The global smartwatch market posted a healthy 24 percent (on-year) growth in 2021, driven by strong demand for sub-$100 smartwatches, and Apple maintained its top spot with a 30 percent market share, according to a report on Monday. Featured in the new report. According to Counterpoint Research, the fourth quarter alone saw shipments of over 40 million units, the highest quarterly shipments ever.
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“With their ability to monitor vital health parameters such as blood pressure, ECG and SPO2, these devices are becoming popular. Furthermore, the attractiveness of smartwatches as independent wearable devices will increase if more of them start supporting cellular connectivity,” said Associate Director Sujong Lim.
However, Apple’s market share fell by 3 percent (on-year) due to intense competition. However, its ASP (average selling price) increased by 3 percent in 2021 without the iPhone SE model being released. As a result, Apple accounted for half of the total market revenue. Samsung was one of the most successful smartwatch original equipment manufacturers (OEMs) in 2021. Its on-quarter growth was over 200 per cent in the third quarter, marking the brand’s best ever shipments.
“This growth continued to strengthen last quarter. Moving to Wear OS through the partnership with Google has worked well for the brand in many ways,” the report said.
Garmin did better than expected in 2021. The company initially focused on offering high-end smartwatches for specific categories like aviation and diving.
“It is gradually focusing on bringing out attractive consumer products from a price and design perspective. As a result, it showed 35 per cent (on-year) growth and moved up one spot to be ranked sixth in its global rankings.”
One of the driving forces behind the growth of the global smartwatch market in 2021 was the expansion of the Indian market. The Indian smartwatch market share was only 3 per cent in the global market in 2020, but in 2021 it has grown four times to reach close to 10 per cent of its global market share.
“Shore is the No.1 Indian smartwatch brand and leads the growth of the local market. With its diverse product portfolio targeting the budget and mid-segments as well as e-commerce players, financial institutions and businesses, Anshika Jain, Senior Research Analyst said. It took the top spot in 2021 due to its strong partnership with celebrities.