The global smartwatch market posted a healthy 20% revenue growth despite the COVID-19 pandemic and shipments remaining flat in the first half of 2020 compared to the same period last year, according to the latest research from Counterpoint Research. The top three brands — and Apple was at the top of the top — contributed more than 69% of the total market revenue in the first half of 2020.
The Apple Watch continued to dominate the smartwatch market both in volume and value. Apple captured a record half of the market in terms of revenue due to strong demand for the Apple Watch S5 models. In terms of shipment volumes, the Apple Watch grew 22% globally with Europe and North America being the fastest growing markets in the first half of 2020.
The top two best selling smartwatches during this time period was the Apple Watch Series 5 and the Apple Watch Series 3.
“The smartwatch space remains a popular consumer device segment, compared to the downturn seen in smartphone demand and many other segments in the first six months of 2020 due to the devastation caused by COVID-19,” says Counterpoint Senior Analyst Sujeong Lim. “Close to 42 million smartwatches were shipped in the first half of 2020 as wearables continue to see greater demand with consumers becoming more health conscious. India (+57% YoY), Europe (+9% YoY) and the US (+5% YoY), the most affected regions of COVID-19, saw a healthy growth in smartwatch shipments which offset the decline in other markets.”