smartwatch market demand h1 research revenue 2020

techsuch May 9, 2021 0 Comments

Global Smartwatch Market Revenue up 20% in H1 2020# Global Smartwatch Market Revenue up 20% in H1 2020, Led by Apple, Garmin &Huawei * The top three brands contributed more than 69% of the total market revenue in H1 2020.Seoul, Hong Kong, New Delhi, Beijing, London, Buenos Aires, San Diego — August20, 2020Exhibit 1: Global Smartwatch Shipment Revenue Share % in H1 2020 vs H1 2019The global smartwatch market posted a healthy 20% revenue growth in H1 2020despite the COVID-19 pandemic and shipments remaining flat compared to thesame period last year, according to the latest research from Counterpoint’sIoT service.Commenting on the smartwatch market dynamics, Senior Analyst Sujeong Lim said:“The smartwatch space remains a popular consumer device segment, compared tothe downturn seen in smartphone demand and many other segments in the firstsix months of 2020 due to the devastation caused by COVID-19. Close to 42million smartwatches were shipped in the first half of 2020 as wearablescontinue to see greater demand with consumers becoming more health conscious.India (+57% YoY), Europe (+9% YoY) and the US (+5% YoY), the most affectedregions of COVID-19, saw a healthy growth in smartwatch shipments which offsetthe decline in other markets.”Lim added: “Apple continued to dominate the smartwatch market both in volumeand value. Apple captured a record half of the market in terms of revenue dueto strong demand for the Apple Watch S5 models. In terms of shipment volumes,Apple Watch grew 22% globally with Europe and North America being the fastestgrowing markets in the first half of 2020.”Commenting on the competitive landscape, Vice President Research Neil Shahsaid: “Huawei saw healthy volumes (+57% YoY), jumping to the second spotglobally in the first half of 2020. Huawei benefitted from significant demandfor its smartwatches, especially the Watch GT2 series in its home market Chinaand Asian markets, with shipment volumes growing 90% in both the regions.Garmin, the second-largest brand in terms of revenue globally, continued tomake strides cornering the sports enthusiast and athlete market. The brand sawhealthy demand (+31% YoY) for its Forerunner and Fenix line, making up one ofthe broadest portfolios of smartwatches in the market. Europe and NorthAmerica remain the key markets for Garmin.”Talking about fast-growing brands, Shah said: “Amazfit (+51% YoY) and Xiaomi(+47% YoY) made healthy strides during the first half with expandingportfolios and better geographic reach. China, India and the rest of Asiaremain central to these brands’ growth story. Samsung faced some headwindsduring the first half, but the launch of Galaxy Watch 3 in the second halfcould drum up some demand for the Korean vendor. Fitbit, Ticwatch and Suuntofaced some tough competition from Garmin and Apple during the first half andwill thus look forward to ramping up initiatives to ignite the demand duringthe holiday season.”Exhibit 2: Global Smartwatch Best-Selling Models by Shipment Volumes, H1 2020 Commenting on other smartwatch trends, Research Director Jeff Fieldhack said:“Google WearOS continues to account for 10% of the total smartwatch market,behind Apple WatchOS. Huawei’s Lite OS and Amazfit’s Amazfit OS are growingfast. Further, the cellular-capable smartwatch is becoming more popular andaccounts for more than one in four smartwatches shipped, benefitting the likesof Qualcomm. Heart rate monitoring now is featured in almost 60% of thesmartwatches. Fall detection and SPO2 are the features that should see mass-adoption in future models. Square form-factor accounts for almost two-thirdsof the smartwatches globally as the form factor is helping to better fitadditional sensors and needed battery footprint. The massive leaps in batterylife and processing power are helping to better track overall health ascontinual heartrate, sleep and other monitoring can be done instead of thedevice sitting on a charger. The leaps in solar charging technology will alsohelp OEMs concentrate on better monitoring. We expect to continue to see afocus on fitness and wellness applications.”A comprehensive report on the smartwatch shipment tracker by model andgeography is available for subscribing clients on our research portal.Background:Counterpoint Technology Market Research is a global research firm specializingin Technology products in the TMT industry. It services major technology firmsand financial firms with a mix of monthly reports, customized projects anddetailed analysis of the mobile and technology markets. Its key analysts areexperts in the industry with an average tenure of 13 years in the high-techindustry.Analyst Contacts:Sujeong Lim Neil Shah Jeff Fieldhack Counterpoint Research press(at)counterpointresearch.com

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