India emerges as world's biggest smartwatch market in Q3 2022: Report

Summit smartwatches by Montblanc (Representative image: Reuters)

India emerged as the world's biggest smartwatch market in the third quarter of calendar year 2022, according to Counterpoint Research’s latest 'global smartwatch model tracker'.

The Indian market grew by 171 percent year-on-year, with the local brands playing a key role in the surge, the report said. This is also the first time when the country's smartwatch market has taken the top spot, it added.

"The main factor behind the record quarter was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth," senior analyst Anshika Jain was quoted as saying in a release issued by Counterpoint Research.

The global market during the same three-month period accelerated by 30 percent, with all major markets except China and Europe recording a growth.

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"Among the types of smartwatches, the basic smartwatch, with relatively lighter versions of operating systems (OS) and more affordable prices, has been the key driver in sharply boosting the global market recently," research analyst Woojin Son said.

While the shipments of HLOS smartwatch, which run on high-level OS, grew 23 percent YoY in Q3 2022, "basic smartwatch shipments more than doubled YoY, accounting for 35 percent of the total market", Son added.

The Indian market, with a 171 percent surge, outperformed North America, which was the largest market from Q4 2020 to Q2 2022. The shipments in the continent increased by 21 percent in Q3.

Among smartwatch makers, Apple grew 48 percent YoY, globally, due to strong sales of its newly released Apple Watch 8 series, the report said. Noise grew 218 percent to regain the top spot in the Indian market, it added.