- China’s smartwatch shipments rose 5% YoY in Q2 2023 to mark the market’s gradual restoration.
- Huawei remained the best-selling model with a 39% market share.
- imoo (BBK) surpassed Apple to rank second in market share.
- The ≥$500 worth band’s share elevated considerably, whereas the ≤$50 worth band’s share decreased considerably.
Beijing, New Delhi, Seoul, Hong Kong, London, Buenos Aires, San Diego – August 30, 2023
Marking a gradual restoration in Q2 2023, China’s smartwatch shipments elevated 5% YoY, based on Counterpoint Analysis’s newest International Smartwatch Mannequin Tracker.
Senior Analyst Shenghao Bai mentioned, “The YoY rise in Q2 got here on a low base of the identical interval final 12 months. On the similar 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.”
Notice: Figures could not add as much as 100% resulting from rounding
Market abstract
Huawei recorded a 58% YoY development, sustaining its good status amongst customers. The newly launched Huawei Watch 4 and Huawei Watch 4 Professional sequence fashions have been widespread with customers, whereas outdated fashions such because the Huawei Watch GT 3 sequence nonetheless bought properly.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 development.
Apple recorded a 15% YoY lower in Q2 2023. Though the Apple Watch Collection 8 was the best-selling mannequin household in China throughout the quarter, its shipments decreased 25% in comparison with that of its predecessor Apple Watch Collection 7 in Q2 2022. With new product launches anticipated in Q3 2023, Apple is more likely to improve 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 improve in Q2 2023. Promotions throughout the 618 e-commerce pageant helped the OPPO Watch 3 and OPPO Watch 3 Professional’s gross sales.
Notice: The value refers back to the wholesale worth
By way of wholesale worth bands, the ≤$50 band’s share considerably dropped in comparison with the identical interval final 12 months. This worth band’s share has been recording YoY drops up to now a number of quarters. However, the ≥$500 phase’s share rose considerably to 11% from nearly negligible in Q2 2022.
Analysis Analyst Alicia Gong mentioned, “The entry-level merchandise with easy options will not be as widespread with customers as they as soon as have been. A rising variety of customers 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 12 months, the share of premium segments has been rising. The promotions throughout the 618 e-commerce pageant additionally contributed to those segments’ development.”
Background
Counterpoint Expertise Market Analysis is a world analysis agency specializing in merchandise within the TMT (know-how, media, and telecom) trade. It providers main know-how and monetary companies with a mixture of month-to-month experiences, custom-made initiatives, and detailed analyses of the cellular and know-how markets. Its key analysts are seasoned consultants within the high-tech trade.
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