The global wristwatch market rose 24 per cent year over year in 2021, with sales exceeding 40 million units in the fourth quarter (Q4 2021), according to Counterpoint Research. One of the major factors, according to the research organisation, is the expansion of the Indian market. “The Indian smartwatch market accounted for barely 3% of the worldwide market in 2020, but it expanded fourfold in 2021 to close to 10%,” it claimed.
Apple, the maker of the iPhone, retained its market-leading position with a 30% market share, despite a 3% year-over-year decline owing to increased competition. Samsung was in second place with a market share of 10.2 per cent. According to Counterpoint, the Korean brand was “one of the most successful smartwatch OEMs (original equipment manufacturers) in 2021.”
In the third quarter of 2021, Samsung expanded by 200 per cent from the previous quarter. The cooperation with Google for the Wear OS, according to the research firm, has “worked well” for the brand.
With a 7.7% share, Huawei was third, followed by more (5.2%), Amazfit (5.1%), Garmin (4.6%), Fitbit (3.8%), Xiaomi (3.6%), and Noise (3.6%). (2.6 per cent).
“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,” said Sujeong Lim, Associate Director, Counterpoint Research.
Noise is the number. 1 Indian smartwatch brand, according to Senior Research Analyst Anshika Jain of Counterpoint Research, is leading the local market’s growth.
Noise’s diverse product portfolio, which targets the budget and mid segments, as well as strong partnerships with e-commerce players, financial institutions, and celebrities, as well as community building and a shift toward the lower price side, helped the brand rank third in terms of shipments in the APAC region in 2021, after Apple and Samsung, except in China, according to Jain.