Apple maintained its top spot with the late launch of Apple Watch 7, as global smartwatch shipments recorded a 13 percent year-on-year (YoY) growth in Q1 2022 despite concerns about economic slowdown and inflation, such as per rapport. Samsung strengthens its second position with the popularity of Galaxy Watch 4 series. Huawei, Xiaomi, and Garmin topped the top 5 list with Xiaomi performing well with its record-high four-year shipments recording a 69 percent YoY growth in the quarter.
As per the Global Smartwatch Model Tracker by Counterpoint Research, Apple maintained a solid lead and recorded a 14 percent YoY increase in Q1 2022. Due to delayed launch of Apple Watch 7, some shipments moved to Q1 2022 and help the iPhone maker maintain its top spot worldwide with 36.1 percent market share.
“Although the global smartwatch market saw some growth in 2020 due to the impact of Covid-19, it has remained good since its rebound last year. Apple in particular accounted for more than a third of total shipments last year, and it is increasing its impact continued with a market share of 36 percent in the first quarter of this year, “said Associate Director Sujeong Lim.
Second place went to Samsung, which recorded a 46 percent YoY increase in shipments due to its growth in the APAC region driven by the popularity of Galaxy Watch 4 series. The South Korean giant accounted for 10.1 percent of global market share. In third place, Huawei’s growth remained flat YoY (7.2 percent share) in terms of shipments due to its weak position in the international market.
Another Chinese brand, Xiaomi, recorded the maximum (69 percent) YoY growth with its increased penetration in the international markets. The report says that Xiaomi’s sales focused on sales of low-end segment of wearables (below $ 100, or about Rs. 7,800), and grabbed 5 percent market share.
The Counterpoint report also says that Garmin (4.3 percent share) ranked fifth in terms of shipments, but was third in terms of revenue due to its higher ASP. “It occupies the majority stake in the premium segment over $ 500 (approximately Rs. 38,850),” the report noted. It is followed by Amazfit (4 percent) which successfully launched 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 percent of market share.
The Counterpoint report says that most major regions grew YoY, but Europe recorded a flat growth. have begun to affect the European region. The impact of the war will become more serious in Q2, “added Lim.