According to Counterpoint Research, India overtook China to become the world’s second-largest market for smartwatches in the second quarter of FY22, despite challenges like inflation and a lack of semiconductor chips. On a YoY basis, the shipping of smartwatches increased 13% globally in the second quarter of FY22.
With a 10% YoY reduction in its shipment, China, which held the second position in the previous quarter, dropped to third place. Due to decreased consumer demand brought on by slow economic growth and Covid-19 lockdowns, the fall was observed.
The report also found that, due to a 13% YoY decline and the ongoing Russia-Ukraine conflict, Europe has fallen to fourth place. According to the report, North America remained at the top spot.
China which ranked first in the previous quarter saw a 10% YoY fall in its shipments in the second quarter pushing it down to the third place. As per the reports, the fall in consumer demand due to COVID-19 lockdowns and negative economic growth are few of the reasons for China’s slip from the top spot.
Europe, which ranked third in the previous quarter, went a step down to fourth place with a 13% YoY decline citing the Russia-Ukraine war as one of the reasons.
Apple remained the top smartwatch selling brand with an increased 8% YoY shipments taking the top spot in this quarter as well. “However, as the effect of the new model launch gradually weakened, the decline in Apple Watch 7 series shipments became larger compared to the previous quarter,” states the report.
Samsung stood at the second spot with a 40% YoY growth. Its Galaxy Watch 4 series has continued to keep up with its popularity, especially in North America and India. Huawei lost its second position to Samsung, coming down at the third position in the global market. The company, however, took the first position in homeland market China.
