According to a new analysis released on Monday, the global smartwatch industry grew by a strong 24% year-over-year in 2021, primarily to a strong demand for low-cost smartwatches- $ 100, while Apple maintained its leadership position your with a 30% market share. According to Counterpoint Research, the fourth quarter accounted for transfers of more than 40 million applications, the largest quarterly transfers ever.
“With their ability to monitor vital health aspects such as blood pressure, ECG and SPO2, these devices have become popular. Also, the attraction of smartwatches like independent wearable devices will increase if more of them start supporting cellular connectivity, ”said Sujeong Lim, associate director. Apple’s market share, however, fell 3 percent (over the years) due to increased competition. However, its ASP (average sales price) rose 3 per cent without the release of the iPhone SE model in 2021.
As a result, Apple accounts for half of total product revenue. Samsung was one of the most successful original smartwatch makers (OEMs) in 2021. Its over-the-quarter growth was more than 200 per cent in the third quarter to record the best-branded brand shipments ever. “This growth was strong until the last quarter. Moving to Wear OS through a partnership with Google has worked well for brand recognition in many ways, ”the report notes.
Garmin performed better than expected in 2021. The company has initially focused on introducing high-end smartwatches for major sectors such as aircraft and diversity. “It is gradually shifting its focus to bring attractive consumer products from a standstill and design perspective. As a result, it showed a 35 per cent growth (over the year) and took sixth place by raising its global position by one point, ”the report said.
One of the driving forces behind the development of the global smartwatch market in 2021 is the expansion of the Indian market.
India’s smartwatch market is only 3 percent of the global market by 2020, but it will grow four times in 2021 to move its global market share to near 10 percent.
“Boom is a brand of smartwatch India No. 1 and directs the development of the local market. It won the highest position in 2021 due to its diverse market targeting budget and mid-segment, and strong partnerships with e-commerce artists, financial institutions and celebrities, Anshika Jain senior research analyst .