The global smartwatch market grew by 13 percent year-on-year in the first quarter of 2022 i.e the period from January to March. It recorded double-digit growth for the fifth consecutive quarter. The report comes from Counterpoint Research’s Global Smartwatch Model Tracker. As per the global industry analysis firm, the market grew despite the economic slowdown and inflation.
Cupertino tech giant Apple maintained its lead in the smartwatch market with a third of the total shipments last year. It recorded a 36 percent market share in the first quarter of this year. The success of the Apple Watch is attributed to the brand loyalty of iPhone users. Counterpoint adds that Apple’s market share could rise further by the end of this year.
While Apple led the smartwatch market, Samsung solidified its second position. The South Korean brand clocked a 46 percent YoY increase in shipments and grew significantly in the APAC region, thanks to the Galaxy Watch 4. Huawei came third in the list but shipments remained flat year on year. Xiaomi bagged the fourth spot for the first time with a 69 percent year-on-year growth. It is said to be breaking shipment records every quarter and a large proportion of sales come from the low-end segment under $100.
Garmin ranked fifth in the list in terms of shipments but came third in terms of revenue due to higher ASP. It also occupied the majority portion in the premium segment. Amazfit bagged sixth place due to the GTR 3 and GTS 3 that were launched in Q4, 2021. After Fitbit merged with Google, its sales decreased during the same period last year.