The global smartwatch shipments increased 9 per cent in Q3 FY23 compared to same quarter last year, according to Counterpoint Research. The primary drivers of this growth were sustained strong performance of the Indian market led by Fire-Boltt as well as Huawei smartwatches.
Amid a global economic slowdown, most consumer device like smartphones are still experiencing stagnation compared to a year ago but the smartwatch market has recorded growth for two consecutive quarters in both premium and budget segments.
High-level Operating System (HLOS) smartwatches, featuring higher specification and price, have grown largely, driven by Huawei in Q3 2023, as the company posted its highest quarterly performance ever.
According to the report, Apple delivered its best-ever Q3 performance, with a 7 per cent increase in shipments. Huawei recorded 56 per cent increase in overall shipments for the quarter, with HLOS smartwatches saw 122 per cent surge. Samsung experienced a 19 per cent decline in shipments.
Fire-Boltt secured its leadership position in India after recording its all-time highest quarterly shipments.
Meanwhile, all three major Indian brands include Fire-Boltt, Noise and boAt are growing at a slower rate than before.
India contributed 35 per cent to total global shipments in Q3, securing its position as the leader in the global market for the third consecutive quarter.
