In Q1 2023, the global smartwatch market dropped by 1.5%
Businesses and corporations are trying hard to survive the current challenging economic conditions. They are introducing new methods for revenue streams, cutting jobs and unprofitable units from businesses but that doesn’t seem to be sufficient enough. Since there is another challenge less demand and supply. In this short piece, we will discuss the international shipments of smartwatches and their performance during Q1 2023.
Global shipments of smartwatches fell by 1.5% between January and March 2023. The Q1 2023 period has been remarked as the smartwatch’s second consecutive quarter of negative growth. In accordance with a report from Counterpoint Research analysis, prominent companies like Apple, Samsung, and Huawei all saw negative shipping numbers in Q1 2023. The weak shipments are attributed to weaker demand for electronic items in the context of economic instability and challenging economic situations worldwide.
The lone bright light in the smartwatch market was India. In India, sales increased by 121% year over year. The Indian market observed strong demand for entry-level smartwatches. According to current estimates from Counterpoint, 34% of all smartwatch shipments are simple devices that lack a specific operating system. During the first quarter of 2023, an estimated 40% of all smartwatches shipped in India had a price under INR 2,000 ($25).
In addition to these figures and data, Apple maintained its position as the leading smartwatch brand. It holds a market share of 26%. On the other hand, Samsung was surpassed by the Indian company Fire-Boltt for second place with 9% of the market. After a 15% drop in global smartwatch shipments from the previous year, Samsung placed third. India accounted for 27% of global smartwatch shipments, followed by North America with 26% and China with 18%, however, China’s shipment share experienced a significant 28% decline.
Research Snipers is currently covering all technology news including Google, Apple, Android, Xiaomi, Huawei, Samsung News, and More. Research Snipers has decade of experience in breaking technology news, covering latest trends in tech news, and recent developments.
