The Rise of Global Smartwatch Shipments: In-Depth Analysis of Fire-Boltt and Huawei's Success

The global economic slowdown has impacted consumer device markets, resulting in stagnation in most markets like smartphones.

However, the smartwatch market has experienced year-on-year growth for two consecutive quarters in both premium and budget segments, as per Research Analyst Woojin Son. The High-level Operating System (HLOS) smartwatches, which generally come with higher specifications and price, have rapidly grown in popularity, primarily driven by Huawei, which posted its highest-ever quarterly performance in Q3 2023.

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The report highlights that Apple delivered its best-ever Q3 performance, with a 7% year-on-year increase in shipments. Huawei recorded an impressive 56% year-on-year increase in overall shipments for the quarter, while HLOS smartwatches saw a remarkable 122% surge.

Image source The Economic Times

Fire-Boltt regained its leadership position in India after recording its all-time highest quarterly shipments.

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According to the report, all three major Indian brands, namely Fire-Boltt, Noise, and boAt, are growing at a slower rate than before. However, this is seen as a sign of stabilisation rather than sluggishness.

Meanwhile, the Indian market has been dominating the Basic smartwatch sector and maintained robust growth in the quarter. The country contributed 35% of total global shipments, securing its position as the global market leader for the third consecutive time.