The global smartwatch market’s shipments grew 13% YoY in Q2 2022 amid macro uncertainties such as inflation and geopolitical conflicts. In particular, India’s smartwatch market grew by more than 300% YoY to overtake China for the second spot. Indian OEMs such as Fire-Boltt and Noise entered the global top 8 list.

Apple’s shipments increased 8% YoY, taking the top spot in this quarter as well. Apple's volume more than tripled Samsung in the quarter as presented in the chart below.

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The report further noted that the decline in Apple Watch 7 series shipments became larger compared to the previous quarter. Although increasing shipments for the quarter, Apple's market share slightly shrank from 30.6% in 2021 to 29.3% in 2022 likely due to new Indian OEMs entering the top 8 chart with cheap pricing.

By region, North America continued to occupy the top spot, but its gap with the second spot narrowed somewhat. A notable market for the quarter was India, which grew 347% YoY to overtake China for the second spot. Lim said, "During the quarter, 30% of models shipped in the Indian market sold for less than $50, and major local brands launched cost-effective models, lowering the entry barriers for consumers."

For more, read the full Counterpoint report.

While we can appreciate Counterpoint's enthusiasm to promote India's smartwatch market, at some point in time they should divide entry watch models at $50 from the premium brands such as the Apple Watch and others like Samsung and Huawei. The present data includes cheap watches which skews the data for premium brands. Cheap watches and fitness trackers in the $50 range should be in a category by itself.