What you need to know

• Smartwatch shipments increased 24% YoY in 2021.
• Although Apple successfully maintained its No.1 position, its market share declined slightly compared to the previous year.
• Samsung held 10.2% of the global smartwatch market last year, thanks to solid sales of its Wear OS-powered Galaxy Watch 4 series.

The global smartwatch market registered a strong 24% YoY growth in 2021, according to Counterpoint Research’s latest Global Smartwatch Model Tracker. The growth was mainly driven by greater demand for the best cheap smartwatches under $100.

Unsurprisingly, Apple was successful in maintaining its dominant position in the global smartwatch market. The Cupertino-based tech giant held 30.1% of the smartwatch market last year, down slightly from 32.9% in 2020. Its average selling price, however, went up 3% without the release of an SE model. The increase in ASP and its dominant position in the market allowed Apple to grab 50% of the total market revenue last year.

Samsung surpassed Huawei to become the second-largest smartwatch vendor in 2021. Its market share went up from 8.9% in 2020 to 10.2%, led by the Galaxy Watch 4 series. The company’s move to Wear OS worked surprisingly well, and it recorded its highest shipments ever in Q3 2021. Samsung’s smartwatch shipments were up by more than 200% in the July to September period.

Garmin and Amazfit also performed better than expected last year and saw higher growth than the market average. Fitbit, on the other hand, witnessed a 15% YoY decrease in shipments. The numbers don’t come as a surprise though, as the company hasn’t launched any new smartwatch since Q3 2020.

The report also notes that the Indian smartwatch market grew by four times in 2021 and accounted for 10% of the global market. The Indian smartwatch market accounted for just 3% of the global market in 2020.