Apple Leads Global Smartwatch Market Surge with Record Q3

The global smartwatch market witnessed a significant rebound with a 9% year-over-year increase in shipments during the third quarter of 2023, according to Counterpoint Research’s latest Global Smartwatch Model Tracker. This increase was largely driven by Apple’s record-breaking performance, alongside strong showings in the Indian and Chinese markets.

Apple delivered its best-ever third-quarter results, marking a 7% year-over-year rise in shipments. This notable achievement comes despite the latest Apple Watch being released slightly later than in previous years. The success of the 2nd-generation SE model played a crucial role in improving Apple’s position as the industry leader. This year only saw minor updates to the Apple Watch Series 9 and Apple Watch Ultra 2.

The overall market recovery, which began in Q2 2023, continued into the third quarter, with significant contributions from the Indian market, led by Fire-Boltt, and a recovery by Huawei in China. Huawei’s smartwatch shipments soared by 56% year-over-year, with its High-level Operating System (HLOS) smartwatches seeing a 122% surge, primarily in the Chinese market.

“While most consumer device markets like smartphones are still experiencing stagnation, the smartwatch market has recorded year-over-year growth for two consecutive quarters,” said Research Analyst Woojin Son from Counterpoint Research.

In contrast, Samsung saw a 19% year-over-year decline in shipments, attributed mainly to a sharper drop in legacy models. However, the new products released in August showed a more modest 3% decline compared to their predecessors.

How often are you upgrading your Apple Watch nowadays?