Global Smartwatch market records 13% YoY growth in Q1 2022: Report

Counterpoint, a famous research firm, has published a global smartwatch shipments report for Q1 2022, claiming that the market has increased by 13 percent year-on-year and has maintained double-digit growth for the fifth consecutive quarter. When compared to the previous quarter, Q4 2021, the shipments have dropped by 24%.

Apple, as usual, led the market with a 14 percent YoY increase, followed by Samsung, Huawei, Xiaomi, Garmin, Amazfit, and others. Samsung grew by 46 percent year-on-year, mainly to the company’s Galaxy Watch 4 series.

Huawei had a flat year, with shipments falling from 8.1 percent to 7.2 percent in the first quarter of 2022. Notably, Xiaomi had a record-breaking shipment, resulting in a 60 percent YoY gain, thanks to the company’s cost-effective portfolio.

Garmin is placed fifth in terms of market share with 4.3 percent, but it is third in terms of revenue due to its higher ASP. Following Garmin comes Amazfit, which took sixth place with a 4% market share thanks to its popular GTR 3 and GTS 3 series.

As far as the forecast goes, the market is expected to grow further, but it’s likely to decrease in Europe due to the war between Russia and Ukraine. We should wait and see how the smartwatch market will turn in the upcoming quarter.

Regarding the report, Associate Director Sujeong Lim, Counterpoint Research, said,

Although the global smartwatch market saw little growth in 2020 due to the impact of Covid-19, it has continued to perform well since its rebound last year. In particular, Apple accounted for more than a third of the total shipments last year, and it is further increasing its influence with a market share of 36% in the first quarter of this year.

The high brand loyalty of iPhone users is one of the success factors of the Apple Watch. This popularity appears to be higher among the younger generation, making Apple an irreplaceable market leader. Of course, everything was possible because the high performance of the product and the excellent connection among supported iOS devices. We believe that Apple’s market share is likely to rise further by the end of this year.