The global smartwatch market shipments hardly grew in 2020 due to COVID-19, but they recorded a healthy 24% year-over-year growth in 2021, according to Counterpoint Research’s recently published “Global Smartwatch Model Tracker.” The Apple Watch continues to dominate at the market.
Apple maintained its solid No. 1 position with a 30% market share but fell 3% points year-over-year due to intensified competition. However, its average selling price (ASP) rose 3% without the release of the SE model in 2021. As a result, Apple accounted for half of the total market revenue, notes Counterpoint Research.
The fourth quarter of 2021 alone saw shipments of more than 40 million smartwatch units, the highest quarterly shipments ever, adds the research group. One of the driving forces behind the growth of the global smartwatch market in 2021 was the expansion of the Indian market. The Indian smartwatch market accounted for only 3% of the global market in 2020, but it grew four times in 2021 to raise its global market share to close to 10%, according to Counterpoint.