Counterpoint Research, a market research company, has released a report on the smartwatch market in the third quarter of 2023. The overall growth rate was 9% compared to the third quarter of 2022, indicating a consistent upward trend from the second quarter of 2023.
Woojin Son, an analyst at Counterpoint, attributes the market growth to both premium and affordable smartwatch models. Notably, Huawei stands out with its high sales growth, especially in the Chinese market. Additionally, the Fire-Boltt brand has made significant strides in the Indian market.
Apple continues to dominate the market with a commanding 45% market share. Its growth can be attributed to various models, including the SE and the Huawei-inspired Watch 4, Watch 4 Pro, and Watch GT 4. On the other hand, Samsung’s market share has slightly decreased, but it still experiences growth compared to the Galaxy Watch 6 Classic.
In summary, the smartwatch market experienced a 9% growth in the third quarter of 2023. Huawei and Fire-Boltt showed impressive sales growth, while Apple remained the market leader with a 45% share. Samsung’s market share slightly decreased but still recorded growth compared to its previous model, the Galaxy Watch 6 Classic.
TLDR: Counterpoint Research reports a 9% growth in the smartwatch market in the third quarter of 2023. Huawei and Fire-Boltt excel in sales, while Apple maintains its dominance with a 45% market share. Samsung’s market share decreases but continues to grow compared to its previous model.
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