The Indian market has grown to be the largest smartwatch market on the planet, as per a latest report by Counterpoint Analysis, whereas Apple continues to steer the section with a wholesome annual improve.
In its International Smartwatch Mannequin Tracker for the third quarter of the yr, Counterpoint Analysis revealed that the worldwide marketplace for the cargo of smartphones clocked a year-on-year (YoY) improve of 30% for the interval, regardless of opposed components corresponding to rising charges of inflation and different macroeconomic circumstances.
The report divided the smartwatch market into HLOS (high-level OS, people who run a high-end working system and value extra), and primary smartwatches (which include comparatively lighter variations of OS and are extra pocket-friendly). As per the report, the shipments of HLOS smartwatches rose by 23% YoY within the third quarter of the yr. The whole cargo of primary smartwatches, however, greater than doubled for the third quarter and went on to account for 35% of the entire world smartphone market.
“This exceptional improve in primary smartwatch shipments reveals us that the market base is quickly increasing towards extra accessible segments amid aggressive drives by the provision facet. However nonetheless, by way of income, the HLOS smartwatch overwhelms the essential smartwatch with a market measurement of virtually 10 occasions as a consequence of its excessive common promoting worth (ASP),” stated Woojin Son, Analysis Analyst.
And driving on the again of robust festive gross sales, the Indian market clocked an astounding annual development of 171% to grow to be the largest smartwatch market on the planet, thus ending the long term of the North American market on the prime. Other than the Chinese language and European markets, different markets clocked annual development as nicely.
In accordance with Anshika Jain, Senior Analyst, this development will be attributed to the adoption of options corresponding to Bluetooth-calling (which contributed a 58% share in whole shipments), and shopper choice for greater show sizes. The enlargement of the product portfolios of Indian manufacturers at pocket-friendly worth factors and give attention to homegrown manufacturing turned out to be one other main issue.
Trying over the efficiency of smartphone producers, it’s noticed that Apple clocked an annual development of 48% because it rode on the again of the Apple Watch 8 collection – which accounted for about 56% of the general shipments. The Cupertino-headquartered tech big additionally made up about 50% of the HLOS smartphone section within the third quarter. South Korea’s Samsung comes second with a quarterly improve of 62% and annual development of 6% in its shipments, whereas its share available in the market fell.
Noise, which regained the highest spot within the Indian market with an annual development of 218%, comes within the third place. It’s adopted by Fireplace-Boltt, which didn’t clock a robust annual development and maintained a flat market share. Chinese language tech participant Huawei completes the highest 5 with an annual development of 65% in its shipments, but it surely didn’t document any shipments in India for the primary time since 2018.