Apple, the smartwatch market leader, dominates, but not in the premium product category
It’s no surprise that Apple remains the smartwatch market leader by a large margin, according to the latest data, but the unusual thing is that the company no It tops the list in the premium smartwatch sector.
At the other end of the scale, Xiaomi is showing increasing signs of owning the budget segment …
Smartwatch’s popularity increased in the first quarter
Counterpoint Research says shipments grew significantly year-on-year, despite supply chain challenges and concerns about inflation concerns limiting consumer electronics demand.
The global smartwatch market recorded 13% more shipments compared to the same period last year, despite concerns about economic slowdown and inflation, Counterpoint Research recently published Global Smartwatch Model Tracker.
Associate Director Sujeong Lim said: “Although the global smartwatch market experienced slight growth in 2020 due to the impact of Covid-19, it has continued to perform well since its recovery last year.
While this growth has been observed in most regions of the world, European shipments have been steady, likely due to the Russian invasion of Ukraine.
We initially expected the war between Russia and Ukraine to have a minimal impact on the market in the first quarter, but the prolongation of the conflict and the resulting logistical constraints are starting to affect the European region. The impact of the war will become more serious in the second quarter.
Apple is the undisputed leader in the smart watch market
Apple Watch maintained its market dominance with a market share of 36.1%, more than three times the share of Samsung which ranked second with 10.1%. Counterpoint expects this trend to continue.
Apple accounted for more than a third of total shipments last year, and it’s increasing its influence with a market share of 36% in the first quarter of this year. The high loyalty of iPhone users to the brand is one of the factors for the success of the Apple Watch. This popularity seems to be higher among the younger generation, which makes Apple an irreplaceable market leader. Of course everything was possible due to the high performance of the product and the excellent connectivity between the supported iOS devices. We believe that Apple’s market share is likely to rise further by the end of this year.
Apple maintained its strong leadership and increased 14% year-over-year in the first quarter of 2022. Some shipments were carried over into the first quarter of 2022 due to the Apple Watch 7 launch being delayed by a month, helping to keep the brand strong.
But Garmin tops the premium segment
Apple usually has the premium segment in each of its product categories, but that’s not true of smartwatches. Garmin has the largest market share >$500, which is why it ranks 5th in market share but 3rd in revenue.
The company’s smartwatches are consumers’ first choice for hiking and camping, thanks to robust designs, TOPO mapping and solar charging that can extend battery life up to 56 days.
The company’s lineup also includes high-end diving computers with features such as residual air monitoring for the wearer and their dive buddies.
Samsung boosted its market share from 7.8% in the first quarter of 2021 to 10.1% in the same quarter this year. Much of this growth is attributed to the popularity of the Galaxy Watch 4 series, especially in the Asia Pacific region.
Xiaomi has cleaned up in the budget department.
Xiaomi recorded its first 4 positions with a growth rate of 69% YoY, breaking the charging record every quarter as it spreads rapidly globally. A large percentage of its sales come from the low-cost segment under $100.
Fitbit has seen its market share shrink after launching any new models following its Google acquisition. The Android creator wants to port the lineup to Wear OS, which is the likely reason for the delay.
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