Apple retained its top position, buoyed by the belated launch of Apple Watch 7, as global smartwatch shipments grew 13 percent year-on-year (YoY) in Q1 2022 amid concerns over economic slowdown and inflation, according to a report. Samsung consolidated its second position on the popularity of the Galaxy Watch 4 series. Huawei, Xiaomi and Garmin completed the top 5 list, with Xiaomi performing well with its record-high quarterly shipments that registered a YoY growth of 69 percent in the quarter.
According to the Global Smartwatch Model Tracker According to Counterpoint Research, Apple maintained a solid lead, registering a 14 percent year-on-year increase in Q1 2022. Due to the delayed launch of the Apple Watch 7, some shipments were pushed to Q1 2022, allowing the iPhone maker to retain its global top position with a market share of 36.1 percent.
“Although the global smartwatch market saw little growth in 2020 due to the impact of Covid-19, it has still performed well since its rebound last year. Notably, Apple accounted for more than a third of total shipments last year and further expanded its influence with a market share of 36 percent in the first quarter of this year,” said Associate Director Sujeong Lim.
The second place went to Samsung, which registered a 46 percent YoY growth in shipments due to its growth in the APAC region, led by the popularity of the Galaxy Watch 4 series. The South Korean giant grabbed 10.1 percent of the global market share. At third, Huawei’s YoY growth remained flat (7.2 percent share) in terms of shipments due to its weak position in the international market.
Another Chinese brand, Xiaomi, registered the maximum (69 percent) YoY growth with its increased penetration in the international markets. The report says that Xiaomi’s sales were driven by sales of low-end segment wearables (under $100, or around Rs. 7,800), capturing 5 percent market share.
The Counterpoint report also says that Garmin (4.3 percent share) ranks fifth in terms of shipments but is third in terms of revenue due to its higher ASP. “It occupies the largest share in the premium segment above $500 (approximately Rs. 38,850),” the report said. It is followed by Amazfit (4 percent) which has benefited from the success of the GTR 3 and GTS 3 series that were launched in Q4 2021.
Another player is FitBit, whose sales declined. It merged with Google and seems 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 the market share.
The Counterpoint report said most major regions grew year-on-year, but Europe saw flat growth. “We initially expected the Russia-Ukraine war to have minimal impact on the market in Q1, but the extension of the conflict and resulting logistical constraints have started to affect the European region. The impact of the war will become more severe in Q2,” Lim added.
