121% YoY growth in India’s smartwatch shipments restricts slump in global shipments in Q1: Counterpoint

NEW DELHI: A strong growth of 121% year-over-year in India’s smartwatch shipments restricted the decline in global shipments at 1.5% year-over-year in Q1 2023, Counterpoint Research said.

“This was the second consecutive quarter of a year-over-year decrease in global shipments, which were hit by the seasonal decline in demand for products from major players like Apple and Samsung, along with consumer sentiment dampened by global financial pressures,” it said.

“The global smartwatch market, which had been experiencing steep growth for several years, has entered a period of stagnation since the end of last year when it declined 8% YoY in Q4 2022.