The wearable technology market entered the second quarter of this year on a two-quarter losing streak. The good news, as Canalys notes, is that shipments in the worldwide smartwatch market in the second quarter were up 6% year-on-year, with 44.2 million products shipped worldwide over the three months. So which company took how much market share and who’s on top?
Who is the leader in the smartwatch industry?
Apple took the lead this quarter with 8.1 million Apple Watch sales, down 3% year-on-year. Although Apple’s market share fell from 20% to 18% compared to the same quarter last year, it remained in the lead. The next manufacturer after Apple was the Xiaomi.
Xiaomi ranked second after Apple, selling 4.8 million units, the same figure as last year. As a result, Xiaomi kept its market share at 11%. Huawei was third, shipping 4.1 million units in the quarter, thanks to a 13% increase in shipments of basic bands, watches and smartwatches. Huawei’s 10% market share was 1 percentage point higher than last year’s 9%.
Canalys Research Analyst Jack Leathem said: “The wearables market is rebounding, driven by growing consumer demand across various aspects of daily life. Demand across different segments is picking up, leading vendors to address specific consumer needs.”
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Noise, an India-based wearable device company, ranked 4th with 3.5 million shipments. The company, which offers a wide range of Bluetooth smartwatches, saw the biggest year-on-year gain among the manufacturers on the list, up 93% year-on-year. The company’s market share grew from 4% in the second quarter of last year to 8% this year.
Fire Boltt, another Indian wearable brand, came fifth on the list. Fire Boltt shipped 3 million units, a significant increase of 86% year-on-year. The company’s market share increased from 4% in the same quarter of 2022 to 7%. It is estimated that if the industry continues with such an increase, it will be ready for sustainable growth until 2027.
