Who wants an ordinary watch in 2022? The answer is obvious – fewer and fewer. Except for a brief period of recession in 2020 (largely due to the COVID-19 pandemic), the smartwatch market has consistently been one of the biggest performers in the tech world.
a A special report published by Counterpoint Research provides interesting insights into the evolution of the smartphone market. For the third year in a row, the smart wearable device market recorded double-digit growth. In the first quarter of the year, annual growth was 13%. Much was expected.
It only becomes interesting when you look at the distribution of individual market shares. Again, it is not surprising that Apple tops the list with a market share of 36.1%.
This dwarfs the numbers from Samsung, the company with the second highest market share. At just 10.1%, Samsung continues to track its closest competitor.
Third and fourth place goes to Huawei (7.2%) and Xiaomi (5.0%), respectively. The latter is a newcomer to the top four in the smartwatch market, posting a staggering 69% annual growth. Ironically, the combined market share for second place (22.2%) pales in comparison to Apple’s dominant position.
Oddly enough, the only challenge to Apple’s dominance lies in the premium segment of the market. Apple devices have always had a monopoly on the premium product lineup. However, this is not the case in the smartwatch market.
However, Garmin has managed to establish itself as a leader in the premium wearables market. Despite the fifth market share (4.3%), Garmin actually ranks third in terms of sales.
For the most part, there are no big surprises when it comes to wearable market trends. Apple is still No. 1, Samsung is still No. 2 (albeit very late), and growth is still healthy. We are waiting for a big development.
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