Samsung Loses Secondplace Smartwatch Lead To Brand You May Never Have Heard Of
Andy Walker / Android Authority
TL; Dr
- In the first quarter of 2023, smartwatch sales fell significantly compared to the first quarter of 2022.
- Analysts suspect that the reason for this could be the economic slowdown.
- This drop resulted in top turnover, with Fire-Bolt currently ranked second in the world.
At the start of 2022, there are three major players in the global smartwatch market: Apple, Samsung and HUAWEI. Apple is the clear leader, with the Apple Watch lineup making up 32% of the market. Thanks to its Galaxy Watch lineup, Samsung comes out on top with a 10% share in second place.
It was clear that staff turnover was inevitable as Huawei's position in the consumer market slumped. However, according to Counterpoint Research, sales of smartwatches have declined significantly year over year. This not only resulted in Huawei being relegated to the Other category, but also caused Samsung and Apple to lose market share to a new player: Fire-Boltt.
Check out the chart below to see how it looks when comparing Q1 2023 to Q1 2022:
Unless you live in India, chances are you've never heard of the Fire-Bolt. According to Counterpoint, it is the largest smartwatch brand in India and the fastest growing smartwatch brand in the world. It offers a variety of smartwatches (most of which are similar to the Apple Watch) at very reasonable prices. It also features a unique point system that allows users to earn "cash" that they can redeem for other products and experiences.
It's a true testament to how well Fire-Bolt understands its market that in just a year it managed to break out of the "Other" category and take on the mighty Samsung. In fact, Counterpoint says the Fire-Bolt saw an astounding 57% increase.
If Fire-Bolt is growing so fast, why are Samsung and Apple losing market share? At least according to Counterpoint, sales of smartwatches have plummeted due to the global economic slowdown. The significant loss of 6% of Apple's market share was a blow to the company's status. We hope this year's new Apple Watch draws attention. The new Samsung Galaxy Watch 6 - and the possible return of the "classic" variant - should also turn things around.
