These two Indian brands have together sold more smartwatches than Samsung in 2022

• Global smartwatch shipments grew by 12% in 2022.
• Indian companies Noise and Fire Boltt have reached the top five companies in 2022.
• Apple continues to dominate the market, capturing nearly a third.

Wearable devices such as smartwatches have become quite popular since the Covid-19 pandemic as there is an increased awareness around keeping track of important health metrics such as heart rate and blood oxygen (SpO2) levels. This is evident from shipments of smartwatches around the world.

According to a report by Counterpoint Research, global smartwatch shipments reported a 12% growth in 2022. While global smartwatch shipments reported a decline of 2% year-on-year in Q4 2022, the first three quarters of the year reported strong year-on-year growth.

Indian companies join the top five list

Two Indian companies have made it to the top five companies in market share for the first time. This comes after India became the biggest market for smartwatches in Q3 2022 after recording a 171% year-on-year growth and a 30% market share.


Source: Counterpoint Research

Noise and Fire Boltt have joined the top five companies with the highest market share, capturing over 5% of the market each and a combined market share of around 11%, which is higher than Samsung's market share.

Apple has continued to dominate the smartwatch market, capturing over a third of the market. Samsung occupied the third spot with a market share of 9.8%, followed by Huawei with a 6.7% market share.

Apple drives up the average selling price

Apple’s new smartwatches, which include the Watch Series 8 and Watch Ultra, its costliest smartwatch to date, have pushed up the average selling price of smartwatches globally.

The market share of smartwatches above-$400 has increased from 6% in 2021 to 13% in 2022.

At the same time, there was a decline in the market share of smartwatches priced between $100 and $400.

Affordable smartwatches priced under $100 were boosted as their market share increased from 29% to 35% in 2022.

“Apple strongly drove the average selling price (ASP) rise in the global smartwatch market in 2022, especially in the >$400 price band. Two main reasons for this ASP rise are a diversified Apple smartwatch line-up and a rise in the exchange rate. This year, Apple released its first premium model, Ultra, at a release price of $799 in the US,” said Woojin Son, research analyst at Counterpoint Research.

Apple takes home over 60% of global revenue

Thanks to its pricey watches, Apple was able to capture 60% of revenue in the smartwatch market, despite holding a 34% market share.

India becomes the second largest market

After a short stint as the biggest smartwatch market in Q3 2022, India has dropped down to become the second biggest market in 2022, pushing China to the third position.

India’s total share in shipments has increased from 9% in 2021 to 21% in 2022, after a 151% growth in shipments. The North American region has reported a slight decline, with its market share dropping from 30% in 2021 to 29%, despite recording a 6% shipment increase.

“The third quarter of 2022 saw a big rise because most brands pushed high inventories into the channel ahead of the festive season. Therefore, we saw a decline in shipments in the fourth quarter,” said Anshika Jain, senior analyst of Counterpoint Research.

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