Global smartwatch market shipments increased 30% YoY in Q3 2022, despite inflation and geopolitical crises that have continued since the beginning of this year, according to a report by Counterpoint.

During the quarter, India’s market grew 171% YoY to become the biggest smartwatch market in the world. Other markets also grew YoY, except China and Europe.

The basic smartwatch type was the key driver of the global smartwatch market with relatively lighter versions of operating systems (OSs) and more affordable prices, the basic smartwatch shipments grew more than doubled YoY, accounting for 35% of the total market. While HLOS smartwatch shipments grew 23% YoY in Q3 2022.

Global Top-selling Smartwatch Brands’ Shipment Share by Device Type, Q3 2022

Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q3 2022

This unprecedented increase in basic smartwatch shipments showed that the market base is rapidly expanding toward more accessible segments amid aggressive drives by the supply side. But still, in terms of revenue, the HLOS smartwatch overwhelms the basic smartwatch with a market size of almost 10 times due to its high average selling price (ASP).

Apple smartwatch shipment grew 48% YoY, accounting for 50.6% of the total HLOS smartwatches shipment share in Q3 2022, thanks to strong sales of its newly released Apple Watch 8 series.

Samsung stood second place in the global market, Samsung was still in second place but with a decreased market share (down by 2.7% points YoY), increased its shipments by 62% QoQ with the launch of its new Galaxy Watch 5 series

Noise ranked third in the global market, behind Apple and Samsung. Fire-Boltt, Huawei, and boAt took fourth, fifth, and sixth place respectively in the global market.