The smartwatch industry has been growing exponentially in the last few years, but the latest report from Counterpoint Research indicates that domestic smartwatch shipments in 2022 will drop by 9.3% year-on-year. However, global smartwatch shipments are expected to increase by 12% during the same period. In this article, we will take a closer look at the trends and shifts in the smartwatch industry.
The Growth of High-end Smartwatches
The report from Counterpoint Research suggests that the high-end market segment with a price above $200 is growing rapidly. The shipments in the $301-$400 segment grew 46% YoY, while shipments in the $401+ segment grew as much as 1292% YoY. These figures indicate that consumers are increasingly willing to pay more for advanced features and capabilities.
In contrast, the market share of the sub-$50 segment dropped to 20%, and shipments fell 35% year-on-year. The decline in the budget segment can be attributed to the fact that consumers are looking for more advanced and feature-rich devices.
Huawei and Apple Dominate the Chinese Smartwatch Market
Huawei and Apple are the leading players in the Chinese smartwatch market, with a combined share of nearly 50%. Despite the challenges faced by Huawei in recent years, the company's smartwatches continue to be popular among Chinese consumers.
The report also highlighted the increasing demand for advanced features such as health monitoring and professional exercise guidance. This trend is driving growth in the high-end market priced above $200, where consumers are willing to pay a premium for advanced features.
The Best-Selling Smartwatches
According to the report, the three best-selling smartwatches in China in 2022 are the Kids Watch 4 Pro, Xiaotiancai Q1A, and Xiaotiancai Z6A. The Kids Watch 4 Pro from Huawei is particularly popular among parents, as it comes with advanced features such as GPS tracking and real-time location sharing.
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