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Global smartwatch market rose 9% in Q3, Huawei biggest winner with 56% growth

By Cookie Monster - on 4 Dec 2023, 9:35am

Global smartwatch market rose 9% in Q3, Huawei biggest winner with 56% growth

Huawei launched the Watch GT 4 series in Barcelona.

Unlike the declining global smartphone market, the global smartwatch market has rebounded in Q3

Counterpoint Research's latest Global Smartwatch Model Tracker reveals that global smartwatch shipments continued to rise in Q3 with 9% growth.

The main drivers for the growth are the sustained strong performance in India and Huawei's significant rebound in China.

The Indian market, which continues to lead in the basic smartwatch segment, contributed to 35% of total global shipments. Domestic brand Fire-Boltt recorded its highest quarterly shipments.

On the other end of the spectrum, the High-level Operating System (HLOS) smartwatch segment also saw massive growth thanks to Huawei. The recent launch of new Huawei smartphones, new smartwatches and the bundled sales model by sales channels led to a surge in smartwatch shipments.

Counterpoint Research's data indicates a 56% YoY increase for Huawei with HLOS smartwatches surging by an incredible 122%! This explosive growth is attributed to the popularity of its Watch 4 and Watch 4 Pro, and the Watch GT 4.

Huawei's significant surge in its home market propelled the brand into the global smartwatch market with 14% share. <br>Image source: Counterpoint Research

One interesting tidbit is that Huawei's growth appears to have come at the expense of Samsung, which saw a 19% YoY decline in shipments.

As for Apple, it saw its best-ever Q3 performance with a 7% YoY increase in shipments. This is due to the Apple Watch SE (2nd-gen), which Counterpoint Research says to have "significantly contributed" to the growth of Apple. 

Overall, Apple still leads the market with 45% market share followed by Samsung (18%), Huawei (14%) and Others (23%). Samsung is at risk of losing its 2nd position to Huawei if the momentum continues for the Chinese company.

Source: Counterpoint Research

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