Top

Global Smartwatch Market Revenue up 20% in H1 2020, Led by Apple, Garmin & Huawei

  • The top three brands contributed more than 69% of the total market revenue in H1 2020.

Seoul, Hong Kong, New Delhi, Beijing, London, Buenos Aires, San Diego — August 20, 2020

Exhibit 1: Global Smartwatch Shipment Revenue Share % in H1 2020 vs H1 2019

Counterpoint Research Global Smartwatch Shipment Revenue Share % in H1 2020 vs H1 2019

The global smartwatch market posted a healthy 20% revenue growth in H1 2020 despite the COVID-19 pandemic and shipments remaining flat compared to the same period last year, according to the latest research from Counterpoint’s IoT service.

Commenting on the smartwatch market dynamics, Senior Analyst Sujeong Lim said: “The smartwatch space remains a popular consumer device segment, compared to the downturn seen in smartphone demand and many other segments in the first six months of 2020 due to the devastation caused by COVID-19. Close to 42 million smartwatches were shipped in the first half of 2020 as wearables continue to see greater demand with consumers becoming more health conscious. India (+57% YoY), Europe (+9% YoY) and the US (+5% YoY), the most affected regions of COVID-19, saw a healthy growth in smartwatch shipments which offset the decline in other markets.”

Lim added: “Apple continued to dominate the smartwatch market both in volume and value. Apple captured a record half of the market in terms of revenue due to strong demand for the Apple Watch S5 models. In terms of shipment volumes, Apple Watch grew 22% globally with Europe and North America being the fastest growing markets in the first half of 2020.”

Commenting on the competitive landscape, Vice President Research Neil Shah said: “Huawei saw healthy volumes (+57% YoY), jumping to the second spot globally in the first half of 2020. Huawei benefitted from significant demand for its smartwatches, especially the Watch GT2 series in its home market China and Asian markets, with shipment volumes growing 90% in both the regions. Garmin, the second-largest brand in terms of revenue globally, continued to make strides cornering the sports enthusiast and athlete market. The brand saw healthy demand (+31% YoY) for its Forerunner and Fenix line, making up one of the broadest portfolios of smartwatches in the market. Europe and North America remain the key markets for Garmin.”

Talking about fast-growing brands, Shah said: “Amazfit (+51% YoY) and Xiaomi (+47% YoY) made healthy strides during the first half with expanding portfolios and better geographic reach. China, India and the rest of Asia remain central to these brands’ growth story. Samsung faced some headwinds during the first half, but the launch of Galaxy Watch 3 in the second half could drum up some demand for the Korean vendor. Fitbit, Ticwatch and Suunto faced some tough competition from Garmin and Apple during the first half and will thus look forward to ramping up initiatives to ignite the demand during the holiday season.”

Exhibit 2: Global Smartwatch Best-Selling Models by Shipment Volumes, H1 2020
Counterpoint Global Smartwatch Best-Selling Models by Shipment Volumes, H1 2020

Commenting on other smartwatch trends, Research Director Jeff Fieldhack said: “Google WearOS continues to account for 10% of the total smartwatch market, behind Apple WatchOS. Huawei’s Lite OS and Amazfit’s Amazfit OS are growing fast. Further, the cellular-capable smartwatch is becoming more popular and accounts for more than one in four smartwatches shipped, benefitting the likes of Qualcomm. Heart rate monitoring now is featured in almost 60% of the smartwatches. Fall detection and SPO2 are the features that should see mass-adoption in future models. Square form-factor accounts for almost two-thirds of the smartwatches globally as the form factor is helping to better fit additional sensors and needed battery footprint. The massive leaps in battery life and processing power are helping to better track overall health as continual heartrate, sleep and other monitoring can be done instead of the device sitting on a charger. The leaps in solar charging technology will also help OEMs concentrate on better monitoring. We expect to continue to see a focus on fitness and wellness applications.”

A comprehensive report on the smartwatch shipment tracker by model and geography is available for subscribing clients on our research portal.

Background:

Counterpoint Technology Market Research is a global research firm specializing in Technology products in the TMT industry. It services major technology firms and financial firms with a mix of monthly reports, customized projects and detailed analysis of the mobile and technology markets. Its key analysts are experts in the industry with an average tenure of 13 years in the high-tech industry.

Analyst Contacts:

Sujeong Lim

Neil Shah

Jeff Fieldhack

Counterpoint Research
press(at)counterpointresearch.com

Sujeong Lim

Sujeong Lim is a Research Analyst at Counterpoint Research based out of Seoul Korea. In Counterpoint, she focuses on mobile ICT industry and mobile device research, especially dedicated on the Korea mobile market. After 10+ years product marketing experience during her working period, she joined Counterpoint to pursue her interest in IoT and emerging future technology.

Term of Use and Privacy Policy

Counterpoint Technology Market Research Limited

Registration

In order to access Counterpoint Technology Market Research Limited (Company or We hereafter) Web sites, you may be asked to complete a registration form. You are required to provide contact information which is used to enhance the user experience and determine whether you are a paid subscriber or not.
Personal Information When you register on we ask you for personal information. We use this information to provide you with the best advice and highest-quality service as well as with offers that we think are relevant to you. We may also contact you regarding a Web site problem or other customer service-related issues. We do not sell, share or rent personal information about you collected on Company Web sites.

How to unsubscribe and Termination

You may request to terminate your account or unsubscribe to any email subscriptions or mailing lists at any time. In accessing and using this Website, User agrees to comply with all applicable laws and agrees not to take any action that would compromise the security or viability of this Website. The Company may terminate User’s access to this Website at any time for any reason. The terms hereunder regarding Accuracy of Information and Third Party Rights shall survive termination.

Website Content and Copyright

This Website is the property of Counterpoint and is protected by international copyright law and conventions. We grant users the right to access and use the Website, so long as such use is for internal information purposes, and User does not alter, copy, disseminate, redistribute or republish any content or feature of this Website. User acknowledges that access to and use of this Website is subject to these TERMS OF USE and any expanded access or use must be approved in writing by the Company.
– Passwords are for user’s individual use
– Passwords may not be shared with others
– Users may not store documents in shared folders.
– Users may not redistribute documents to non-users unless otherwise stated in their contract terms.

Changes or Updates to the Website

The Company reserves the right to change, update or discontinue any aspect of this Website at any time without notice. Your continued use of the Website after any such change constitutes your agreement to these TERMS OF USE, as modified.
Accuracy of Information: While the information contained on this Website has been obtained from sources believed to be reliable, We disclaims all warranties as to the accuracy, completeness or adequacy of such information. User assumes sole responsibility for the use it makes of this Website to achieve his/her intended results.

Third Party Links: This Website may contain links to other third party websites, which are provided as additional resources for the convenience of Users. We do not endorse, sponsor or accept any responsibility for these third party websites, User agrees to direct any concerns relating to these third party websites to the relevant website administrator.

Cookies and Tracking

We may monitor how you use our Web sites. It is used solely for purposes of enabling us to provide you with a personalized Web site experience.
This data may also be used in the aggregate, to identify appropriate product offerings and subscription plans.
Cookies may be set in order to identify you and determine your access privileges. Cookies are simply identifiers. You have the ability to delete cookie files from your hard disk drive.