In a noteworthy rebound, the global smartwatch market exhibited a 9% year-on-year (YoY) increase in shipments during the third quarter of 2023, as reported by Counterpoint.
Following a sluggish period earlier this year, the market regained momentum in Q2 2023 and sustained growth in Q3.
Key contributors to this resurgence include the robust performance of the Indian market, led by Fire-Boltt, and Huawei's significant rebound in China.
Performance of Leading Brands in Q3 2023:
Apple: Despite releasing the latest Apple Watch slightly later than the previous year, Apple achieved its best-ever Q3 performance with a 7% YoY increase in global shipments. The 2nd-generation Apple Watch SE models played a pivotal role in this growth.
Huawei: Demonstrating an impressive 56% YoY increase in overall shipments, Huawei's HLOS smartwatches experienced a remarkable 122% surge. Notable models contributing to this growth include the Huawei Watch 4, Watch 4 Pro, and Watch GT 4.
Samsung: While Samsung faced a 19% YoY decline in overall shipments in Q3 2023, new products released in August saw only a 3% drop compared to the previous ones. The shift towards the Galaxy Watch 6 Classic contributed to the rise in the brand's Average Selling Price (ASP).
Fire-Boltt: Recording its all-time highest quarterly shipments, Fire-Boltt reclaimed its leadership position in India.
Despite a slower growth rate, particularly among major Indian brands like Noise and Boat, the report suggests this reflects a phase of stabilization rather than sluggishness.
This performance analysis underscores the dynamic trends within the global smartwatch market, with different brands experiencing varying trajectories in Q3 2023.