Global smartwatch shipments increased 11% YoY in Q2 2023 after declining in both Q4 2022 and Q1 2023. India’s shipments soared by 70% YoY, serving as the primary driver for the global market’s rebound. China’s market also recorded a modest increase. Besides, a shift in the competitive landscape was evident as Huawei ascended to the second position in terms of global market share.
We began to detect market movements for weakening smartwatch demand outside of India from Q2 2022. We think this is a temporary situation due to weakening consumer sentiment caused by global macro headwinds and higher exchange rate, and OEM clearing its inventories in the market. We expected that these unfavorable market conditions would continue until the first half of 2023, but it succeeded in rebounding with YoY growth starting in the second quarter, showing an earlier recovery than expected. So from 2024, we expect the market will see the steady YoY growth with strong potential in China, rest of Aisa, and emerging markets.
This Excel report provides the smartwatch shipment forecast by key brand and region until 2026.
Published Date: August 2023