The smartwatch market is doing well. A recent report from Counterpoint reports a 24% increase between 2020 and 2021. The segment of connected watches under 100 euros is on the rise.
The Indian market drives the growth of connected watches
Even though Apple remains the undisputed market leader, brands like Samsung, Amazfit and Garmin have seen growth above the market average. Some markets have accelerated this growth. This is particularly the case of India where the smartwatch market has quadrupled (to represent today 10% of the world market) compared to the previous year thanks to the growth of many local brands such as Noise.
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According to Sujeong Lim, associate director of Counterpoint, “The growth of the global smartwatch market in 2021 is interesting to analyze, but above all it portends gigantic growth in the near future. Thanks to their ability to monitor important health indicators such as blood pressure or heart rate, connected watches are attracting more and more consumers..
The Top 9 smartwatch sellers in the world. Illustration: Counterpoint
In detail, we see that Apple has maintained its position as number 1 with a 30% market share, but lost 3 points due to increased competition. The Cupertino company still represents half of the total market revenue. It is Samsung which achieves the best performance of the year with quarterly growth of more than 200% in the third quarter.
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Amazfit has also managed to make a name for itself in the market in 2021. The company has recorded growth of more than 20%. For its part, Garmin achieved very good performances contrary to the forecasts made by analysts. The brand is gradually reviewing its positioning and offering attractive products from the point of view of price and design. As a result, it shows a growth of 35% compared to 2020 and takes sixth place in the ranking of connected watch sellers.
Google’s colt, Fitbit, has posted poor performance over the past year. Since the launch of the Sense and Versa 3 models in the third quarter of 2020, there have been no further launches. The brand is down 15% from the previous year but hopes to rebound with the release of the Versa 4 in the second half of 2022. Xiaomi recorded good performance with its Mi Watch Lite in the first half of 2021 and launched the series Redmi Watch 2 in the fourth quarter of 2021.