Andy Walker / Android Authority
- Smartwatch sales fell in the first quarter of 2023 compared to the first quarter of 2022.
- Analysts believe that the economic downturn may be to blame.
- The slump has led to a rebuilding of the top players and Fire-Boltt is now ranked second in the world.
As of 2022, there are three major players in the global smartwatch market: Apple, Samsung, and HUAWEI. Apple is the clear market leader with the Apple Watch range holding a solid 32% market share. With its Galaxy Watch line, Samsung did its best to take second place with a 10% share.
Of course, since Huawei's position in the consumer market is collapsing, restructuring is necessary. However, according to Counterpoint Research, smartwatch sales have declined significantly year over year. Not only did this push Huawei into the "Other" category, but Samsung and Apple actually lost market share to a new player: Fire-Boltt.
Check out the chart below to see how things stack up compared to Q1 2023 and Q1 2022:
Unless you live in India, you've probably never heard of Fire-Boltt. According to Counterpoint, it is the largest smartwatch brand in India and the fastest growing smartwatch brand globally. It offers a wide range of smart watches (most of which are similar to the Apple Watch) at very reasonable prices. It also offers a unique points system that allows users to earn "coins" that can then be exchanged for other products and experiences.
It's a true testament to how well Fire-Boltt understands its market to break out of the Other category and take on the mighty Samsung in just one year. In fact, Counterpoint says Fire-Boltt is growing at an astounding 57 percent growth rate.
If Fire-Boltt is growing so fast, why are Samsung and Apple losing market share? At least according to Counterpoint, smartwatch sales at both companies have fallen due to the global economic downturn. Apple's significant loss of 6% market share was a major blow to its status. Let's hope this year's new Apple Watch brings some heat. The new Samsung Galaxy Watch 6 - and the rumored return of the "Classic" variant - will hopefully also get a facelift.