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Smartwatch market grows 13% YoY, Apple maintains the lead

By Cookie Monster - on 1 Jun 2022, 12:00am

Smartwatch market grows 13% YoY, Apple maintains the lead

Image source: Counterpoint Global Smartwatch Model Tracker

Despite the economic slowdown, inflation and global shortage in components, the global smartwatch market continued to grow according to data from Counterpoint Research's Global Smartwatch Model tracker.

Compared to the same period last year, Q1 2022 saw 13% more shipments of smartwatches globally. Market leader Apple garnered 36% of the market share due to the high brand loyalty of iPhone users and increasing popularity among younger consumers.

Samsung came in at second position with 10.1% and saw shipments up by 46% YoY. The popularity of the Galaxy Watch4 series in the APAC region contributed significantly to its accelerated growth.

Huawei secured the third position with 7.2%, but shipments were flat YoY. Xiaomi attained the fourth position for the first time with 69% YoY growth. Its shipment record continues to achieve new high every quarter. Its success is attributed to sales in the low-end segment under $100.

While Garmin ranks fifth in shipments, it is third in terms of revenue thanks to its higher ASP. It is also dominant in the premium segment over $600.

Looking ahead, Counterpoint Research says the prolongation of the Russia-Ukraine war and global supply disruptions may have a bigger impact on the smartwatch market.

Source: Counterpoint Research

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