A report by Counterpoint Research states that the smartwatch market registered a healthy growth of 24 percent on a year-on-year basis in 2021. Smartphone market, which barely grew in the last year 2020 COVID-19Last year saw a healthy return to growth. Counterpoint Research’s Global Smartwatch Model Tracker also said that the fourth quarter alone saw shipments of over 40 million units, the highest quarterly shipments ever. In addition, the report shows that Apple dominates the market with more than 30 percent market share. Let’s take a look at some of the talking points of Counterpoint Research’s Global Smartwatch Model Tracker.
1. The global smartwatch market grew by 24 percent in 2021 as compared to the previous year 2020. Counterpoint said that with their ability to monitor vital health parameters such as blood pressure, ECG and SPO2, these devices are becoming popular.
2. In Q4 2021, the smartwatch market saw 40 million shipments. This is the highest quarterly shipment ever for the smartwatch market. Counterpoint said the attractiveness of smartwatches as independent wearable devices will increase if more of them start supporting cellular connectivity.
3. Apple maintains its lead in the global smartwatch market. The company was at number one with 30 per cent market share. This is despite a year-on-year decline of 3 per cent.
4. Apple Watch accounts for half of the total market revenue. This was achieved because Apple’s average selling price for apple watch (ASP) also grew by 3 percent in 2021 without the release of the SE model.
5. samsung The third quarter registered more than 200 percent quarter-on-quarter growth and recorded the highest ever shipments.
6. HuaweiAs expected, year-over-year shipments continue to decline. The brand’s Watch GT3 and Watch Fit Mini, both released in the fourth quarter, doubled Huawei’s shipments quarter-on-quarter in Q4 2021.
7. amazfit Marking itself as a major player in the smartwatch market. The company has registered a year-on-year growth of over 20 per cent in the last two years and its ASP has also grown by 11 per cent due to increased production of the brand’s high-end models.
8. Garmin Performed better than expected in 2021. The watchmaker initially focused on offering high-end smartwatches for specialized categories such as aviation and diving. But it is gradually focusing on bringing out attractive consumer products from a price and design perspective. As a result, it showed an annual growth of 352021 percent and moved up its global ranking by one place to be in the sixth position.
9. Fitbit Showed weak performance in 2021. Since the launch of the Sense and Versa 3 models in the third quarter of 2020, there has been no launch of the new models, which appears to be due to a change in strategy and restructuring due to the merger with Google. Fitbit showed a reduction of more than 15 percent on a yearly basis in 2021. It is expected to resume with the release of the Versa 4 in the second half of 2022.
10. Xiaomi showed strong performance with its Mi Watch Lite in the first half of 2021 and launched the Redmi Watch 2 series in Q4 2021. In this series, it launched the ‘Lite’ version to broaden the choice of users and we expect it to contribute to the growth of Xiaomi’s market share.
11. Shor, the Indian brand, was the fastest growing brand among the global top 9 brands. A leader in the growth of the Indian smartwatch market, Shor was India’s No. 1 brand in 2021 and 2020.
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