India's Noise among top 3 global smartwatch brands in Q2 FY23: Counterpoint

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Indian wearable maker Noise has emerged as third largest player in global smartwatch category based on shipment share in second quarter (Q2) of this financial year (FY23), according to Counterpoint. The company has recorded 86 per cent year-on-year growth in shipment with its Colorfit Icon series being the major driver that carved out a substantial 28 per cent share of its total shipments. Fire-Boltt is another Indian brand that emerged as major contender boasting 70 per cent YoY growth shipment in Q2 F23.

In the same period, 88 per cent of India’s smartwatch shipments were dominated by products priced less than $50. Leading the charge in this segment were Noise, Fire-Boltt and boAt, collectively contributing to 72 per cent of India’s total shipments.

The soaring India’s smartwatch segment served as the primary driver for the global market rebound, which increased 11 per cent year-on-year in Q2 2023 after declining in both Q4 2022 and Q1 2023 -- according to Counterpoint Research’s Global Smartwatch Model Tracker.

Leading the global smartwatch market is Apple, which recorded a 10 per cent YoY decline in Q2 2023 shipments. This decline pushed its shipments to below 8 million units for the first time in three years. Consequently, Apple’s market share fell to 22 per cent from 27 per cent in Q2 2022.

China’s Huawei made big strides by increasing its domestic market share to 39 per cent following a surge of 58 per cent in shipments. This achievement propelled the brand to the second spot in the global smartwatch market share rankings.

South Korea’s Samsung witnessed a 19 per cent YoY decline in Q2 2023. The brand managed to boost shipments in the Chinese and Indian markets, but its shipment in North America and Europe dropped 24 per cent and 13 per cent YoY, respectively.