China’s smartwatch shipments fell 9.3% YoY in 2022, mainly due to the COVID-zero policy’s impact on demand, according to Counterpoint Research.
The country’s smartwatch market size declined to pre-COVID levels in the year as China’s strict anti-COVID policies impacted consumer sentiment. Only Q1 2022 registered a quarterly YoY shipment growth. Meanwhile, global smartwatch shipments grew 12% YoY during the same period.
Huawei and Apple emerged as the leading players in the China smartwatch market in 2022, with their combined market share rising to almost 50%. Among the major brands, only OPPO (105% YoY), Apple (22% YoY), and Huawei (9% YoY) managed to achieve YoY growth, driven by the success of their new launches.
The most noteworthy aspect of the year was the increase in market share of high-end to premium products priced above $200.
Shipments in the $301-$400 price range grew by 46% compared to the previous year, while shipments in the >$401 price range saw a staggering increase of 1292% YoY. On the other hand, the market share of products priced below $50 dropped to 20%, with a YoY decrease of 35% in shipments.