According to research, the Indian market expanded by 171% (year over year) to overtake all other markets for smartwatches in the third quarter of 2022.
Global shipments of smartwatches grew 30% (year over year) in Q3 despite inflation and geopolitical crises that have persisted since the start of this year, according to Counterpoint Research.
A brief about India currently is the top smartwatch market globally in Q3 2022 after rising 171% year-on-year
According to Senior Analyst Anshika Jain, “India’s smartwatch industry expanded 171% (year over year) in Q3 2022 to become the largest market in the world. Indian businesses extending their product portfolios at reasonable price points and emphasis on local production also contributed to the growth.
Apple’s revenue increased by 48% as a result of the Apple Watch 8 series’ excellent sales (year-over-year).
The market leader in India has been reclaimed by Noise, which had a 218 percent increase (year over year).
However, Fire-Boltt dropped to second place behind Fire-Boltt in India as a result of Noise gaining market share.
The new Galaxy Watch 5 series introduction helped Samsung boost its shipments by 62% (quarter over quarter), according to the research.
According to Research Analyst Woojin Son, “Among the types of smartwatches, the basic smartwatch has been the key driver in sharply boosting the global market recently. While HLOS smartwatch shipments grew 23% (year over year) in Q3 2022, basic smartwatch shipments more than doubled (year over year), accounting for 35% of the total market.
The survey also noted that while North America, which remained the largest market from Q4 2020 to Q2 2022, saw a gain in sales of 21%, India experienced such rapid growth that it was demoted to the second position internationally.
