Andy Walker / Android Authority
TL; DR
- Sales of smartwatches in the first quarter of 2023 fell compared to the first quarter of 2022.
- Analysts suspect an economic slowdown could be the culprit.
- The drop prompted a shuffling of the top players, with Fire-Boltt now in second place in the world.
At the start of 2022, there were three major players in the global smartwatch market: Apple, Samsung and HUAWEI. Apple was the clear leader, with its Apple Watch line capturing 32% of the market. Thanks to its line of Galaxy Watches, Samsung was doing its best in second place with a 10% share.
Obviously, with HUAWEI’s place in the mainstream market shattered, there had to be a shake-up. However, smartwatch sales have fallen quite significantly year over year, according to Counterpoint Research. This not only caused HUAWEI to fall into the “others” category, but it also saw Samsung and Apple lose market share to a new player: Fire-Boltt.
Check out the graphs below to see what things look like when you compare Q1 2023 to Q1 2022:
Smartwatch sales: who is Fire-Boltt?
If you don’t live in India, you’ve probably never heard of Fire-Boltt. It is the largest smartwatch brand in India, according to Counterpoint, and the fastest growing smartwatch brand in the world. It offers a bunch of different types of smartwatches (mostly resembling the Apple Watch) at very reasonable prices. It also features a unique point system that allows users to earn “coins” which can then be redeemed for other products and experiences.
It’s a true testament to how Fire-Boltt understands its market that it was able to break out of the “other” category to usurp the mighty Samsung in just one year. In fact, Counterpoint says Fire-Boltt is growing at a staggering 57%.
If Fire-Boltt is growing so fast, why have Samsung and Apple lost market share? Smartwatch sales are down for both of these thanks to global economic downturns, at least according to Counterpoint. Apple’s significant loss of 6% of its market share is a blow to its status. Hopefully this year’s new Apple Watch brings the heat. Samsung’s new Galaxy Watch 6 – and the supposed return of the “Classic” variant – will hopefully overturn its outlook as well.
