India Now Biggest Smartwatch Market Globally Thanks To Festive Sales: Report

Strong sales during the festive season and the launch of affordable yet stylish smartwatches have made India the largest smartwatch market in the world. According to the report, the Indian smartwatch market grew by 171% YoY in the third quarter of this year, making it the largest smartwatch market in the world. According to a report by Counterpoint Research, global smartwatch shipments increased by 30% (year-on-year) in the third quarter, despite persistent inflation and geopolitical unrest since the start of this year.

“The Indian smartwatch market grew by 171% in the third quarter of 2022 to become the largest market in the world. A major driver of the record quarter was the festive season in India. Indian brands have expanded their product portfolio at affordable prices, and the focus on local manufacturing has also fueled growth,” a senior analyst said. Partly Jain.

Thanks to strong sales of the recently released Apple Watch 8 series, Apple was up 48% (year-over-year). Buzz grew by 218% (year-on-year) to regain the top spot in the Indian market. However, Fire-Bolt lost market share to Noise in India and fell to second place behind Fire-Bolt.

Additionally, Samsung increased shipments by 62% (quarterly) with the introduction of the new Galaxy Watch 5 series, according to the report.

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“Among smartwatch types, relatively lightweight operating system (OS) versions and more affordable entry-level smartwatches have been major drivers of recent momentum in the global market. While HLOS smartwatch shipments increased 23% (year-over-year) in Q3 2022, entry-level smartwatch shipments more than doubled (year-over-year). other), accounting for 35% of the overall market,” said analyst Woojin Son.

Shipments to North America, which was the biggest market from Q4 2020 to Q2 2022, rose 21%, but India rose enough to move into second place globally, the report added.

(via IANS)