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Smartwatches

China Smartwatch Market Sees Gradual Restoration in Q2 2023

dutchieetech.comBy dutchieetech.com1 September 2023No Comments3 Mins Read

Article By : Counterpoint Expertise Market Analysis

China’s smartwatch shipments elevated by 5% YoY within the second quarter, based on Counterpoint Analysis.

Marking a gradual restoration within the second quarter (Q2 2023), China’s smartwatch shipments elevated by 5% year-on-year (YoY), based on Counterpoint Expertise Market Analysis’s newest International Smartwatch Mannequin Tracker.

“The YoY rise in Q2 got here on a low base of the identical interval final yr. On the identical time, the vacation journey in Q2 and the 618 e-commerce pageant additionally boosted client demand for smartwatches. The market has recovered barely higher than we had predicted,” stated Senior Analyst Shenghao Bai.

Counterpoint Research TWS Q4
Supply: Counterpoint’s International Smartwatch Mannequin Tracker

Word: Figures could not add as much as 100% because of rounding

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Market abstract

Huawei recorded a 58% YoY progress, sustaining its good status amongst shoppers. The newly launched Huawei Watch 4 and Huawei Watch 4 Professional sequence fashions had been widespread with shoppers, whereas outdated fashions such because the Huawei Watch GT 3 sequence nonetheless bought properly. One other newly launched mannequin, the Huawei Watch Final, contributed to the model’s efficiency within the ultra-premium phase.

imoo (BBK) benefited from the demand within the first full back-to-school quarter after the pandemic lockdown was lifted in China. Its a number of offline retail shops additionally contributed to the model’s progress.

Apple recorded a 15% YoY lower in Q2 2023. Though the Apple Watch Sequence 8 was the best-selling mannequin household in China through the quarter, its shipments decreased 25% in comparison with that of its predecessor Apple Watch Sequence 7 in Q2 2022. With new product launches anticipated in Q3 2023, Apple is more likely to enhance its market share within the quarter.

Xiaomi recorded a lower of 15% YoY however a rise of seven% QoQ. The model nonetheless took the most important share within the ≤$50 phase. Waning client curiosity in entry-level merchandise contributed to the decline in Xiaomi’s market share.

OPPO achieved a 28% YoY enhance in Q2 2023. Promotions through the 618 e-commerce pageant helped the OPPO Watch 3 and OPPO Watch 3 Professional’s gross sales.

Counterpoint Research Smartwatch Q2
Supply: Counterpoint’s International Smartwatch Mannequin Tracker

Word: The value refers back to the wholesale value

When it comes to wholesale value bands, the ≤$50 band’s share considerably dropped in comparison with the identical interval final yr. This value band’s share has been recording YoY drops prior to now a number of quarters. Then again, the ≥$500 phase’s share rose considerably to 11% from nearly negligible in Q2 2022.

“The entry-level merchandise with easy options should not as widespread with shoppers as they as soon as had been. A rising variety of shoppers are gravitating towards smarter units with extra well being monitoring, sports activities monitoring and steering features. For the reason that Apple Watch Extremely’s launch final yr, the share of premium segments has been rising. The promotions through the 618 e-commerce pageant additionally contributed to those segments’ progress,” stated Analysis Analyst Alicia Gong.


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