Global smartwatch market grows 13% YoY in Q1 2022; Apple leads, Samsung solidifies second place

Despite concerns over economic slowdown and inflation, the global smartwatch market recorded 13% more shipments compared to the same period last year. Apple, Samsung, Huawei, Xiaomi, Garmin, and Amazfit dominated the market, according to the Counterpoint Research’s recently published Global Smartwatch Model Tracker.

Apple took the first place with a solid lead and increased 14% YoY in Q1 2022. Some shipments carried over to Q1 2022 due to a month late launch of Apple Watch 7, which helped continue the strength of the brand.

Samsung solidified second place with 46% YoY increase in shipments, followed by Huawei and Xiaomi. Thanks to the popularity of Galaxy Watch 4 series which helped Samsung grew significantly in the APAC region.

Huawei remained flat YoY in terms of shipments, while Xiaomi recorded its first top four position with 69% YoY growth. Due to the weak position in the international market caused by GMS restrictions, the proportion of the Chinese market in the Huawei’s total shipments is gradually increasing.

With 69% YoY growth, Xiaomi is breaking its shipment record every quarter as it rapidly penetrates globally. A large proportion of its sales come from the low-end segment under $100.

Garmin and Amazfit are other top performers. Garmin ranked fifth in terms of shipments, but ranked in third in terms of revenues thanks to its higher ASP. Garmin occupies the majority portion in the premium segment over $500.

Amazfit maintained its market share by occupying sixth place thanks to the GTR 3 and GTS 3 series that launched in the fourth quarter of 2021. In the meantime, it has been working to expand outside of China and has had some success increasing its presence in Europe.

Region wise, only Europe recorded flat growth, while other grew YoY. Other major brands such as Garmin and Fitbit performed weakly in the European market as compared to Apple and Samsung. These two brands continued to grow year-over-year, during this period.

Experts are of the view that impact of the war between Russia and Ukraine will become more serious in Q2.

With 24% YoY in fourth quarter of the 2021, smartwatch market recorded highest ever quarterly shipments. It came as a breather for the market as the global smartwatch market shipments hardly grew in 2020 due to COVID-19. The fourth quarter alone saw shipments of more than 40 million units, the highest quarterly shipments ever.

Samsung, Amazfit and Garmin recorded a higher growth than the market average, although Apple remained the undisputed leader. The Indian market quadrupled YoY thanks to the notable growth of local brands such as Noise.

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