- China’s smartwatch shipments rose 5% YoY in Q2 2023 to mark the market’s gradual recovery.
- Huawei remained the best-selling brand with a 39% market share.
- imoo (BBK) surpassed Apple to rank second in market share.
- The ≥$500 price band’s share increased significantly, while the ≤$50 price band’s share decreased significantly.
Beijing, New Delhi, Seoul, Hong Kong, London, Buenos Aires, San Diego – August 30, 2023
Marking a gradual recovery in Q2 2023, China’s smartwatch shipments increased 5% YoY, according to Counterpoint Research’s latest Global Smartwatch Model Tracker.
Senior Analyst Shenghao Bai said, “The YoY rise in Q2 came on a low base of the same period last year. At the same time, the holiday travel in Q2 and the 618 e-commerce festival also boosted consumer demand for smartwatches. The market has recovered slightly better than we had predicted.”
Source: Counterpoint’s Global Smartwatch Model Tracker
Note: Figures may not add up to 100% due to rounding
Market summary
Huawei recorded a 58% YoY growth, maintaining its good reputation among consumers. The newly launched Huawei Watch 4 and Huawei Watch 4 Pro series models were popular with consumers, while old models such as the Huawei Watch GT 3 series still sold well. Another newly launched model, the Huawei Watch Ultimate, contributed to the brand’s performance in the ultra-premium segment.
imoo (BBK) benefited from the demand in the first full back-to-school quarter after the pandemic lockdown was lifted in China. Its multiple offline retail stores also contributed to the brand’s growth.
Apple recorded a 15% YoY decrease in Q2 2023. Although the Apple Watch Series 8 was the best-selling model family in China during the quarter, its shipments decreased 25% compared to that of its predecessor Apple Watch Series 7 in Q2 2022. With new product launches expected in Q3 2023, Apple is likely to increase its market share in the quarter.
Xiaomi recorded a decrease of 15% YoY but an increase of 7% QoQ. The brand still took the biggest share in the ≤$50 segment. Waning consumer interest in entry-level products contributed to the decline in Xiaomi’s market share.
OPPO achieved a 28% YoY increase in Q2 2023. Promotions during the 618 e-commerce festival helped the OPPO Watch 3 and OPPO Watch 3 Pro’s sales.
Source: Counterpoint’s Global Smartwatch Model Tracker
Note: The price refers to the wholesale price
In terms of wholesale price bands, the ≤$50 band’s share significantly dropped compared to the same period last year. This price band’s share has been recording YoY drops in the past several quarters. On the other hand, the ≥$500 segment’s share rose significantly to 11% from almost negligible in Q2 2022.
Research Analyst Alicia Gong said, “The entry-level products with simple features are not as popular with consumers as they once were. A growing number of consumers are gravitating toward smarter devices with more health monitoring, sports tracking and guidance functions. Since the Apple Watch Ultra’s release last year, the share of premium segments has been growing. The promotions during the 618 e-commerce festival also contributed to these segments’ growth.”
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
