New Delhi: Backed by homegrown brands, India overtook China to become the world’s second-largest smartwatch market for the first time, growing 347 percent year-on-year, according to a new report on Thursday. Indian brands such as Fire-Boltt and Noise topped the global market as smartwatch shipments grew 13 percent in the June quarter (Q2) amid macro uncertainties such as inflation and geopolitical conflicts, Counterpoint reported Research. Apple Watch Series 8 will tell users when they have a fever: report.
“As expected, the slowdown in economic growth in China has led to a decline in its market year-on-year, with major Chinese brands such as Huawei, imoo and Amazfit recording limited growth or decline year-on-year,” said Deputy Director Sujon Lim.
Fire-Boltt has recorded significant growth in shipments, ranking first in the Indian market in terms of quarterly shipments. Buzz grew by 298 percent year-on-year, gaining traction in both online and offline markets in India. However, due to rapid growth, Fire-Boltt lost its leading position in the Indian market with a share of 26 percent in Q2.
“During the quarter, 30 percent of the models launched in the Indian market sold for less than $50, and major local brands launched cost-effective models, lowering the barriers to entry for consumers,” Lim said.
Apple’s shipments rose 8 percent, also ranking first worldwide for the quarter. However, as the effect of the launch of the new model gradually faded, the drop in shipments of the Apple Watch Series 7 became larger compared to the previous quarter.
Samsung retained second place with year-over-year growth of 40 percent. The Galaxy Watch 4 series has maintained its popularity, especially in North America and India.
Huawei took the top spot in the Chinese market for the third consecutive quarter, while Xiaomi’s shipments increased by 13 percent year-on-year with no significant change in market share.
“The brand needs to increase its presence in India to further expand its market share, but competition will be tough due to strong local brands,” the report said.
China, which was second in the previous quarter, fell to third with a 10 percent year-on-year drop in shipments as consumer demand weakened due to Covid-19 lockdowns and negative economic growth.
(The above story first appeared on LatestLY on 25 Aug 2022 at 16:27 IST. For more news and updates on politics, world, sports, entertainment and lifestyle, visit our website Latestly.com).