Apple Continues to Lead as Global Smartwatch Market Grows 13 Percent YoY in Q1 2022: Report

Apple retained its top spot buoyed by the late launch of Apple Watch 7 as the global smartwatch shipments recorded a 13 percent growth on year-over-year (YoY) basis in Q1 2022 despite concerns over economic slowdown and inflation, as per a report. Samsung solidified its second position with the popularity of Galaxy Watch 4 series. Huawei, Xiaomi, and Garmin completed the top 5 list with Xiaomi performing well with its record-highest quarterly shipments registering a 69 percent YoY growth in the quarter.

As per the Global Smartwatch Model Tracker by Counterpoint Research, Apple maintained a solid lead and registered a 14 percent YoY increase in Q1 2022. Due to delayed launch of Apple Watch 7, some shipments carried over to Q1 2022 helping the iPhone-maker to retain its top spot globally with 36.1 percent market share.

“Although the global smartwatch market saw little 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 a third of the total shipments last year, and it is further increasing 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 increase in shipments due to its growth in the APAC region steered by the popularity of Galaxy Watch 4 series. The South Korean giant grabbed 10.1 percent of the 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, registered the maximum (69 percent) YoY growth with its increased penetration in the international markets. The report says that Xiaomi’s sales rode on the sales of low-end segment wearables (under $100, or roughly 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 revenues due to its higher ASP. “It occupies the majority portion in the premium segment over $500 (roughly Rs. 38,850),” the report noted. It is followed by Amazfit (4 percent) which rode the success of the GTR 3 and GTS 3 series launched in the fourth quarter of 2021.

Another player is FitBit which saw its sales decrease. It merged with Google, and appears to be undergoing an internal reorganisation. There were no models 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.. “We initially expected the war between Russia and Ukraine to have minimal impact on the market in Q1, but the prolongation of the conflict and the resulting logistical constraints have begun to affect the European region. The impact of the war will become more serious in Q2,” Lim added.