In A First, India Surpasses China To Become Second Largest Smartwatch Market In Q2 2022

For the first time, India surpassed China to become the world's second largest smartwatch market in the second quarter of 2022, according to a Counterpoint Research report.

India’s smartwatch market grew by 347 per cent year-on-year (YoY) to overtake China for the second spot, the report said.

Meanwhile, the global smartwatch market grew 13 per cent YoY in Q2 2022 with Apple retaining the top spot.

The rise in Indian smartwatch market was driven by the strong growth of local brands such as Fire-Boltt and Noise.

North America with 26 per cent of shipments remains the largest smartwatch market, even though its shipments fell by 4 per cent YoY.

In comparison, India and China accounted for 22 per cent and 21 per cent of the global market, respectively in the June quarter.

Homegrown brands Fire-Boltt and Noise also made it to the list of global top five smartwatch brands for the first time in the quarter, reports Livemint.

China, which ranked second in the previous quarter, was pushed down to third place with a 10 per cent YoY decrease in its shipments as consumer demand contracted due to COVID-19 lockdowns and negative economic growth, the report said.

In addition, Europe, which ranked third in the previous quarter, was pushed down to fourth place with a 13 per cent YoY decline against the backdrop of the Russia-Ukraine war, it added.