Who wants a normal watch in 2022? The answer is clear: fewer and fewer people. Aside from a brief period of stagnation in 2020 (largely due to the COVID-19 pandemic), the smartwatch market has always been one of the biggest players in the tech world.
A special report published by Counterpoint Research gives some interesting insights into how the smartphone market is developing. For the third year in a row, the smart wearables market has registered double-digit growth. In the first quarter of the year, growth was 13% year on year. So much was expected.
It starts to get interesting when you look at the breakdown of individual market shares. Again, it’s not surprising that Apple is in charge with a market share of 36.1%.
This overshadows the numbers brought in by Samsung, the company with the second highest percentage of market share. At just 10.1%, Samsung lags behind its biggest rival.
The third and fourth places go to Huawei (7.2%) and Xiaomi (5.0%) respectively. The latter is a newcomer to the top 4 of the smartwatch market, with a staggering 69% year-over-year growth. Funnily enough, even the market shares of the 3 runner-ups combined (22.2%) still pale in comparison to Apple’s dominant position.
Oddly enough, the only challenge to Apple’s hegemony lies in the premium segment of the market. Usually, Apple’s devices have always monopolized the premium product range. In the smartwatch market, however, this is not the case.
However, Garmin has managed to establish itself as a leader in the premium wearables market. Despite fifth in terms of market share (4.3%), Garmin is in third place in terms of revenue.
In most respects, there are no big surprises when it comes to market trends in wearables. Apple is still king, Samsung is still the runner-up (albeit very far behind), and growth is still healthy. We are waiting for a big development.