World smartwatch shipments declined by 1.5% in the course of the January – March months of 2023 marking the second consecutive quarter of destructive development within the section. As per the Counterpoint Reaserch report, main gamers resembling Apple, Samsung and Huawei all noticed destructive cargo volumes in Q1 2023 pushed by decrease demand for tech merchandise amid the tough financial panorama.
India served as the one vivid spot within the smartwatch market with a 121% year-over-year development in shipments fueled by excessive demand for entry-level smartwatches. Counterpoint now estimates that primary smartwatches that don’t run a devoted OS make up about 34% of all smartwatch shipments. An estimated 40% of all smartwatches shipped in India throughout Q1 had been priced beneath INR 2,000 ($25).
Apple remained the top-smartwatch model when it comes to market share with 26% whereas Indian model Hearth-Boltt overtook Samsung for second place with 9% of the market. Samsung got here in third after a 15% decline in international smartwatch shipments in comparison with final yr. On a per-region foundation, India contributed to 27% of all smartwatch shipments, adopted by North America with 26% and China with 18% which noticed an enormous 28% lower in its cargo shares.