China Smartwatch Shipments Rise 5% YoY in Q2 2023
Marking a gradual recovery in Q2 2023, China’s smartwatch shipments increased 5% YoY, according to Counterpoint Research’s latest Global Smartwatch Model Tracker.
Among the top-5 brands, Huawei recorded a 58% YoY growth, maintaining its good reputation among consumers. The newly launched Huawei Watch 4 and Huawei Watch 4 Pro series models were popular with consumers, while old models such as the Huawei Watch GT 3 series still sold well. Another newly launched model, the Huawei Watch Ultimate, contributed to the brand’s performance in the ultra-premium segment.
imoo (BBK) benefited from the demand in the first full back-to-school quarter after the pandemic lockdown was lifted in China. Its multiple offline retail stores also contributed to the brand’s growth.
Apple recorded a 15% YoY decrease in Q2 2023. Although the Apple Watch Series 8 was the best-selling model family in China during the quarter, its shipments decreased 25% compared to that of its predecessor Apple Watch Series 7 in Q2 2022. With new product launches expected in Q3 2023, Apple is likely to increase its market share in the quarter.
Xiaomi recorded a decrease of 15% YoY but an increase of 7% QoQ. The brand still took the biggest share in the ≤$50 segment. Waning consumer interest in entry-level products contributed to the decline in Xiaomi’s market share.
OPPO achieved a 28% YoY increase in Q2 2023. Promotions during the 618 e-commerce festival helped the OPPO Watch 3 and OPPO Watch 3 Pro’s sales.
In terms of wholesale price bands, the ≤$50 band’s share significantly dropped compared to the same period last year. This price band’s share has been recording YoY drops in the past several quarters. On the other hand, the ≥$500 segment’s share rose significantly to 11% from almost negligible in Q2 2022.
According to the forecast from TechInsights, the average selling price of global smartwatches will decrease from 2023 to 2028, but the increase in sales means that global smartwatch revenue will increase during this forecast period. By 2028, global smartwatch revenue is expected to reach $35 billion.