Last update: November 30, 2022 at 13:52 UTC+01:00
By the end of the third quarter of 2022, the global smartwatch market grew by 30% year-on-year, and India became the world’s largest smartwatch market thanks to local brands. Samsung retained the 2nd place in the world behind Apple, and the Korean company benefited from an increase in quarterly shipments thanks to the new Galaxy Watch 5 series.
Samsung’s global smartwatch market share grew 5% quarter-on-quarter. The company saw a 64% increase in global smartwatch shipments during the three-month period. In India, which has now become the biggest market for smartwatches, Samsung’s shipments increased by 6% year-on-year, but its market share fell below 3%. (Going through Search for counterpoint)
At the end of the third quarter, Samsung smartwatches accounted for a 22.3% share of global shipments. Apple maintained its leadership in the smartwatch market with a shipment share of 50.6%. The third largest brand was Amazfit, with a shipment share of 7.1%. Huawei (6.4%) and Garmin (4.5%) occupied the fourth and fifth places respectively.
The Indian smartwatch market grew by 171% year-on-year. Market watchers say the wearables segment benefited from higher year-over-year shipments in most other regions except China and Europe.
The Galaxy Watch 5 series appears to be a hit
The new Galaxy Watch 5 series seems to have been the main reason for Samsung’s increased shipments globally. The series consists of the base model and the Galaxy Watch 5 Pro, and it’s the second line of smartwatches from the company to run Wear OS rather than Tizen. The transition started with the Galaxy Watch 4 series.
Samsung may be able to ramp up its smartwatch shipments even further in Q4 2022 as Black Friday and holiday shopping could put the Galaxy Watch 5 on the wrists of many more customers. But we won’t know until a few months later. Nonetheless, Samsung launched the Galaxy Watch 5 series in late August, so the new smartwatches didn’t drive Q3 sales throughout the quarter. The fourth quarter will be the first quarter in which the Galaxy Watch 5 line will be available throughout the three-month period. As such, the fourth quarter of 2022 could be the real test for the Galaxy Watch 5.
SamsungGalaxy Watch 5
SamsungGalaxy Watch 5 Pro