Apple Watch Series 8 dominates the smartwatch market in Q3 2022. The global smartwatch market grew in 2022 and once again Apple dominates it thanks to strong sales of the Apple Watch Series 8, which account for about half of overall shipments.
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The latest analysis from Counterpoint finds that Apple saw 48% year-on-year growth thanks to strong sales of the Apple Watch Series 8 released in September. It accounted for about 56% of all smartwatch shipments. The company accounted for about half of the smartwatch market with a top-level operating system (HLOS) in Q3 2022. These are smartwatches that run an operating system that can install third-party apps.
As for competitors, Samsung increased its shipments 62% quarter-over-quarter by launching the new Galaxy Watch 5 series, while its market share in the HLOS segment increased 5% quarter-over-quarter.
Ranked fifth globally, Huawei grew 65% year-on-year but recorded zero shipments to India for the first time since 2018. Oat ranked sixth as it targeted the entry-level smartwatch market, exactly like Noise and Fire-Boltt do. It exceeded two million shipments during the quarter.
Finally, Garmin’s shipments were flat from 2021, but grew 11% in revenue thanks to its average selling price of about $365.
India became the world’s largest smartwatch market in the third quarter, growing 171% year-on-year. However, it still ranked second globally behind North America, which remained the most important market from Q4 2020 to Q2 2022. Smartwatch shipments to this market increased 21% year-over-year .
Due to the “zero-COVID” policy and subsequent economic downturn, China is down 28% year-on-year. The size of its market decreased for the fourth consecutive quarter.
Globally, the smartwatch market grew 30% year-over-year, driven by entry-level smartwatches rather than HLOS devices like the Apple Watch Series 8.