How Indian smartwatch market helped reduce ‘global pain’

The global smartwatch shipment grew by 12% year-over-year in 2022. According to a report by Counterpoint, the first quarter of 2023 has seen a 1.5% YoY decline in shipments. This is also the second consecutive quarter when smartwatches saw decreased shipments. The report mentions that the decline was caused due to reduced demand from major players such as Apple and Samsung. The report also noted that global financial pressures also affected consumer sentiment which further impacted the market.

However, smartwatch shipments witnessed remarkable growth in the Indian market as it grew 121% in the country. This shipment growth not only softened the blow on the global smartwatch market but also helped India to regain its top position surpassing North America, with a 27% share of global smartwatch shipments.