1701660647 The global smartwatch market grew 9 year over year in the third
Gadgets

The global smartwatch market grew 9% year-over-year in the third quarter, led by Huawei and Fire-Boltt.

The global smartwatch market recorded an impressive 9% year-on-year growth in the third quarter of 2023, research firm Counterpoint Research reported in its new Global Smartwatch Model Tracker study. The revival in smartwatch shipments follows a slowdown earlier in the year. In the second quarter, deliveries began to gain momentum, and this trend continued into the third quarter of this year. The main impetus for growth came from strong results in the Chinese market, where Huawei is the leader, as well as Fire-Boltt’s growth in the Indian market.

    Image source: ColiN00B / Pixabay

Image source: ColiN00B / Pixabay

Woojin Son, analyst at Counterpoint Research, emphasized the importance of analyzing the factors driving the growth of the global smartwatch market during this period: “As global economic growth slows, most consumer device markets such as smartphones are still stagnant compared to last year. On the contrary: the smartwatch market recorded year-on-year growth for two consecutive quarters in both the premium and budget segments. In particular, high-end OS (HLOS) smartwatches, which typically have higher specifications and prices, saw growth in the third quarter of 2023, led by HUAWEI, which posted its strongest quarterly results ever. This growth occurred primarily in the Chinese domestic market in combination with the release of new 5G smartphones from HUAWEI

    Market share of smartwatches with high-level operating system (HLOS) in Q3 2023 compared to Q3 2022 (Image source: counterpointresearch.com)

Market share of smartwatches with high-level operating system (HLOS) in Q3 2023 compared to Q3 2022 (Image source: counterpointresearch.com)

Meanwhile, Apple also posted its best Q3 results, increasing smartwatch shipments by 7% year-over-year. This is particularly important since the latest Apple Watch model was released a little later than last year. Steady shipments of the second-generation Apple Watch SE model contributed significantly to the industry leader’s growth.

Huawei saw impressive 56% growth in overall shipments in the quarter, with HLOS models of its smartwatches recording 122% growth. Particularly popular are the Huawei smartwatches of the Watch 4 and 4 Pro series, which were released in the second quarter of 2023, as well as the Watch GT 4, which will be released in the third quarter. The increase in shipments of Huawei smartwatches is primarily due to two factors: the successful return of the brand on the smartphone market and the use of cross-selling, in which smartwatches are sold in conjunction with smartphones through different sales channels.

Samsung reported a 19% year-over-year decline in its smartwatch shipments. However, new models launched in August saw a drop of just 3% compared to their predecessors. Samsung’s decline in shipments appears to be due to a sharper decline in demand for older models. At the same time, the Galaxy Watch 6 Classic model accounted for a larger share of total sales compared to last year’s model, the Galaxy Watch 5 Pro. This led to an increase in the average selling price of the brand’s products.

Fire-Boltt has regained its leadership position in the Indian smartwatch market with record-breaking quarterly shipments. However, despite this success, overall growth rates are slowing for all three of India’s largest smartwatch brands: Fire-Boltt, Noise and boAt. This slowdown should not be seen as a sign of a deterioration in market conditions, but rather as a transition to a more stable and sustainable phase of market development.

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