Global smartwatch shipments declined by 1.5% during the January – March months of 2023 marking the second consecutive quarter of negative growth in the segment. As per the Counterpoint Reaserch report, major players such as Apple, Samsung and Huawei all saw negative shipment volumes in Q1 2023 driven by lower demand for tech products amid the difficult economic landscape.
India served as the only bright spot in the smartwatch market with a 121% year-over-year growth in shipments fueled by high demand for entry-level smartwatches. Counterpoint now estimates that basic smartwatches that do not run a dedicated OS make up about 34% of all smartwatch shipments. An estimated 40% of all smartwatches shipped in India during Q1 were priced below INR 2,000 ($25).
Apple remained the top-smartwatch brand in terms of market share with 26% while Indian brand Fire-Boltt overtook Samsung for second place with 9% of the market. Samsung came in third after a 15% decline in global smartwatch shipments compared to last year. On a per-region basis, India contributed to 27% of all smartwatch shipments, followed by North America with 26% and China with 18% which saw a big 28% decrease in its shipment shares.