2023’s global smartwatch market: Apple is still leading with its amazing Q3 performance

The global smartwatch market pretty much rebounded in 2023’s third quarter. As per the reports given by Counterpoint, the shipments of global smartwatches have hiked by 9% with every passing year in Q3 2023.

Early in 2023, the global smartwatch market was kind of sluggish and was running slowly. As per the reports, the market will gain momentum in Q2 2023. Also, it is growing in Q3. This growth is driven by the sustained, robust performance of the Indian market. This is led by Fire Bolt and even Huawei’s important rebound in countries like China.

Performances of different brands in Q3 2023

With the YoY 7% increase in global shipments, Apple has been able to deliver the best Q3 performance. It is essential to shed light on the fact that the iPhone maker has been able to sustain its lead after releasing the Apple Watch. This product by Apple was launched by them comparatively later than 2022.

As per the reports, shipments of 2nd generation Apple Watch SE models have significantly contributed to the growth of the industry leader. In this quarter, Huawei experienced a 56% YoY increase in its shipments. Whereas, the high-level OS smartwatches of this company have seen an amazing 122% surge.

The Huawei Watch 4 and 4 Pro were released in the second quarter of 2023, whereas the Watch GT 4 was released in the third quarter of 2023. All the models were popular in the domestic market. The increase in their shipments was because of the return of their smartphones. Also, the sales model is opted for by different sales channels.

When it comes to other brands like Samsung, it experienced a 19% YoY decline in its shipments in the third quarter of 2023. But their new products released in August 2023 saw a 3% drop. Overall, it appears that the decline in shipments of Samsung smartwatches during the third quarter is because of the major decline in its legacy models.

Whereas, the proportion of Samsung Galaxy Watch 6 Classic has increased by a great percentage as compared to 2022’s Samsung 5 Pro. This also led to an increase in Samsung’s ASP.

The last brand, Fire-Boltt, had the best and highest quarterly shipments. Also, the company reclaimed its position in the country. The three major brands in India, including Fire-Boltt, Noise, and even Boat, are experiencing slow growth rates compared to earlier times. According to the reports, this is not sluggish, but they are entering a state of stabilization.