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India Smartwatch Shipments Grew 121 P.c YoY in Q1 2023, Fireplace-Boltt Now in Second Place Globally: Counterpoint

World smartwatch shipments witnessed a decline of 1.5 % year-on-year (YoY) within the first quarter of 2023, as per the newest report by market analysis agency Counterpoint. Nonetheless, India managed to register 121 % year-over-year progress in shipments fuelled by excessive demand for low-cost wearables made by native manufacturers reminiscent of Fireplace-Boltt, Noise and boAt, Counterpoint famous. Apple loved the main share of smartwatch shipments within the first quarter of this 12 months, whereas home model Fireplace-Boltt surpassed Samsung and took the second place. Samsung got here in third.

Counterpoint Analysis in its World Smartwatch Mannequin Tracker report mentioned that the worldwide smartwatch shipments within the first three months of 2023 declined 1.5 % YoY. In the meantime, backed by excessive demand for entry-level wearables, smartwatch shipments in India noticed a major enhance of 121 % in the identical interval. This to some extent managed to limit the worldwide decline. Seasonal decline in demand for smartwatches by Apple and Samsung, together with client sentiment dampened by world monetary pressures is alleged to be the important thing motive behind the decline.

Apple maintained its lead by way of shipments however its market share has declined to 26 % from 32 % reported in the identical quarter final 12 months. The discharge of the Apple Watch Collection eight was not in a position to solidify its place within the smartwatch area globally, the report mentioned. This was the primary time the Cupertino-based firm noticed its first-quarter gross sales beneath 10 million models.

Indian model Fireplace-Boltt clocked a powerful efficiency and overtook Samsung for the primary time and reached the second place within the world market with a 9 % market share. Counterpoint says Fireplace-Boltt has witnessed 57 % progress in comparison with the earlier quarter and its shipments elevated by roughly 3 times in comparison with the earlier 12 months. This displays the speedy progress of the Indian market, similar to different native manufacturers reminiscent of Noise and boAt, Counterpoint famous. Samsung, nevertheless, secured the third place with 9 % market share, in comparison with 10 % in Q1 final 12 months.

On a per-region foundation, India surpassed North America, to reclaim its place as the highest area with a 27 % share of worldwide smartwatch shipments. In the identical interval final 12 months, India had a 12 % market share.

“India’s smartwatch market grew 121% YoY in Q1 2023 pushed by affordability, rising buyer demand and availability of all kinds of choices within the finances section. Round 40% of the whole shipments have been pushed by the <INR 2,000 (<$25) worth band, its highest proportion ever. The share of India-based gamers crossed 90% for the primary time as they have been fast by way of upgrading their portfolios and adapting their merchandise to buyer wants at an affordable worth level”, mentioned Counterpoint Analysis senior analyst Anshika Jain about India’s progress within the area.

North America noticed 26 % market share, whereas China obtained an 18 % market share. Samsung registered a 15 per cent enhance in North America however it did not mark spectacular progress in different main markets. Huawei, however, noticed elevated shipments in India and different areas however posted a 14 % YoY decline in its shipments within the Chinese language market.

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