Fire-Boltt surpasses Samsung to take second place in the global smartwatch market share In the first quarter of 2023.

Recently, the global smartwatch market experienced a 1.5% year-on-year decline in the first quarter of 2023, attributed to global financial tensions and recession-afflicted economies. However, amidst these setbacks, the Indian smartwatch market has defied the odds, witnessing remarkable growth of 121% year over year, according to data provided by Counterpoint.

The surge in the Indian market can be attributed to the success of local brands like Fire-Boltt, Noise, and BoAt, which offer affordable entry-level smartwatches and wearables that rival global giants such as Apple and Samsung in terms of features and quality.

Impressively, Fire-Boltt has surpassed Samsung to secure the second position in the global smartwatch market, claiming a 9% market share. Counterpoint’s global smartwatch model tracker revealed a 1.5% decline in global smartwatch markets, while India experienced a remarkable 121% increase in the same quarter. This signifies that Indian brands are not only thriving domestically but also making their mark on the global stage while leading global brands like Apple and Samsung witness a decline in their market shares.

In the previous year, Apple suffered a loss of market share, dropping from 32% to 28% in a single quarter following the underwhelming response to its Apple Watch Series 8. Consequently, Apple’s sales fell below 10 million units for the first time in its history. Despite this setback, Apple still retains its position as the global market leader and maintains its dominance in the stock market.

On the other hand, Samsung has been displaced by Fire-Boltt, which now holds an impressive 9% of the global market share. In just one quarter, Samsung’s stock fell from 10% to 9%, causing it to slip from first to third place. Local brands such as Fire-Boltt, Noise, and BoAt are performing exceptionally well, with Fire-Boltt experiencing a growth rate of 57% in the previous quarter, as per Counterpoint research data. Shipments of Fire-Boltt smartwatches have tripled compared to the previous year, solidifying its success.

The growth of the Indian smartwatch market can be attributed to appealing features such as affordability, availability, and the significant demand from its vast population. India has surpassed North America and emerged as the top region in terms of smartwatch consumers, accounting for 27% of global shipments. This is a significant increase from its 12% market share in the same period last year.

Affordability has played a crucial role in the Indian market, as 40% of shipments fall within the INR 2,000 ($25) price band. Anshika Jain, senior analyst at Counterpoint Research, emphasizes that the success of Indian players is due to their responsiveness to customer reviews, constant portfolio upgrades, and adaptability. As a result, India-based players have achieved an unprecedented 90% market share.

While Samsung has experienced a growth of 15% in the North American region, its foothold in the Indian market is yet to be firmly established. Huawei’s shipments have increased in India, but their market shares have fallen by 14% year on year in China. Currently, North America holds a 26% market share, while China follows closely with 18%. These figures underscore the Indian smartwatch market’s potential to contribute to the global economy and its promising future.

In conclusion, while the global smartwatch market faced a decline, the Indian market showcased remarkable growth, driven by the success of local brands offering affordable yet competitive products. With India surpassing other regions in terms of consumers and market share, the future of smartwatches appears

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Sourabh Raikwar
Sourabh Raikwar

Sourabh Raikwar is a passionate blogger and content creator who has been writing extensively on technology topics since 2018, with a focus on online shopping deals and product reviews. He graduated with a B.Tech degree five years ago and enjoys road trips and exploring the latest gadgets.

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