China's smartwatch shipments fell by 9.3% in 2022: Report

by IANS |

New Delhi, March 23 (IANS) China's smartwatch shipments fell by 9.3 per cent (year-on-year) in 2022, mainly due to the Covid-zero policy's impact on demand, a new report said on Thursday.

According to Counterpoint Research, the year saw the country's smartwatch market size shrinking to pre-Covid levels, with only the first quarter (Q1) of 2022 registering a quarterly (year-on-year) growth in shipments.

However, global smartwatch shipments grew 12 per cent (year-on-year) during the same period.

"China's strict anti-Covid policies impacted consumer sentiment in 2022. Curbs on movement and remote education regulations further impacted the demand for kids' smartwatches in the country, the world's biggest kids' smartwatch market, and their shipments fell 25 per cent (year-on-year)," said Senior Analyst Shenghao Bai.

Moreover, the report said that Huawei and Apple dominated the China smartwatch market in 2022, raising their combined share to almost 50 per cent.

Only OPPO with 105 per cent (year-on-year), Apple with 22 per cent (year-on-year), and Huawei with 9 per cent (year-on-year) grew among key brands in 2022.

"From key brands' perspective, only Huawei, Apple and OPPO achieved YoY growth, driven by the success of their new launches," Bai added.

The report further mentioned that the biggest standout feature of the year was the high-to-premium segments' (>$200) share rise.

Shipments in the $301-$400 segment grew 46 per cent (year-on-year), while shipments in the >$401 segment grew a whopping 1292 per cent (year-on-year).

The <$50 segment's share dropped to 20 per cent, with a 35 per cent (year-on-year) decrease in shipments compared to the previous year.

"The demand for high-end and premium segments remained relatively strong in 2022, despite the decline in consumer sentiment and global macro headwinds. This shift to the high-end segment is similar to the shift witnessed in the smartphone market in 2022," said Senior Analyst Ivan Lam.

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