Indian brand Fire-Boltt surpassed electronics major Samsung in global smartwatch shipments to reach the second position in the global market behind Apple.
Fire-Boltt’s shipments increased by approximately three times compared to the previous year and saw a 57 per cent growth compared to the previous quarter. This growth happened parallelly to the growth in shipments in India, which increased by 121 per cent in Q1 2023.
A Counterpoint Research report found that the market share of ‘Basic smartwatches’ significantly increased from 23 per cent to 34 per cent driven by rapid growth in the Indian market.
India’s smartwatch market growth was driven by affordability, rising customer demand and availability of a wide variety of options in the budget segment. In fact, India’s regional market surpassed North America and reclaimed its position as the top region with a 27 per cent share of global smartwatch shipments.
Meanwhile, Samsung experienced a 15 per cent increase in shipments in its key market North America but witnessed a decline in shipments in other major markets during Q1. Its overall global shipments declined by 15 per cent compared to the previous year and 21 per cent compared to the previous quarter.
During Q1 2023, Apple’s shipment volume fell 20 per cent YoY in Q1 2023. This was the first time in three years that its Q1 shipments fell below 10 million units. As a result, Apple’s market share, which was 32 per cent in Q1 2022, dropped to 26 per cent.
“This can be attributed to the ongoing macroeconomic crisis, which has led to decreased accessibility to relatively higher-priced Apple Watches. Despite the Apple Watch Series 8’s release about a month ahead of its predecessor, it did not achieve the same level of success as the previous model,” noted the report.