Noise and Fire Boltt, two Indian smartwatch brands have shown excellent growth in the domestic market in 2022 and this year, in the mid of the first quarter, the companies have reportedly surpassed 5 per cent of the global market share each. This has got them up the ladder to stand tall in the fourth and fifth ranks of the global smartwatch market share.
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Noise (which holds the 5.6 per cent market share) and Fire Boltt (which holds the market share of 5.5 per cent) have shown remarkable growth in the global market, stated IANS.
Although the Indian market's growth has slowed in Q4 and failed to beat Huawei (6.7 per cent market share), it is in discussions on whether it will be able to surpass the position of Samsung and Huawei by next year in 2024, according to Counterpoint Research.
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India's global market more than doubled compared to 2021. It grew steadily until Q3 2022 but fell 36 per cent QoQ in Q4.
Anshika Jain, a senior analyst 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."
Overall, the global smartwatch market shipments grew 12 per cent YoY in 2022, led by Apple with a 34.1 per cent share.
Another research analyst named Woojin Son said, "Apple strongly drove the average selling price (ASP) rise in the global smartwatch market in 2022, especially in the $400 and above price band. There are two main reasons for this ASP rise -- a diversified Apple smartwatch line-up and a rise in the exchange rate."
He further added, "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."
In 2022, Apple's shipments were reportedly up by 17 per cent YoY as the Apple Watch Series 8, Ultra and SE 2022 stole the market demand and cherished the strong sales. In addition, annual shipments increased by 50 million for the first time, accounting for about 60 per cent of the global smartwatch market revenue and widening the gap with Samsung at the second spot, mentioned the IANS report.
Samsung's yearly shipments have reportedly upscaled by about 12 per cent to account for about 10 per cent of global smartwatch shipments, mentioned the report further.
