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India has become the second largest smartwatch market in the world, surpassing China

The country's smartwatch market is growing steadily and rapidly. India surpassed China to become the second largest smartwatch market in the world during the second quarter of 2022, April–June. North America currently holds the number one position in the smartwatch market.

According to wearables market monitoring firm Counter Point's Smartwatch Tracker Report, the global smartwatch market grew by 13% in the June quarter, while India's smartwatch market grew more than four-fold at 347%. Excluding India, smartwatch sales worldwide fell by 10 to 18 percent in the June quarter compared to April-June 2021. Domestic brands such as Firebolt and Noise have contributed to the rapid growth of the smartwatch market in the Indian market. The companies also increased their share in the global smartwatch market and joined the top-10 companies. Interestingly, more than 30 percent of the smartwatches sold in India are priced below Rs 4,000.

A result of the launch of a cost-effective model

Major local brands have launched very affordable models. Due to this, the number of entry-level customers is increasing rapidly. – Sujeong Lim, Associate Director, Counterpoint

The European smartwatch market fell from fourth place

Interestingly, the European market fell from fourth place in the April-June quarter in terms of smartwatches. Europe's smartwatch market was the third largest in the January-March quarter. But in the second quarter, the European market fell 13% year-on-year. This happened due to the situation created by Russia's attack on Ukraine.

Top Smartwatch Market World -- 13% US 1 18% India 2 347% China 3 -10% Europe 4 -13%

Shipment growth of smartwatches

Country/Region Q2-21 Q2-22

A. America 38% 31%

India 06% 22%

China 26% 21%

Rest of the World 31% 26%

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