The smartwatch market has its own rhythm and is not glued to that of smartphones. These gadgets have generated great interest and brands have followed user requests. Now, in the first quarter of 2023, Samsung had a breakdown and lost the place it had held for a long time. The big question is what brand is this that is now in this position.
Smartwatch market is slowing down
Over the past few years, the smartwatch market has been simple to follow. Apple dominates prominently, followed by Samsung, Huawei and other brands that alternate with each other. This scenario changes now, with a breakdown of the Korean brand, which lost the second position to Fire-Boltt.
Counterpoint Research analysts revealed the data for the first quarter of 2023, the first highlight is the slowdown in the market. Compared to the first quarter of 2022, the decrease in sales of smart watches was 1.5%.
Samsung lost its place to Fire-Boltt
As far as brands are concerned, the highlight goes to Samsung’s change of position. The brand lost 15% compared to the previous year and 21% compared to the previous quarter. Thus, it gave way to a player that few know about, Fire-Boltt.
This is an Indian brand of smartwatches and it has seen sales increase about three times compared to the previous year and a growth of 57% compared to the previous quarter. This reflects the rapid growth of the Indian market, as well as that of other local brands such as Noise and boAt.
Apple and Huawei also slow down sales
Apple’s market cap dropped 20% year-on-year in this first quarter of 2023. It was the first time in three years that Q1 sales fell below 10 million units. As a result, Apple’s share, which was 32% in the first quarter of 2022, has fallen to 26%.
Finally, we have Huawei, which had a 14% drop compared to the previous year in the Chinese market, an important market for the company. However, Huawei saw an increase in India, LATAM and MEA, capping its overall drop in global smartwatch sales at 9%.
Source: Pplware by pplware.sapo.pt.
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