The global smartwatch market grew 13% YoY in Q2 2022 with Apple retaining the top spot reports Counterpoint Research

India became the second-largest smartwatch market driven by the strong growth of local brands such as Fire-Boltt and Noise. Homegrown brands Fire-Boltt and Noise also made it to the list of global top five smartwatch brands for the first time in the quarter, reports Livemint.

The global smartwatch market’s shipments grew 13% YoY in Q2 2022 amid macro uncertainties such as inflation and geopolitical conflicts, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. In particular, India’s smartwatch market grew by more than 300% YoY to overtake China for the second spot. Indian OEMs such as Fire-Boltt and Noise took top spots in global market share.

Associate Director Sujeong Lim said, “The market performed relatively well in the second quarter compared to the downtrend we expected three months ago. However, as expected, China’s economic slowdown resulted in a YoY decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit seeing limited YoY growth or decline. Nevertheless, given that the smartphone market declined 9% YoY during the same period, we believe that the smartwatch market is on the right track to healthy growth.”

Global Top-Selling Smartwatch Brands’ Shipment Share, Q2 2022 vs Q2 2021