By the end of Q3 2022, the global smartwatch market grew 30% year-on-year, and India became the world’s largest smartwatch market thanks to local brands. Samsung maintained 2nd place globally behind Apple, and the Korean company enjoyed increased quarterly shipments thanks to the new Galaxy Watch 5 series.
Samsung’s global smartwatch market share increased by 5% quarter-on-quarter. The company recorded a 64% increase in worldwide smartwatch shipments during the three-month period. In India, which has now become the largest smartwatch market, Samsung’s shipments grew by 6% year-on-year, but its market share fell below 3%. (via Counterpoint Research)
By the end of the third quarter, Samsung smartwatches had a global shipment share of 22.3%. Apple maintained leadership over 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.
India’s smartwatch market grew 171% year-on-year. Market watchers say that the wearable segment enjoyed increased shipments YoY in most other regions, except China and Europe.
The Galaxy Watch 5 series appears to be a success
The new Galaxy Watch 5 series appears to have been the main reason for Samsung’s increased shipments worldwide. The series consists of the base model and the Galaxy Watch 5 Pro, and it’s the company’s second smartwatch lineup to run Wear OS rather than Tizen. The transition began with the Galaxy Watch 4 series.
Samsung may be able to increase its smartwatch shipments even further in Q4 2022, as Black Friday and holiday shopping may put the Galaxy Watch 5 on the wrists of a lot more customers. But we won’t know until a few months later. Nevertheless, Samsung released the Galaxy Watch 5 series in late August, so the new smartwatches didn’t drive Q3 sales throughout the quarter. Q4 will be the first quarter in which the Galaxy Watch 5 lineup will be available throughout the entire three-month period. As such, Q4 2022 might be the real test for the Galaxy Watch 5.