The smart watch market is becoming more interesting and proposals continue to arrive, both from Apple and from other manufacturers. The latest data shows that 2022 was a year of growth and that Apple has once again dominated on several fronts.
Smart watches are now more than just digital watches, they are now training and physical activity centers where everything can be controlled. They interface with smartphones and provide notifications and other important alerts from apps and services.
The year 2022 has now been summarized by Counterpoint and data on the smartwatch market has been shown, both in terms of sales and in terms of brands and countries where they operate. There is clear growth, both in devices placed on the market and in profits.
Growth was driven by strong smartwatch sales in the first three quarters of 2022. Shipments in the fourth quarter 2022 period saw a 2% year-on-year decline, driven by rising inflation levels and slow growth in India .
Apple continues to be the leading brand in sales with 34.1% of the market, followed by Samsung (9.8%) and Huawei (6.7%). The company has seen strong demand for its Watch Ultra, Watch Series 8, and Watch SE (2022) models. This brand has captured an impressive 60% of the revenue from the global smartwatch market.
Samsung came in second with a 12% increase in shipments but only a 0.5% increase in revenue. Huawei experienced a 1 percentage point drop, while its revenue increased by an impressive 20%.
Indian smartwatch brands Noise and Fire Boltt have risen to fourth and fifth in global shipments thanks to rapid growth in their home market. Garmin, Amazfit and boAt had a 4% market share. Fitbit was ranked 10th, while Xiaomi is now 11th.
Breaking down the global smartwatch market by region shows that North America remains the largest market by shipment volume at 29%. India saw massive growth in 2022 and is now the second most important region for smartwatch sales, while China ranks third.
The bulk of smartwatches put on the market in 2022 were in the sub-$100 price category, which accounted for 35% of all shipments. The $400+ category saw the largest increase in shipments (up 129% year-over-year), driven primarily by the Apple Watch Series 8 and Watch Ultra models.
