The supply chain problems and adverse global economic conditions don’t appear to be having an impact on the smartwatch market. These variables result in a sharp fall in smartphone sales, but a rise in interest in smartwatches. reporting research firm Canalys projects a robust 9.3 percent annual growth in smartwatch shipments in Q2 2022. Although the number is different, the overall expected growth trajectory indicated by Canalys and Counterpoint Research is comparable.
The second quarter of the year saw an increase in basic watch sales, per the most recent statistics. The company predicted that non-smart watches will expand at a rate of 46.6% annually. Globally, however, there is a falling demand for basic bands. Shipments fell 35.5 percent in the most recent quarter. According to Canalys, shipments of wearables worldwide are expected to climb by 2% in Q2 2022, taking into account all different types of wrist-worn gadgets. The number of units shipped totaled 41.7 million.
According to Canalys, the Indian wearables market experienced the most global growth from April to June, which is consistent with the findings of Counterpoint’s analysis. India recorded a remarkable 275 percent increase in export volume, fueled by domestic brands like Noise, Fire-Boltt, and boAt, to take 15% of the worldwide market. The most populated nation in the world, China, is at the top of the list with a 28 percent stake. During that time, 20% of wrist wearables came from the US region.
Advertisement Low-cost basic timepieces from the aforementioned firms are what’s driving India’s growth. 5.7 million out of 6.3 million wearable shipments in the nation, or around 91%, were simple watches. With a market share of 29 percent, Noise lead the market, followed closely by Fire-Boltt and boAt.
Canalys smartwatch market in Q2 2022, image 1 of 2
Samsung is quickly catching up to Apple in the smartwatch market. The 41.7 million wearables sold in Q2 2022 included 31.7 million watches, including smart and standard types. Ten million of the remaining were simple bands. With a market share of 26.4 percent and a shipment volume of 8.4 million units, Apple was the market leader in smartwatches. Though far lower than Samsung’s 58 percent, its yearly growth rate of 6%. The latter company shipped 2.8 million smartwatches to hold close to 9% of the market.
Advertisement Despite a 14 percent increase in shipments in Q2 2022, Chinese electronics titan Huawei, which has been mostly restricted to its domestic market by US sanctions, fell to third place behind Samsung. It obtained a market share of 8.6 percent. The top five is made up of noise and Garmin. While the latter experienced an 11 percent loss within the same time period, the former experienced spectacular growth in India, which helped it move up the global charts. How the ongoing economic crisis will impact the smartwatch market in the second half of the year is yet to be determined.