Market watchers say that, by the end of Q2 2022, India’s smartwatch market grew roughly 347% year-on-year thanks to local brands such as Noise and Fire-Boltt. India is now the second-largest smartwatch market in the world instead of China, the latter of which declined by around 10% year-on-year due to COVID lockdowns and negative economic growth. (via Counterpoint Research)
North America remains the largest smartwatch market, followed by India and China. Europe fell to fourth place after a 13% year-on-year decline caused in large part by the war in Ukraine.
Samsung was the world’s 2nd-largest smartwatch vendor
Samsung’s global smartwatch business in Q2 posted a 40% year-on-year growth. In India alone, Samsung’s influence grew a whopping 295% year-on-year. This performance gave Samsung a market share of 3.3% in India, up from a negligible share in Q2 2021 when it was so low that it barely got mentioned in market trackers.
The Galaxy Watch 4 series was reportedly the main driving force behind Samsung’s newfound success. The Watch 4 lineup was especially popular in North America and India.
Q3 will be an interesting quarter because trackers will include the Galaxy Watch 4 and the new Galaxy Watch 5 lineups. Samsung’s market share in India may grow even more, assuming prospective buyers will find the company’s new wearables attractive. They boast bigger batteries, so they have a fair chance of outselling the Galaxy Watch 4 series.
SamsungGalaxy Watch 4 (40mm)
SamsungGalaxy Watch 4 Classic (42mm)