2021

Market Summary:

Noise led the market in 2021 with a 27% share and over 278% YoY growth. Portfolio expansion towards lower price points, emphasis on community building, designing products according to preferences backed by a strong consumer database, and new alliances and partnerships helped the brand become the market leader. Four out of the top 10 models in 2021 were from Noise. The ColorFit Pro 2 remained the brand’s most popular smartwatch.
boAt captured the second spot in 2021 with a 26% share. It was at the first position in Q4 2021. boAt completed a year in the smartwatch market in Q4 2021. It has launched over 10 models so far. Its Storm was the best-selling smartwatch in 2021.
Fire Boltt was one of the key new entrants in the smartwatch market. It quickly managed to capture the third position with more than 20 models across price bands. It has a presence in more than 600 cities, major large retail formats, and online The brand also entered the Middle East in 2021.
realme grew 23% YoY in 2021 to take the fourth position driven by a well-balanced portfolio and strong online partnerships. The Watch S contributed to around 30% of its total sales.
Amazfit registered 65% YoY growth and captured the fifth position in the smartwatch market. It led the market in the INR 10,000 – INR 15,000 price band with over one-third of the total shipments. The brand refreshed its portfolio in Q4 2021 with the launch of three new devices – GTR 3, GTR 3 Pro and GTS 3.
Samsung grew more than 2x in 2021 driven by its most popular model, the Galaxy Watch Active 2. The newly introduced Galaxy Watch 4 series contributed to over 16% of its total shipments.
Apple remained flat in 2021 with the Watch SE contributing around 44% of its total volume. The refreshed line-up of Series 7 saw a great start with shipments crossing 100,000 units in Q4 2021.
Dizo entered the smartwatch market in Q3 2021. With successful launches in the budget segment, the brand managed to capture a position in the top 10 The Watch 2 model drove most of its volume.
India’s smartwatch market is mostly online driven, with 78% of the shipment coming from online channels, where Flipkart and Amazon contribute 48% and 43% shares respectively.

Note: boAt’s share includes Tagg’s share

Background

Analyst Contacts:

Anshika Jain

Harshit Rastogi

Counterpoint Research
press(at)counterpointresearch.com

India Smartwatch Market Records Highest Ever Shipments in Q3 2021; Local Brands Take 75% Share

Noise maintained its lead for the fifth consecutive quarter.
boAt Storm remained the most popular model.
Fire-Boltt registered tremendous QoQ growth of 394%.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – November 9, 2021

India’s smartwatch market registered its highest ever shipments in Q3 2021 to have a record QoQ growth of 159%, according to the latest research from Counterpoint’s IoT service. In YoY terms, the growth was 293%. The top three brands contributed to almost two-thirds of the total market. The growth can be attributed to promotions across various platforms along with new launches, which contributed to around 28% of the total market in terms of shipments.

Commenting on the market growth, Senior Research Analyst Anshika Jain said, “Q3 is crucial for the smartwatch players as this is the time when they witness the highest growth. To meet the anticipated surge in demand during the festive sale, the brands push increased shipments into the channel. Besides, they come up with multiple launches and big discount schemes throughout the quarter. The market remained competitive in Q3 2021 with Noise and Boat together capturing almost 50% of it. Fire-Boltt, Apple and realme emerged as the fastest growing brands during the quarter.”

On the growth of local brands, Jain said, “Domestic brands have grown rapidly. They captured around 75% of the Indian smartwatch market in Q3 2021, compared to 38% in Q3 2020. This is the highest contribution from the Indian players so far. The strategy of celebrity endorsements, introductory pricing schemes, discount offers, affordable and feature-rich devices and increasing the frequency of new launches has worked well for the Indian brands.”

Commenting on pricing, Research Associate Harshit Rastogi said, “We are seeing a steep decline in the average selling price of a smartwatch. It has almost halved from the level a year back. More than 90% of the market now falls under INR 10,000 with INR 2,500-INR 3,000 being the most competitive segment and contributing to around 40% of the overall market. With new launches coming at even lower prices, the market under INR 2,000 is expected to witness higher growth in the coming months.”

India Smartwatch Market Share of Top 5 Brands, Q3 2021 vs Q3 2020

Source: India Smartwatch Shipments Model Tracker, Q3 2021

Market Summary:

Noise grew 231% YoY and 141% QoQ in Q3 2021, capturing 25% of the market. Noise has a well-balanced portfolio with multiple models. Its newly launched devices had a 43% share in its total shipments during the quarter.
boAt grew 132% QoQ with 24% market share. Its boAt Storm remained the best-selling model in the market and alone had a 17% share in the overall smartwatch market. It led the market in the most competitive price band of INR 2,500-INR 3,000.
Fire-Boltt had a tremendous quarter with 394% QoQ growth. It was the fastest growing smartwatch player in this quarter. Fire-Boltt had seven new launches in Q3 2021, which helped it gain the third spot in the market with a 17% share. It led the market in the INR 2,000 and below segment. It also roped in cricketer Virat Kohli as its brand ambassador just before the festive sales in October.
realme made a comeback with the refreshed Watch 2 line-up. The brand registered 267% QoQ growth in Q3 2021, taking the fourth spot in the market with a 7% share. The Watch 2 series contributed to more than 70% of realme’s shipments in the quarter.
Amazfit grew 54% QoQ and more than four times in YoY terms. It topped the market in the INR 5,000-INR 10,000 price segment. Amazfit hosted its Brand Day Sales in September and introduced the premium Zepp Z model in the Indian market. The GTS 2 Mini was its most popular model during the quarter.
Samsung grew 153% QoQ and 40% YoY in Q3 2021. It introduced the Galaxy Watch 4 series with Wear OS during the quarter. The Galaxy Watch Active 2 remains popular and contributed to more than half of Samsung’s shipments in Q3 2021.
Apple had a great quarter with 289% QoQ growth. Its major contribution came from the SE series launched last year. Even the Series 3 contribution remained high. It led the market in the INR 20,000 and above price band.
OnePlus remained stable and continued to lead in the INR 10,000-INR 15,000 price band with its OnePlus Watch.
Dizo entered the smartwatch market during the quarter with three models. The brand had a good start and is close to making a mark in the Top 10 list.

Background

Analyst Contacts:

Anshika Jain

Harshit Rastogi

Counterpoint Research
press(at)counterpointresearch.com

Top

Market summary

Related Posts

Related Posts

Market summary

*Smartwatch type definition

Related Posts

Foldable laptops by Asus and Lenovo

Asus Zenbook 17 Fold OLED

Lenovo ThinkPad X1 Fold 2022

New smartwatches, smart bands and smart glasses from leading brands

Garmin Venu Sq2 and Venu Sq2 Music

Huawei Watch D

Fitbit Inspire 3, Versa 4 and Sense 2

Amazfit GTR 4, GTS 4 and GTS 4 Mini

TCL NXTWEAR S

Lenovo Glasses T1

TWS category saw some interesting launches

Jabra Elite 5

JBL Tour PRO 2

Tablets saw new models from leading brands

HONOR Pad 8

Huawei MatePad Pro 11

Nokia T21

Lenovo Tab P11 (2nd Gen) and P11 Pro (2nd Gen)

Smart TVs saw bigger OLED/Mini-LED displays and bendable TVs

LG OLED Flex and LG OLED evo Gallery Edition 97”

TCL Mini LED TVs

Toshiba QA5D, UF3D and UK4D

Other notable product launches

Conclusion

Related Posts

Related Posts

Related Posts

Related Posts

Smartwatch Market Share By Brand, 2021 vs 2020

​Smartwatch Market Share By OS, 2021

​Smartwatch Market Proportion By Region, 2021

Related Posts

Coverage

Insights

Social media

Contact us

Term of Use and Privacy Policy

Smartwatch Market Share By OS, 2021

Smartwatch Market Proportion By Region, 2021