The global smartwatch market continued to contract in Q1 2023 following an 8% YoY decline in Q4 2022.
Fire-Boltt surpassed Samsung for the first time in the global smartwatch market, capturing the second spot.
All regions except India witnessed a YoY decline in shipments in Q1 2023.
Seoul, New Delhi, Hong Kong, Beijing, London, Buenos Aires, San Diego – May 25, 2023
Global smartwatch shipments contracted 1.5% YoY in Q1 2023, according to Counterpoint Research’s latest Global Smartwatch Model Tracker. The 121% growth in India’s shipments managed to restrict the decline. This was the second consecutive quarter of a YoY decrease in global shipments, which were hit by the seasonal decline in demand for products from major players like Apple and Samsung, along with consumer sentiment dampened by global financial pressures.
Research Analyst Woojin Son said, “The global smartwatch market, which had been experiencing steep growth for several years, has entered a period of stagnation since the end of last year when it declined 8% YoY in Q4 2022. Amid a global slowdown in demand for tech devices, the smartwatch consumption trend has also undergone a transformation. The market share of high-price and high-performance HLOS smartwatches*, primarily released by Apple and Samsung, decreased from 60% in Q1 2022 to 53% in Q1 2023. On the other hand, the market share of Basic smartwatches* significantly increased from 23% to 34% driven by rapid growth in the Indian market. Although the overall smartwatch shipment volume declined slightly compared to last year, affordable products that offer a certain level of performance generated substantial demand based on their price accessibility. These low-end smartwatches are also absorbing or replacing the existing smartband market.”
Global Top 3 Smartwatch Brands’ Shipment Share, Q1 2023 vs Q1 2022
Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q1 2023
Market summary
Apple’s shipment volume fell 20% YoY in Q1 2023. This was the first time in three years that its Q1 shipments fell below 10 million units. As a result, Apple’s market share, which was 32% in Q1 2022, dropped to 26%. This can be attributed to the ongoing macroeconomic crisis, which has led to decreased accessibility to relatively higher-priced Apple Watches. Despite the Apple Watch Series 8’s release about a month ahead of its predecessor, it did not achieve the same level of success as the previous model.
Indian brand Fire-Boltt surpassed Samsung for the first time and reached the second position in the global market. Its shipments increased by approximately three times compared to the previous year and saw a 57% growth compared to the previous quarter. This reflects the rapid growth of the Indian market, just like other local brands such as Noise and boAt.
While Samsung experienced a 15% increase in shipments in its key market North America, it witnessed a decline in shipments in other major markets. As a result, its overall global shipments declined by 15% compared to the previous year and 21% compared to the previous quarter.
Huawei, the most influential Chinese OEM, saw a 14% YoY decline in its shipments in the Chinese market, which is a key market for the company. However, Huawei saw increased shipments in India, LATAM and MEA, limiting its overall decline in global shipments to 9%. Huawei has been employing a strategy of relaunching models previously released for the Chinese market in the international market.
Smartwatch Shipment Share by Region, Q1 2023 vs Q1 2022
Note: Figures may not add up to 100% due to rounding
Source: Counterpoint Global Smartwatch Model Tracker, Q1 2023
In terms of the regional markets, India surpassed North America, reclaiming its position as the top region with a 27% share of global smartwatch shipments. Senior Analyst Anshika Jain said, “India’s smartwatch market grew 121% YoY in Q1 2023 driven by affordability, rising customer demand and availability of a wide variety of options in the budget segment. Around 40% of the total shipments were driven by the <INR 2,000 (<$25) price band, its highest proportion ever. The share of India-based players crossed 90% for the first time as they were quick in terms of upgrading their portfolios and adapting their products to customer needs at a reasonable price point.”
China’s smartwatch market experienced a significant contraction of 28% compared to the previous year, as the country’s economy showed a slower recovery than expected. This decline represents the sharpest contraction among the major regional markets and the lowest quarterly shipments since the outbreak of COVID-19 in Q1 2020.
*Types of smartwatches:
HLOS smartwatch: Electronic watch running a high-level OS, such as Watch OS (Apple) or Wear OS (Samsung), with the ability to install third-party apps.
Basic smartwatch: Electronic watch running a lighter version of an OS, with no ability to install third-party apps.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
The market showed decent YoY growth in 2022, though it dropped 8% YoY in Q4
Quarterly shipments turned to a YoY decline after seven consecutive quarters of growth.
Shipments in the >$400 price band more than doubled in 2022, while the mid-price range saw a YoY drop.
Indian brands such as Noise and Fire Boltt found spots in the global top 5 sellers’ list thanks to the rapid growth of their domestic market.
Seoul, New Delhi, Hong Kong, Beijing, London, Buenos Aires, San Diego – February 22, 2023
The global smartwatch market shipments grew 9% YoY in 2022 due to the strong YoY growth witnessed in the first three quarters of the year, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. But the shipments fell 8% YoY in Q4 2022 amid inflationary pressures and slow India growth. This was the market’s first negative growth in eight quarters since the pandemic hit the world in 2020.
Global Top-selling Smartwatch Brands’ Shipment Share, 2022 vs 2021
Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q4 2022
The most striking feature of the year was price polarization in demand. Shipments in the mid-price range decreased while those in the >$400 and ≤$100 segments increased 104% and 41%, respectively, compared to the previous year.
Research Analyst Woojin Son said, “Apple strongly drove the average selling price (ASP) rise in the global smartwatch market in 2022, especially in the >$400 price band. There are two main reasons for this ASP rise – a diversified Apple smartwatch line-up and a rise in the exchange rate. This year, Apple released its first premium model, Ultra, at a release price of $799 in the US. In addition, as the exchange rate rose, the local price of Apple Watch in various countries changed. The demand for the premium segment remained relatively strong despite the decline in consumer sentiment at the end of 2022.
Son added, “On the other hand, we must be cautious about the low-price band of sub-$100. While this segment expanded in 2022 along with the remarkable growth of India’s market, it showed a large withdrawal in Q4 when compared to Q3.”
Global Smartwatch Shipment Share by Wholesale Price Band, 2022 vs 2021
Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q4 2022
Market summary
In 2022, Apple’s global market share decreased by 2.6%p with shipments remaining almost flat year on year. In terms of revenue, however, it grew 15% YoY, accounting for 56% of the global smartwatch market revenue and further widening the gap with No. 2 Samsung.
Samsung’s yearly shipments increased by 12% to account for more than 10% of global smartwatch shipments in 2022. Although sales of the newly released Galaxy Watch 5 series in the year were positive, its revenues only increased by less than 1%, which seems to be largely due to a slight drop in the ASP compared to the previous year.
Huawei‘s market share fell 0.5%p YoY due to the Chinese smartwatch market losing momentum to India in 2022. However, the brand’s revenue increased by 20% thanks to its relative focus on HLOS* smartwatches.
Noise and Fire Boltt, the Indian brands that supported the rapid growth of their home market, showed excellent growth in 2022. The two brands surpassed 5% of the global market share to rank fourth and fifth, respectively. Although the makers failed to beat Huawei as the Indian market’s growth slowed in Q4, they are attracting discussions on whether they will be able to threaten Samsung’s position beyond Huawei next year.
Fitbit and Xiaomi’s rankings fell to 10th and 11th in 2022 from 7th and 8th in the previous year. The strength of Indian brands was also affected, but these two brands failed to defend their share in their main markets like North America (Fitbit) and China (Xiaomi). Their shipments were decreased or flat compared to the previous year.
Smartwatch Shipment Share by Region, 2022 vs 2021
Note: Figures may not add up to 100% due to rounding
Source: Counterpoint Global Smartwatch Model Tracker, Q4 2022
In terms of regions, North America recovered as the largest smartwatch market in Q4 2022, which also allowed it to remain in first place for a full year again. The Apple’s home market showed a significant increase in shipments QoQ, despite the sales of Apple Watches being lower than expected in the fourth quarter. However, North America’s share decreased slightly as India emerged as another core region in 2022.
India’s market more than doubled compared to 2021. It grew steadily until Q3 2022 but fell 36% QoQ in Q4. Senior Analyst Anshika Jain said, “The third quarter of 2022 saw a big rise because most of the brands pushed high inventories into the channel ahead of the festive season. Therefore, we saw a decline in shipments in the fourth quarter.”
In the fourth quarter of 2022, China’s shipments rebounded for the first time in the year as the COVID-zero policy was eased, and both Huawei and Apple are received a positive response with their more diverse products.
*Smartwatch type definition
HLOS smartwatch: Electronic watch running a high-level OS, such as Watch OS (Apple) or Wear OS (Samsung), with the ability to install third-party apps.
Basic smartwatch: Electronic watch running a lighter version of an OS, with the inability to install third-party apps.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Garmin is a relatively niche player in the global smartwatch market, but it is by far the biggest producer of athletic watches. Its direct competitors include a pair of Finnish companies – Polar, which was the first to offer real-time heart rate monitoring in wearable devices, and Suunto – and US-based Coros. Coros is a relative newcomer in the athletics wearables market having been founded in 2016, but which has already developed a strong reputation that it bolsters by including multiple world champions among a roster of sponsored athletes. Apple has been eyeing the athletic watch market and its recent launch of the Watch Ultra signals its first attempt to muscle in on the scene.
The subject of this review is the Garmin Epix Gen 2 smartwatch. This is not going to be an exhaustive analysis of everything that this watch can do – and it’s a lot – but I will aim to pick out some of the highlights in the way that I use it and what we can learn in more general terms about this particular part of the smartwatch market. As I say, the Epix 2 can do a lot of things and so it should; this is by any measure an expensive watch. So who is the target buyer for the Epix and why would someone buy this watch and what can we infer about the wider smartwatch market?
The Epix feels like a new branch in the Garmin family tree. But as the Gen 2 part of the name implies, it’s actually a re-launch of the Epix range which originally came out in 2015 featuring – back then – a color display and touch control for navigating maps. But Garmin felt that the technology wasn’t ready for prime time in 2015, so back-burnered the model for a few years.
Garmin is clearly happy that display technology has caught up with its vision now, so the Epix Gen 2 features a vibrant, always-on OLED touch display that really makes graphics pop in a way that even the best of its transflective Memory In Pixel (MIP) LCD displays on, for example, the Fenix and top-end Forerunner watches, can’t match.
Where Epix 2 fits into Garmin’s range?
Garmin has been extending its product ranges over the last few years; it sometimes feels like it is creating ever more tightly overlapping circles in a huge Venn diagram. Epix is aimed at dedicated sports enthusiasts – let’s call them athletes. Garmin has two strongly established ranges for athletes. The Forerunner series – that starts from relatively entry-level products through to the Forerunner 955 that retails for around $500 – and the Fenix range, which is targeted at multisport athletes and has a premium ruggedized aesthetic. The Fenix range starts at $700. Epix 2 is essentially a 47mm Fenix 7, but with an OLED display, a somewhat more refined design aesthetic and positioned with more lifestyle messaging. And it is priced at the premium end of the Fenix range, starting at $900.
I chose the Epix in white with the titanium bezel. I did this mostly because the black, that I would otherwise likely have opted for, was not available at the time. However, I have grown to like the white and the colorway works well with the titanium bezel. The 1.3” 416 x 416 pixel display’s cover glass is sapphire, which promises good scratch resistance. I have nevertheless managed to scratch mine already by clattering the metal part of a swimming pool lane marker while doing backstroke – but it’s barely noticeable and it didn’t break!
All its top end watches include detailed topographical maps that can be used for navigating. As the watch was purchased in Europe, it came pre-loaded with 11.5GB of active topo maps that allow me to navigate anywhere in Europe. For example on a recent trip to France, I was able to navigate around the unfamiliar lanes and trails of an obscure part of the Languedoc region with ease. If I travel to another part of the world – the USA for example – I can download maps for free – although they are hefty file sizes and the download process can be long as a result. The titanium Epix models are equipped with 32GB of storage, while the slightly cheaper stainless steel model makes do with 16GB.
The display is attractive. Graphics look great, and the included topographical maps are easy to read. However watch faces are functional but not amazing. Users used to the variety and beauty of, say, Apple Watch faces are likely to be underwhelmed. I am not bothered though – I can tune the face to display what I want it to and if I want to go deeper into any of the displayed data, I just need to tap and hold to access the underlying function.
So, it’s a nice looking watch, but worthy of the $900 price tag? That’s a matter for individual purchasers, but it’s a hefty premium for an OLED display, which is the most obvious point of differentiation over similarly capable watches in the Fenix and Forerunner ranges. And it’s also a $100 premium over the newly launched Apple Watch Ultra.
Garmin gets sports.
Garmin has founded its brand strength on tracking athletic performance. Unlike most other smartwatches, including Apple Watch, it has eschewed following the conventional approach of a touchscreen supported by one or two hardware buttons. Garmin watches are mostly non-touchscreen and have five physical buttons. The Epix has slightly changed the game by including an always-on OLED touchscreen. But it still has the five physical button layout familiar to users of other Garmin watches such as the Forerunner and Fenix series.
Garmin’s user interface presents a steep learning curve when first encountered. But once known, it becomes relatively intuitive. In the case of the Epix, the touchscreen allows for an additional and welcome level of control. But when a training session starts, the touchscreen becomes inactive and the watch is controlled solely by the hardware buttons. This is absolutely the way it should be and I would argue that any watch that relies on a touch interface to manage workouts is not aimed at serious fitness enthusiasts. A control interaction that seems simple when sat at a desk, becomes difficult in the depths of running reps when sweat is dripping from shaking fingers, or doing laps in the pool; hardware buttons are the only interface that makes sense in this context, so Garmin turns-off the touch interface during activities by default. But the user can change this in settings, along with more or less everything else.
And this is another benefit of Garmin compared to most other ‘standard’ smartwatches. It offers almost limitless customisation potential. A user can prioritise those sports they engage in most, change the layout of data screens to show only the data they want to see. And they can even change the functions assigned to the various buttons. This likely means that no two Garmin devices are exactly alike once the user has had time to personalize their device to their own preferences. The value of this capability only becomes fully apparent once you try another watch that doesn’t offer this level of personalization.
And while personalization can be managed on the device, it can be a bit fiddly. So Garmin has made it possible to make the changes in the Garmin Connect app, and then synchronize them to the watch. This is a good and long overdue innovation.
Battery performance – the display costs power as well as $
Garmin watches last a long time. The 47mm Fenix 7 will do 18 days between charges. The Epix manages only six days with the display in always-on mode. Switching to a mode where the screen lights up when you lift your wrist – which works amazingly well (no false negatives) – extends the battery life considerably, up to 16 days. With always-on display, full multiband satellite navigation, full-time heart-rate monitoring it will last up to 15 hours. In my experience, this seems about right. I did an ultra-marathon event in the mountains of Wales, with the display on full time, heart rate monitoring, location tracking and navigation. The event took me 12 hours to complete and I still had 35% battery capacity at the end. In endurance mode, when the GPS is used intermittently, and the display is not on full time, battery life can be extended to many days. Nevertheless, if you really want to maximize battery life, Garmin’s Enduro watch offers up to 77 days in ‘expedition’ mode.
Overall, I find the battery life tolerable. I do on average around an hour of activity per day and up to three hours per day on the weekend. I have the watch set so the display is always on. I have to recharge the watch once every four or five days or so. Recharging is relatively quick – although I haven’t timed how long it takes. For someone used to something like an Apple Watch, recharging once or twice a week might feel revolutionary, but for someone coming off of using one of Garmin’s other watches where you might only charge once in two weeks, it feels like a backward step.
Health and wellness – the (only) killer app for smartwatches
Optimal health is founded on three pillars: good sleep, good exercise and good nutrition. Tracking all three, accurately, is the holy grail for health and wellness applications. None that I have found can do them all well. Most wearables attempt to track the first two, sleep and exercise, but even with these it’s not straightforward.
Garmin has a strong track record in helping users to manage the exercise pillar. It was a long time licensee of First Beat, and then went on to acquire the company outright in 2020. First Beat provides the algorithms that power Garmin’s analysis of not only a person’s exercise and other physical activities, but also how rest and recuperation play a role in building fitness. Fitness improves through stressing the body through exercise and then allowing it to rebuild itself, which it does to a marginally stronger level than before. But the body can only do this through resting. This means that rest is as an important component in building fitness as any workout.
The Epix’s multiple sensors track activities as well as the body’s levels of, for example, fatigue. These are summarized in multiple ways, but the easiest to grasp, at a glance is the Body Battery that shows the level of overall resource depletion and then recovery. Another valuable indicator is Garmin’s Training Readiness index which takes into account sleep and sleep history, recovery time since the last workout, heart-rate variability – which is a key marker of fatigue – training load and stress levels. All are good markers to track. And I have noticed that when I am feeling fatigued or achy following a period of strenuous activities, and I then check, the Training Readiness index shows levels consistent with how I feel. This is good for determining whether to do a planned workout, to shift to something lighter, or skip the workout altogether.
These metrics can be looked at on the device itself, but a richer and more interactive experience can be garnered from the Garmin Connect application that enables a wide range of analyses. It also links to partner apps such as Strava and Training Peaks with which it shares data seamlessly. And the app can also be used to source additional workout and training programs, and more.
The ecosystem benefits also come through in the integration with, for example, Training Peaks. I have a coach to help me with running. She shares my running programme with me on Training Peaks. This automatically syncs with the Epix, so when I select a ‘Run’ on the watch it shows the planned workout for the day and off I go. If I am wearing headphones to listen to music from the watch or through a paired smartphone, I get voice prompts that tell me times and paces for each section of the workout. This is excellent and means I just have to lace-up my shoes and head-out.
After a workout, the watch gives an indication of how much rest is needed. This takes account of the workout intensity as well as environmental factors such as a heat, altitude and how well rested I was before the exercise session. If I take things particularly easy in the hours following a workout, the watch sometimes says that due to my good rest, I am recovering faster and can therefore train again sooner.
Sleep tracking – it tries
Sleep tracking is complex. To do it accurately requires the placing of electrodes on the scalp to carefully monitor brain activity that changes dramatically in different phases of the sleep cycle. A wrist-worn wearable can only approximate what is going on by monitoring heart rate, respiration, movement etc. Garmin wearables do a decent job of this and I can certainly see a correlation between my sense of whether I slept well and what Garmin reports. But it’s not fool proof. A few nights ago I found myself wide-awake in the middle of the night. I didn’t move, but lay quietly until sleep returned – but I was awake for five or ten minutes or so. In the morning the watch didn’t report any wakefulness, presumably because I remained absolutely still. So, as with all wearable devices it provides an approximation of sleep quality, but the Garmin Epix is likely as good as any and better than many.
And to track sleep, the watch needs to be on your wrist, so any watch that needs daily recharging is likely to be useless for sleep tracking as most people will opt to recharge overnight, although, I tend to recharge when sat at my desk during the day so the watch is ready to monitor my sleep.
Nutrition – nope, not really.
While sleep is likely the most important health pillar – actually more like a foundation on which everything else is based – nutrition also has a crucial role in determining health outcomes. However, Garmin’s smart watches are not equipped to track nutrition. The watch will estimate the calories expended during an activity and Garmin offers connected weight scales (Garmin Index) to track body weight and body composition. But for actually tracking calorie intake, Garmin has partnered with MyFitnessPal to exchange workout and nutrition information. MyFitnessPal has a great database and a well-designed app, but it’s tedious and time-consuming to log everything one consumes in a day, especially if making everything from scratch, so I rarely do it. But equally, most people are creatures of habit, so once you establish your own personal database of foods, checking the boxes next to each item can be relatively quick.
And as a smartwatch..?
The Epix delivers notifications from a partner smartphone and includes the ability to respond, albeit with canned messages and then only with Android devices; iOS doesn’t support this capability. The Epix (along with most higher-end Garmin watches) can store music playlists from Spotify and a few other music applications that can be listened to through Bluetooth headphones. It doesn’t support Audible, which is a shame, because I listen to books on longer runs, but I can download podcasts.
Garmin does have an app store of sorts, however few of the apps are particularly inspiring; most only offer variations on watch faces. There are a few professional apps, such as Spotify, Komoot, Amazon Music, Deezer etc, but these are limited in extent. However, the standard core functions are sufficiently complete that I don’t feel like I am missing anything significant.
Garmin Pay is incorporated in the watch, but few banks where I live in the UK support Garmin Pay, so it’s essentially useless.
Summary – goodness, it’s pricey
Apple is coming after Garmin’s market with its Watch Ultra – a do-it-all watch that counters Garmin’s fine-grained and often confusing application-specific offerings. I will be testing Apple’s newly launched contender in the next few weeks and will share my thoughts in due course. For now, I am happily making good use of the Epix to manage my training and recovery. It’s a definite step up from my previous Garmin Forerunner 935. But considering the latest Forerunner, the 955, does more or less everything the Epix can do, but for several hundred fewer dollars, and the Fenix 7 is almost identical, but just lacks the OLED display, and is again quite a bit cheaper – the question of value for money is a difficult one to get over. Were I choosing again, I would think twice about opting for the Epix, but it’s a near-run thing.
This year’s edition of Internationale Funkausstellung (IFA), Europe’s biggest consumer electronics show, showcased some interesting product announcements and trends that will set new standards across the consumer electronics ecosystem. New product technologies on display at the show held in Berlin from September 2 to 6 included bigger screen size OLED and Mini LED TVs, bigger and better soundbars, foldable laptops and bendable TVs, digital charging cases, and smartwatches with more features, among others.
The chief focus of the show this year revolved around major consumer electronics segments like smartphones, smart TVs, TWS, tablets, home appliances and smartwatches. Big players such as LG, Sony, Lenovo, Huawei, Asus, Jabra, Fitbit and TCL launched new and amazing products at the event to enhance user experiences. We give below the major CIoT announcements at IFA 2022:
Foldable laptops by Asus and Lenovo
Asus Zenbook 17 Fold OLED
Asus launched the Zenbook 17 Fold OLED, a foldable laptop that has a 17” screen when expanded and a 12.5” screen when folded.
The device comes with an Asus ErgoSense Bluetooth keyboard and touchpad to make it easy to work with.
Once the magnetic keyboard is on screen, you can use it as a regular laptop. When expanded, it can have an expanded tablet.
The devices are equipped with a 1080p OLED display, 12th generation Intel Core i7 processors, Harman Kardon-certified quad speakers with Dolby Atmos support, Wi-Fi 6E connectivity, and two Thunderbolt 4 ports.
Priced at $3,499, the Asus Zenbook 17 Fold is an expensive laptop.
The laptop will be beneficial for people who travel a lot and need a large screen, or those who work in creative fields. The device can also be used for entertainment, as it supports both Dolby Atmos and Vision.
Lenovo ThinkPad X1 Fold 2022
Lenovo launched the 2022 version of its ThinkPad X1 Fold (review), an upgrade from the 2020 version. The latest version has smaller bezels, a 16.3” screen when unfolded and a 12” screen when folded.
The folding laptop comes with a 1080p OLED display and has Windows 11 OS.
The device comes with a detachable keyboard, which when attached turns the device into a 12” laptop.
The laptop is equipped with 12th-generation Intel Core i7 processors, with up to 1TB of storage and up to 32GB of RAM.
The Lenovo ThinkPad X1 Fold is priced at $2,499 for the base variant and $2,999 with a keyboard and a pen.
New smartwatches, smart bands and smart glasses from leading brands
Garmin Venu Sq2 and Venu Sq2 Music
Garmin launched two new smartwatches — Venu Sq2 and Venu Sq2 Music edition.
Both the smartwatches come with a 1.41” AMOLED screen, Gorilla Glass 3 protection, 5ATM water resistance and support for both Android and iOS.
They also support contactless payments through Garmin Pay and have smart notifications for text, email and other alerts.
Both have the Health Snapshot feature which lets users have a two-minute session and record health metrics such as heart rate, heart rate variability, blood oxygen level, respiration, and stress.
The Venu Sq2 is priced at $249.99, whereas the Venu Sq2 Music is priced at $299.99.
The Venu Sq2 Music offers built-in storage for offline music playback from streaming services. It can store up to 500 songs.
Both smartwatches are compact and lightweight. They are among the best in terms of features and come in a low price range.
Huawei Watch D
Huawei launched the Watch D, already launched for the Chinese market earlier this year.
The watch comes with IP68 certification, AMOLED display and over 70 sports modes with a battery life of around seven days.
The Watch D has advanced health monitoring features, such as blood pressure, ECG, skin temperature and blood oxygen tracking.
The Watch D will be priced at €449 in Europe.
The Watch D is more expensive than its competitors, but with additional health features, it could stand out.
Fitbit Inspire 3, Versa 4 and Sense 2
The Fitbit Versa 4 is a smartwatch thinner and lighter than the Versa 3. It also has a tactile button, making it easier to operate. The Versa 4 will have a revamped Fitbit OS with Google Wallet, and Google Maps with turn-by-turn directions. The watch has 40 sports modes, and Sleep Profile to analyze sleep.
The Fitbit Sense 2 is a lighter and thinner version of the Sense series. It has continuous EDA (cEDA), which measures skin perspiration response and signs of stress, and is used in conjunction with the Heart Rate Sensor.
The Inspire 3 smart band is Fitbit’s entry-level and lowest-cost device. It has a color display, blood oxygen monitor and Fitbit features such as Active Zone Minutes and sleep tracking, and supports 10 days of battery life.
It has an improved display and newer features. The mechanical button offers improved functionality. The Inspire 3 will offer more choices to the consumer in the entry-level smart band market.
Amazfit GTR 4, GTS 4 and GTS 4 Mini
Amazfit launched the GTR 4 and GTS 4 smartwatches.
The GTR 4 features a 1.43” AMOLED screen, whereas the GTS 4 has a 1.75” AMOLED screen. Both the watches are 5ATM resistant and feature 150+ sports modes.
Both the smartwatches have a new feature called BioTracker 4.0 optical sensor, which offers improved heart rate tracking, and an upgraded GPS for more accurate route tracking. Besides, they have more than 150 sports modes and can be connected via Bluetooth and Wi-Fi.
Both the GTR 4 and GTS 4 are priced at €199.
Amazfit also launched the GTS 4 Mini, a smaller and cheaper version of the GTS 4. The GTS 4 Mini has a 1.65” AMOLED display, 120+ sports modes, and health and fitness tracking capabilities, such as heart rate and SpO2. The watch is priced at €99.
The GTR 4 and GTS 4 have a dual-band GPS antenna which improves the route tracking capability. Besides, the two have features like fall detection and offline voice assistant that will attract users.
TCL NXTWEAR S
TCL launched the NXTWEAR S smart glasses which offer enhanced comfort and conveniences. The smart glasses have a dual 1080p Micro OLED display, front and correction lenses.
The wheel on the left temple can be used to adjust volume, whereas the one on the right can be used to adjust brightness and 2D/3D mode switch.
The NXTWEAR S will be available from Q4 2022 in selected regions.
Lenovo Glasses T1
Lenovo launched the T1 smart glasses, which let users connect devices like PCs, tablets and smartphones with USB C and watch content on a bigger screen. The glasses have a Micro OLED display, swappable noise clips, adjustable arms, and support prescription lenses.
The glasses have 1920X1080 resolution with a 60Hz refresh rate and are TUV Low Blue Light certified to reduce strain on the eyes. The glasses also have inbuilt speakers.
TWS category saw some interesting launches
Jabra Elite 5
Jabra launched the Elite 5, a mid-range offering and placed between the Elite 3 and Elite 7 Pro.
The Elite 5 features hybrid noise cancellation and is powered by the Qualcomm QCC3050 chipset. It also has an IP55 rating, 6mm drivers and support for Google Assistant and Alexa. Other features include the 6-mic call and wind-noise suppression technologies for a better call experience.
Another interesting feature is Spotify Tap Playback, which allows users to launch Spotify and pick up from where they left off with a single button press.
The Jabra Elite 5 is priced and £149.
JBL Tour PRO 2
JBL launched the Tour PRO 2, a TWS with the world’s first charging case having a touchscreen display.
The case features a 1.45” LED touchscreen to manage music, customize earbuds, receive calls and manage notifications. The TWS features a 10mm driver, ANC and JBL Spatial Sound.
The Tour PRO 2 comes with a 10mm audio driver and is Bluetooth 5.3 compatible. It lasts 10 hours, and 40 hours with the case.
The charging case is the first of its kind in the industry. It lets users control most of the functionalities of the case, instead of touching their smartphones.
The JBP Tour PRO 2 is priced at €249.
Tablets saw new models from leading brands
HONOR Pad 8
HONOR launched the Pad 8. It has a 12” 2K display and runs on Android 12.
The tablet is powered by the Snapdragon 680 4G, 7250mAh battery and a Type-C port.
The device makes it possible to operate phone and tablet on the same screen. The smart multi-view feature allows up to four windows at the same time.
Huawei MatePad Pro 11
Huawei launched its newest tablet, the MatePad Pro 11. The tablet has an 11” OLED display with120Hz refresh rate and 2560×1600 resolution. It also features Huawei Pencil, Huawei Notes and multitasking.
The tablet has six speakers and four mics, a dual rear camera with a 13MP main camera and an 8MP wide-angle camera, and a 16MP front camera.
The MatePad Pro 11 will run on HarmonyOS 3, with a configuration of 8GB RAM and 128GB storage.
The tablet is priced at €649. Early-bird offers include free Huawei M-Pencil Elegant Edition and a folio cover.
Nokia T21
Nokia launched its newest tablet, the Nokia T21, at IFA 2022. The tablet has a 10.4” 2K display with a 60Hz refresh rate. It has 128GB of internal storage which can be expanded to 512GB. The rear and front cameras are 8MP.
The tablet comes with two years of Android updates and three years of security updates.
The Nokia T21 is a compact size tab that will attract those looking for a smaller-screen device.
Lenovo Tab P11 (2nd Gen) and P11 Pro (2nd Gen)
Lenovo launched two new tabs at IFA 2022 — P11 (2nd Gen) and P11 Pro (2nd Gen).
The P11 Pro (2nd Gen) is an 11.2” OLED display tab with 120Hz refresh rate and Dolby Vision support. The P11 Pro comes with a detachable keyboard with a built-in trackpad, and an optional Lenovo Precision Pen 3. The tab has quad JBL speakers and Dolby Atmos.
The P11 (2nd Gen) is an 11.5” 2K display tab with a 120Hz refresh rate. The tab has quad speakers with Dolby Atmos. Along with the tab are available optional Lenovo Precision Pen 3 and keyboard pack.
The Lenovo Tab P11 Pro (2nd Gen) is priced at €499, whereas the Lenovo Tab P11 (2nd Gen) is priced at €299.
Smart TVs saw bigger OLED/Mini-LED displays and bendable TVs
LG OLED Flex and LG OLED evo Gallery Edition 97”
LG launched the OLED Flex, a 42” OLED TV and the world’s first bendable OLED display, which can be bent from a flat to a curved screen using a button on the remote.
LG is targeting the gaming segment with this TV, as curved screens are more suitable for gaming. The TV has a host of features for gamers, such as Dolby Vision support, 4K resolution with 120Hz refresh rate, variable refresh rate, and ultra-low latency mode.
LG also launched the world’s first OLED TV with a 97” display. The TV will be a part of its C2 series.
TCL Mini LED TVs
TCL launched the EISA Premium-awarded Mini LED TV C835 series, a 4K Mini LED TV with Dolby Atmos for an immersive sound experience, and the EISA Best Buy-awarded QLED TV C735 series with 144Hz refresh rate for a better viewing experience.
TCL also launched the C935 series, a premium Mini LED series with 1,920 local dimming zones and 2.1.2 channel up-firing speakers.
The company also launched the world’s largest Mini LED TV at 98”.
The new offerings from TCL will help it to increase its share in the Mini LED segment and offer more choices to consumers.
Toshiba QA5D, UF3D and UK4D
Toshiba launched QLED TV sets and TVs with Fire TV at IFA 2022.
The QA5D series is Toshiba’s first QLED TV series, offering better picture quality. The TVs have Toshiba’s TRU Picture Engine technologies, which offer enhanced picture quality. The TVs also have Dolby Atmos and Dolby Vision and run on Android.
The UF3D series is Toshiba’s first with Fire TV in the UK and is ideal for someone who prefers Alexa. The series also has Toshiba’s TRU Picture Engine, Dolby Vision and Atmos.
The UK4D series is powered by Toshiba’s own operating system, and also comes with Alexa. The series has frameless models. It also supports Toshiba’s TRU Picture Engine and Dolby Atmos and Vision.
Toshiba also announced that models launched in 2019 would have the TikTok TV app, giving more entertainment choices to the consumers.
Other notable product launches
Lenovo IdeaPad 5i Chromebook: Lenovo also launched the IdeaPad 5i Chromebook, a 16” Chromebook with 2.5K resolution and 120Hz refresh rate, giving a smooth scrolling and video-viewing experience to the user.
TECNO Megabook T1: TECNO launched its first laptop at IFA 2022, the Megabook T1. It is an ultra-thin laptop that is 14.8 mm thick with a 15.6” display and weighs 1.48 kg. The entire body is made of aluminum and has a fingerprint sensor over the power button. The device has a 70wh battery supporting up to 17.5 hours, and Wi-Fi 6 connectivity.
LG launched the MoodUP refrigerator with color-changing LED door panels. With the LG ThinQ app, users can choose from 22 colors for the upper door panel and 19 colors for the lower door panel. The refrigerator also has a Bluetooth speaker.
B&O launched the Beosound Theatre soundbar. It has 12 drivers and 800W of power and supports 7.1.4 Channel Dolby Atmos. The Beosound Theatre has a new three-dimensional sound directivity, which is a combination of direct, side- and up-firing speakers. Besides, the soundbar can be wall-mounted or floor-standing.
JBL launched the Bar 1000, a 7.1.4 Channel Dolby Atmos-supported soundbar and wireless subwoofer. The Bar 1000 has two battery-powered detachable speakers which work in concert with four upward-firing speakers attached to the sound system.
Sennheiser unveiled the AMBEO Soundbar Plus, a compact and affordable version of the AMBEO Soundbar Max. It is a 7.1.4 Channel system, has nine drivers, with two upward-firing ones, and supports Dolby Atmos.
Conclusion
The focus of the tech companies was on improving customer experience. The new products offer various new features, such as bendable and foldable displays in TVs and laptops, enhanced health trackers in smartwatches, expanding choices in tablets and Chromebook, and a better audio experience with new soundbars. Home appliances are becoming more connected, and visually appealing to soothe the people and the environment.
In the wearables segment, there has been an increased focus on health-related aspects. The new launches in smartwatches and smart bands at IFA 2022 bring more health-related features. Also, the inclusion of new AI capabilities to measure health more accurately in real-time is likely to provide a boost to this segment.
The global smartwatch market grew 13% YoY, reaching shipments at 33.7 million units in Q1 2022 and continued double-digit growth for the fifth consecutive quarter. Apple maintained a solid lead and increased 14% YoY in Q1 2022. Some shipments carried over to Q1 2022 due to a month late launch of Apple Watch 7, which helped continue the strength of the brand.
Smartwatch Market Share by Region
While most major regions grew YoY, only Europe recorded flat growth. Although Apple and Samsung continued to grow year-over-year, other major brands such as Garmin and Fitbit performed weakly in the European market during this period.
Use the button below to download the high resolution PDF of the infographic:
The market grew 13% YoY and continued double-digit growth for the fifth consecutive quarter.
Apple maintained its lead, while Samsung solidified its second place.
Xiaomi recorded first Top 4 position with 69% YoY growth, and is breaking its shipment record every quarter.
Seoul, Beijing, Boston, London, Toronto, New Delhi, Hong Kong, Taipei – May 31, 2022
The global smartwatch market recorded 13% more shipments compared to the same period last year, despite concerns over economic slowdown and inflation, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. Despite -24% QoQ due to weak seasonal demand, Xiaomi performed well with it record-highest quarterly shipments.
Associate Director Sujeong Lim 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.”
Global Top 8 Smartwatch Brands Shipment Share, Q1 2022 vs Q1 2021
Source: Counterpoint Global Smartwatch Model Tracker
Market Summary:
Apple maintained a solid lead and increased 14% YoY in Q1 2022. Some shipments carried over to Q1 2022 due to a month late launch of Apple Watch 7, which helped continue the strength of the brand.
Samsung solidified second place with 46% YoY increase in shipments. It grew significantly in the APAC region with the popularity of Galaxy Watch 4 series.
Huawei remained flat YoY in terms of shipments. Due to the weak position in the international market caused by GMS restrictions, the proportion of the Chinese market in the brand’s total shipments is gradually increasing.
Xiaomi recorded its first Top 4 position with 69% YoY growth and is breaking its shipment record every quarter as it rapidly penetrates globally. A large proportion of its sales come from the low-end segment under $100.
Garmin ranked fifth in terms of shipments, but came in third in terms of revenues thanks to its higher ASP. It occupies the majority portion in the premium segment over $500.
Amazfit maintained its market share by occupying 6th place thanks to the GTR 3 and GTS 3 series that launched in the fourth quarter of 2021. In the meantime, it has been working to expand outside of China and has had some success increasing its presence in Europe.
With the China Kids Watch market sluggish at -7% YoY, and as Huawei and Xiaomi expanded their presence in this segment, imoo suffered a double-digit YoY shipment decline.
After the merger with Google, Fitbit appears to be undergoing an internal reorganization. As a result, there were no new models released last year, and the transition to Wear OS was delayed, so its sales decreased compared to the same period of the previous year.
Smartwatch Shipment Proportion by Region, Q1 2022 vs Q1 2021
Source: Counterpoint Global Smartwatch Model Tracker, Q1 2022
By region, while most major regions grew YoY, only Europe recorded flat growth. Although Apple and Samsung continued to grow year-over-year, other major brands such as Garmin and Fitbit performed weakly in the European market during this period.
Ms. Lim said, “We initially expected the war between Russia and Ukraine to have minimal impact on the market in Q1, but the prolongation of the conflict and the resulting logistical constraints have begun to affect the European region. The impact of the war will become more serious in Q2”.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
The market grew a healthy 24% YoY, thanks to strong demand for sub-$100 smartwatches.
Samsung, Amazfit and Garmin recorded a higher growth than the market average, although Apple remained the undisputed leader.
The Indian market quadrupled YoY thanks to the notable growth of local brands such as Noise.
Seoul, Beijing, Boston, London, Toronto, New Delhi, Hong Kong, Taipei – March 14, 2022
The global smartwatch market shipments hardly grew in 2020 due to COVID-19, but they recorded a healthy 24% YoY growth in 2021, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. The fourth quarter alone saw shipments of more than 40 million units, the highest quarterly shipments ever.
Associate Director Sujeong Lim said, “The global smartwatch market’s good growth in 2021 is meaningful in itself, but it is more meaningful in that it makes us look forward to future growth. With their ability to monitor important health parameters like blood pressure, ECG and SPO2, these devices are becoming popular. Further, the attractiveness of smartwatches as independent wearable devices will increase if more of them start supporting cellular connectivity.”
Global Top 9 Smartwatch Brands Shipment Share, 2021 vs 2020
Source: Counterpoint Global Smartwatch Model Tracker
Market Summary:
Apple maintained its solid No. 1 position with a 30% market share but fell 3% points YoY due to intensified competition. However, its ASP rose 3% without the release of the SE model in 2021. As a result, Apple accounted for half of the total market revenue.
Samsung was one of the most successful smartwatch OEMs in 2021. Its QoQ growth was more than 200% in the third quarter to record the brand’s best shipments ever. This growth retained strength until the last quarter. Moving to Wear OS through a partnership with Google has worked well for the brand in many ways.
Huawei launched high-end new models and kids’ smartwatches despite continued US sanctions, but inevitably its shipments would decline YoY. Due to the Watch GT 3 and Watch Fit Mini, which were released in the fourth quarter, Huawei’s shipments more than doubled QoQ in the quarter.
imoo did not release a new model in 2021, resulting in a slight YoY decline. However, as it entered markets outside China, such as Europe, it remained the undisputed No. 1 in the kids’ smartwatch segment.
Amazfit succeeded in expanding its position in the market in 2021, recording more than 20% YoY growth over the past two years. Its ASP also rose 11% as the proportion of the GTR and GTS, the high-end models of the brand, gradually increased.
Garmin performed better than expected in 2021. Garmin had initially focused on introducing high-priced smartwatches for special categories like aviation and divers. But it is gradually shifting focus to bringing attractive consumer products from price and design perspective. As a result, it showed 35% YoY growth and took sixth place by raising its global ranking by one place.
Fitbit showed weak performance in 2021. Since the launch of the Sense and Versa 3 models in the third quarter of 2020, there has been no launch of new models, which seems to be due to strategy changes and reorganization due to the merger with Google. Therefore, it showed a YoY decrease of more than 15% in 2021. But it is expected to rebound with the release of the Versa 4 in the second half of 2022.
Xiaomi showed strong performance with its Mi Watch Lite in the first half of 2021 and released the Redmi Watch 2 series in Q4 2021. In this series, it launched the ‘Lite’ variant to broaden users’ choices and we expect it to contribute to Xiaomi’s market share gain.
Noise, the 1 local king in India’s smartwatch market, was the fastest-growing brand among the global top 9 brands. Leading the growth of the Indian smartwatch market, Noise was India’s No. 1 brand in 2021 and 2020.
Smartwatch Shipment Proportion by Region, 2021 vs 2020
Source: Counterpoint Global Smartwatch Model Tracker, Q4 2021
One of the driving forces behind the growth of the global smartwatch market in 2021 was the expansion of the Indian market. The Indian smartwatch market accounted for only 3% of the global market in 2020, but it grew four times in 2021 to raise its global market share to close to 10%.
Senior Research Analyst Anshika Jain said, “Noise is the No.1 Indian smartwatch brand and leads the growth of the local market. It captured the top position in 2021 due to its diverse product portfolio targeting the budget and mid segments, as well as strong partnerships with e-commerce players, financial institutions and celebrities. Noise also focused on community building and slightly shifted its price base towards the lower side to make its smartwatches accessible to a larger group of people, a strategy that proved to be effective. All this resulted in Noise ranking third in terms of shipments after Apple and Samsung in the APAC region except China in 2021.”
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
The global smartwatch market reached 127.5M units in 2021, with shipments of 42.4M in the fourth quarter.
While Apple’s Watch 7 series launch had been delayed to the fourth quarter, Samsung has boosted their market position in 2021 with the successful launch of the Galaxy Watch 4 series.
Similar to its decline in the smartphone market, Huawei showed weaker performance in the smartwatch market compared to 2020. But it still ranked 3rd in the global market.
Smartwatch Market Share By OS, 2021
Smartwatch operating systems: proprietary OS or RTOS still dominates. These lack the ability to install third-party apps.
With the popularity of the Apple Watch, Watch OS holds almost a third of the market.
The biggest change in 2021 in terms of smartwatch OS is Samsung’s move from Tizen to Wear OS. As a result, Google’s Wear OS has increased its share from 3% in 2020 to 10% in 2021.
Smartwatch Market Proportion By Region, 2021
The smartwatch market still has room to grow and shipments are yet centered around advanced markets such as North America and Europe.
China is the largest market for kids’ smartwatches, and this has helped it rank second in regional markets just behind North America in 2021.
The Indian smartwatch market was similar in size to MEA or LATAM in 2020, but recorded explosive growth of four times in 2021, achieving share of close to 10%.
Use the button below to download the high resolution PDF of the infographic:
The market grew a healthy 27% YoY, thanks to strong demand for sub-$100 smartwatches.
Samsung and Garmin posted remarkable YoY growth even as Apple maintained its lead.
Rapid growth expected in India’s market with the rise of local brands such as Boat and Noise.
Boston, Beijing, Toronto, London, New Delhi, Hong Kong, Taipei, Seoul – August 26, 2021
Showing a full recovery from COVID-19, global smartwatch shipments in the second quarter of this year increased 27% compared to the same period last year, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker.
Apple maintained its solid No. 1 position in terms of shipments, but its market share declined slightly compared to the same period last year due to intensifying competition with Chinese and Indian brands. Among the global Top 5 smartwatch OEMs, Samsung and Garmin showed a remarkable shipment growth of 43% and 62% YoY, respectively, exceeding the average market growth rate and recording higher growth rates than other top brands.
Thanks to the steady popularity of the Galaxy Watch 3 and Watch Active 2, Samsung showed a quick recovery from last year’s somewhat sluggish performance. Garmin recorded its highest shipments ever during the quarter. Among the Top 5 brands, only Huawei fell compared to the same period last year. The decline in its smartphone business seems to have affected its smartwatch sales, as the smartwatch from such a vertical player is tightly optimized with the brand’s smartphones and the users’ loyalty to the brand’s ecosystem of offerings.
Shipments of Global Top 5 Smartwatch OEMs: Q2 2021 vs Q2 2020
Source: Counterpoint’s Global Smartwatch Shipments Tracker, Q2 2021
Apple Watch active user base crosses 100 million; sub-$100 segment grows 547% YoY
Commenting on the smartwatch market outlook, Senior Analyst Sujeong Lim said, “The smartwatch attach-rates for smartphones have been steadily rising. Apple’s ecosystem is seeing a greater attach rate as the brand continues to bake in attractive designs, health features and related services around it. Apple Watch’s user base crossed the 100-million mark for the first time during the quarter ended June, capturing the lion’s share of the smartwatch user base globally. The US continues to be the key Apple Watch market, contributing to more than half of its user base, with an attach rate of close to 30%.”
Lim added, “Looking at the success of Apple Watch, more OEMs have entered the smartwatch market with a relatively less advanced OS but comparable fitness and health-related features, and stylish designs at affordable prices targeting hundreds of millions of potential users globally. The pandemic has further pushed consumers towards being more health-conscious and features such as SPO2 and heart rate monitoring have trickled down to the sub-$100 smartwatch segment. The sub-$100 smartwatch segment grew a massive 547% annually, highlighting its mass-market reach.”
North America largest, India fastest growing market
China, the second largest market after North America, grew in terms of volume but its growth rate was somewhat lower than that of other regions, and its share by region decreased. As seen in the smartphone market, the recovery of consumer spending here after the pandemic has been slower than in other regions. Also, the space vacated by Huawei–HONOR in China is yet to be filled.
Commenting on high growth markets, Senior Analyst Anshika Jain said, “India was the smallest market in the second quarter of last year, accounting for less than 2% of the total market, but its share increased to 6% in just one year. The proliferation of sub-$100 affordable, feature-rich smartwatches from Chinese brands such as Xiaomi, realme and OPPO, and Indian brands such as boAt and Noise has been one of the key growth drivers.”
Source: Counterpoint’s Global Smartwatch Shipments Tracker, Q2 2021.
Top-selling Smartwatches Globally, Q2 2021
Background:
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Apple registers a healthy 50% annual growth, capturing a third of the smartwatch market in terms of volumes.
The merger of Wear OS, Tizen OS and Fitbit OS will further drive consolidation of the fragmented smartwatch market.
London, Hong Kong, Boston, Toronto, New Delhi, Beijing, Taipei, Seoul – May 26, 2021
Global smartwatch shipments in Q1 2021 grew 35% YoY, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. Apple maintained its leadership position, catalyzing the overall market growth by recording a 50% YoY increase in the demand for the new Series 6 models. As a result, Apple saw its market share climb by 3% points. Samsung’s shipments also rose 27% YoY, with the popularity of the Galaxy Watch 3 and Galaxy Watch Active series. But the South Korean vendor’s growth was below the market average and it saw a small dip in its market share. Huawei continued to lose share compared to a strong quarter a year ago.
These volumes include basic smartwatches with low-level proprietary OS or RTOS (like from Xiaomi and OPPO), kids smartwatches (like from BBK, Huawei and Vodafone Neo) and high-level smartwatches (like from Apple, Samsung and Garmin).
Exhibit 1: Global Smartwatch Shipments Share, Q1 2021 vs. Q1 2020 (in %)
Source: Counterpoint Research Global Smartwatch Tracker, Q1 2021
*BBK logo has been replaced with imoo’s logo its overseas kids watch brand which includes the domestic XTC 小天才 brand shipments as well
Senior Analyst Sujeong Lim said, “Apple was able to further solidify its leadership position in the market by widening the portfolio from Watch SE to Series 6 at the right time. This may drive Samsung to launch a mid-price-tier model to boost growth.”
Lim added “Huawei continued to face headwinds because of the declining smartwatch sales and how well Huawei watches are optimized for its smartphones. Will be interesting to see when Huawei launches its first watch based on Harmony OS, as it hinted at the Huawei Analyst Summit last month. This should kickstart a new ecosystem for developers to build experiences for the wrist. But it will warrant a Harmony OS phone as well for the complete experience. HONOR, spun off from Huawei, should open up new opportunities for players such as Google and Qualcomm.”
In terms of smartwatch OS platforms, Apple’s WatchOS captured more than a third of the market with a growing attach rate to its base of billion iPhone users. Google’s Wear OS has not yet achieved such success in smartwatches. This is because most of the major smartwatch brands have developed and installed their own proprietary OS (like Fitbit OS, Tizen and Garmin OS). Further, Wear OS has been lacking behind in terms of features, battery optimization and chipset support. This has limited its share to a mere 4% of the global smartwatch market.
Exhibit 2: Global Smartwatch Shipments Share by Operating System (in %)
Source: Counterpoint Research Global Smartwatch Tracker, Q1 2021
However, this trend will change soon considering the Google-Samsung partnership announced at the Google I/O last week. Google will integrate Tizen OS with Google Wear OS to reinvigorate the market and go full force after the 3.5 billion Android user base.
Lim said, “Hopefully, Google’s new Wear platform will be shipping in the next generation of the Galaxy Watch series in late Fall. It will be good for the companies involved. The focus would be to not only improve performance, such as battery life, but also improve on the AI, newer apps and services, and integration with Android smartphones. Samsung will also be able to better target the broader Android smartphone user base. With the completion of the acquisition of Fitbit, Google should be able to enhance the Wear platform with ‘fitness’ capabilities and services integration, moving forward.”
Commenting further on the Google-Samsung announcement, Vice President Research Neil Shah said, “This is a great move by Google to accelerate its ambitions for the wearables space. It can build a robust portfolio of Wear devices integrating the best of all the three worlds – Tizen OS, Wear OS and Fitbit OS. The consolidation brings more power to Google’s Wear platform and will attract more developers to build newer experiences for the wrist.”
Highlighting why there is so much excitement for wrist wearables among tech companies, Shah said, “Wearable devices and services are going to become important for companies such as Apple, Google, Facebook and Amazon as they increasingly expand their reach in healthcare, pharmaceutical and insurance verticals directly or indirectly. This can include selling services such as Apple Fitness+, predictively cross-selling medicines and healthcare solutions, or attracting marketers to their ad platforms based on the health profiles built with the enormous amount of data generated via the number of sensors on these wearable devices. Further, addition of advanced voice AI and ML capabilities on these devices will make wrist as one of the key segments technology companies will go after this decade before adding eyes/brain-based advanced wearable devices to the mix.”
Background:
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Analyst Contacts:
Sujeong Lim
Neil Shah
Counterpoint Research
press(at)counterpointresearch.com
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