Apple retained its top spot, buoyed by the late launch of the Apple Watch 7, as global smartwatch shipments grew 13% YoY in the first quarter of 2022 despite concerns over the economic slowdown and inflation, according to a report. Samsung solidified its second position with the popularity of the Galaxy Watch 4 series. Huawei, Xiaomi and Garmin rounded out the top 5 list with Xiaomi performing well with its highest quarterly shipments registering a 69% year-on-year growth during the trimester.
According to Counterpoint Research’s Global Smartwatch Model Tracker, Apple maintained a strong lead and saw a 14% year-over-year increase in Q1 2022. Due to the delayed launch of Apple Watch 7, some shipments were delayed to Q1 2022, helping the iPhone maker retain its global top spot with 36.1% market share.
“Although the global smartwatch market experienced weak 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 one-third of total shipments last year, and it is further increasing its influence with a 36% market share in the first quarter of this year,” said Associate Director Sujeong Lim.
Second place went to Samsung, which saw a 46% increase in shipments year-on-year due to its growth in the APAC region, boosted by the popularity of the Galaxy Watch 4 series. captured 10.1% of the global market. In third position, Huawei’s growth remained stable year-on-year (share of 7.2%) in terms of shipments due to its weak position in the international market.
Another Chinese brand, Xiaomi, recorded the maximum annual growth (69%) thanks to its increased penetration in international markets. The report said that Xiaomi’s sales surged on low-end wearables sales (less than $100 or around Rs 7,800) and took 5% market share.
The Counterpoint report also indicates that Garmin (4.3% share) ranks fifth in shipments, but third in revenue due to its higher ASP. “It takes up most of the premium segment over $500 (about Rs 38,850),” the report notes. It is followed by Amazfit (4%) which rode on the success of the GTR 3 and GTS 3 series launched in the fourth quarter of 2021.
Another player is FitBit which has seen its sales decline. It merged with Google and appears to be undergoing an internal reorganization. No models were released last year, and the transition to Wear OS was also delayed. It captured 2.7% market share.
The Counterpoint report indicates that most major regions saw year-on-year growth, but Europe saw stable growth. began to affect the European region. The impact of the war will become more severe in the second quarter,” Lim added.