India bloomed as World’s Brobdingnagian smartwatch market during the third Quarter of 2022. India’s market ballooned 171% YoY to fluorescence as the world’s mightiest smartwatch hub.
The report departs from the Counterpoint Research team. Meanwhile, the Chinese and Europe market doesn’t seem to be excellent holder of records as the information set a standard form in this region due to inflation and geopolitical crises since the beginning of this year.
Smartwatch shipments have reached 30% YoY in Q3 2022. Perhaps, Indian smartwatch brands have something to whirl across the globe with their palpable approach on the ground to sense the smell of nature without being affected by big trees.
India rug swept the top position for the first time. Local brands like Noise, Boat, and Firebolt massively usher the drastic upsurge in the smartwatch market in the country. Noise swiped 218% YoY to the top spot in the Indian market. In terms of the premium segment, Apple raises its voice loud in the market with 48% YoY, which appreciates Apple Watch 8 series at this moment to make things fall in one direction despite intense squalls.
While hearing words from Research Analyst Woojin, Son says, “Among the types of smartwatches*, the basic smartwatch, with relatively lighter versions of operating systems (OSs) and more affordable prices, has been the key driver in sharply boosting the global market recently.
While HLOS smartwatch shipments grew 23% YoY in Q3 2022, basic smartwatch shipments more than doubled YoY, accounting for 35% of the total market. This remarkable increase in basic smartwatch shipments shows that the market base is rapidly expanding toward more accessible segments amid aggressive drives by the supply side. But still, in terms of revenue, the HLOS smartwatch overwhelms the basic smartwatch with a market size of almost ten times due to its high average selling price (ASP).
”Knocking at the door of the North American smartwatch market, which ruled the kingdom from Q4 2020 to Q2 2022, now can be seen with shipments increased by 21% YoY. Only to witness the top position of India from second place. Because of the continued “zero-COVID” policy and the uncontrollable economic downslide, China fell 28% YoY.