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Smartwatch Market Grew 27% In Q2 2021, Samsung & Garmin On The Rise

Samsung Galaxy Watch 3 Review 6
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Samsung is climbing up the ladder in the global smartwatch market, the latest Counterpoint Research data shows. The Korean firm registered a strong 43 percent year-on-year (YoY) growth in smartwatch shipments in the second quarter of this year, capturing a 7.6 percent market share. That’s up from the 6.8 percent market share it captured during the same period a year earlier.

According to the report, Samsung was able to improve its position in the market on the back of strong sales of the Galaxy Watch 3 and Watch Active 2. It is now the world’s third-largest smartwatch manufacturer, overtaking China’s Imoo, owned by BBK Electronics which also owns Oppo, Vivo, OnePlus, Realme, and iQOO brands. Imoo’s market share dropped from 7 percent to 6 percent during Q2 2021.

Apple continues to lead the market but its share has declined from over 30 percent in Q2 2020 to 28 percent this past quarter. Huawei, despite all the odds, is still holding strong in second place. However, its market share is on the decline, dropping from 13.1 percent to 9.3 percent between Q2 2020 and Q2 2021.

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Garmin completes the top five brands. The company leapfrogged Amazfit to the fifth spot after an impressive 62 percent YoY growth in the second quarter. It recorded its highest quarterly shipments ever during the May-June period. The American brand now sits right on the heels of Imoo with a 5.8 percent market share.

Counterpoint Q2 2021 smartwatch market Samsung Apple Huawei

The overall smartwatch market grew 27-percent YoY in Q2 2021

Overall, the global smartwatch market grew 27 percent YoY in Q2 2021. The sub-$100 segment grew a staggering 547 percent this past quarter. Counterpoint attributes this growth to people being more health-conscious following the outbreak of the COVID-19 pandemic. Availability of features like SpO2 (oxygen saturation monitor) and heart rate monitoring in lower-cost wrist wearables drove their sales.

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Premium models are still selling in more numbers though. Perhaps there aren’t as many options in the higher-end segment as in the sub-$100 segment. Apple’s Watch Series 6, Watch Series SE and Watch Series 3 comprise three of the top five best-selling smartwatches globally in Q2 2021. Samsung’s Galaxy Watch Active 2 and the Imoo Z6-4G complete the list.

Apple’s success is down to its ecosystem which has a strong attach rate with its smartphones. The company crossed 100 million Apple Watch users for the first time this past quarter. More than half of that user base is from the US, with a nearly 30 percent attach rate.

India, which was the smallest smartwatch market in Q2 2020, emerged as the fastest-growing market a year later. The second-most populous country in the world captured 6 percent of the global smartwatch market in Q2 2021, up from 2 percent during the same period the previous year. The emergence of Indian brands such as boAt and Noise, as well as feature-rich sub-$100 offerings from Chinese brands such as Xiaomi, realme, and OPPO, drove this growth, Counterpoint notes.

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Counterpoint Q2 2021 smartwatch market Samsung Apple Huawei 2