Already-dominant Apple Watch takes even larger share of global smartwatch market as shipments surge 17%

In 2022, Apple’s smartwatch shipments increased 17% YoY as the Apple Watch Series 8, Ultra and SE 2022 enjoyed strong sales, according to Counterpoint Research. In addition, Apple’s annual shipments increased by 50 million for the first time, accounting for about 60% share of the global smartwatch market revenue and further widening the gap with distant No. 2 Samsung.

The global smartwatch market shipments grew 12% YoY in 2022 due to the strong YoY growth witnessed in the first three quarters of the year, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. Shipments fell 2% YoY in Q4 2022 amid inflationary pressures and slow India growth.

Global Top-selling Smartwatch Brands’ Shipment Share, 2022 vs 2021

The most striking feature of the year was price polarization in demand. Shipments in the mid-price range decreased while those in the >$400 and ≤$100 segments increased 129% and 34%, respectively, compared to the previous year.

Research Analyst Woojin Son said in a statement, “Apple strongly drove the average selling price (ASP) rise in the global smartwatch market in 2022, especially in the >$400 price band. There are two main reasons for this ASP rise – a diversified Apple smartwatch line-up and a rise in the exchange rate. This year, Apple released its first premium model, Ultra, at a release price of $799 in the US. In addition, as the exchange rate rose, the local price of Apple Watch in various countries changed. The demand for the premium segment remained relatively strong despite the decline in consumer sentiment at the end of 2022.

Son added, “On the other hand, we must be cautious about the low-price band of sub-$100. While this segment expanded in 2022 along with the remarkable growth of India’s market, it showed a large withdrawal in Q4 when compared to Q3.”

In terms of regions, North America recovered as the largest smartwatch market in Q4 2022, which also allowed it to remain in first place for a full year again. The region showed a significant increase in shipments driven by the strong performance of Apple in the fourth quarter. However, North America’s share decreased slightly as India emerged as another core region in 2022.

India’s market more than doubled compared to 2021. It grew steadily until Q3 2022 but fell 36% QoQ in Q4. Senior Analyst Anshika Jain said in a statement, “The third quarter of 2022 saw a big rise because most of the brands pushed high inventories into the channel ahead of the festive season. Therefore, we saw a decline in shipments in the fourth quarter.”

In the fourth quarter of 2022, China’s shipments rebounded for the first time in the year as the COVID-zero policy was eased and Apple received a great response to its more diverse line-up compared to the preceding series.

MacDailyNews Take: There’s really only one true smartwatch, so, technically, Apple Watch holds 100% of the worldwide smartwatch market. 🙂

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