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Samsung loses second-place smartwatch lead to brand you may never have heard of
- Smartwatch sales in Q1 2023 took a dive when compared to Q1 2022.
- Analysts suspect an economic downturn might be the culprit.
- The drop caused a reshuffle of the top players, with Fire-Boltt now in second place globally.
In early 2022, there were three major players in the global smartwatch market: Apple, Samsung, and HUAWEI. Apple was the obvious leader, with its Apple Watch line capturing a solid 32% of the market. Thanks to its line of Galaxy Watches, Samsung was trying its best in second place with a 10% share.
Obviously, with HUAWEI’s place in the consumer market shattered, there was bound to be a reshuffling. However, smartwatch sales took a pretty significant dive year-over-year, according to Counterpoint Research. This not only resulted in HUAWEI dropping off into the “others” category, but it actually saw both Samsung and Apple losing market share to a new-ish player: Fire-Boltt.
Check out the charts below to see how things look when you compare Q1 2023 to Q1 2022:
Smartwatch sales: Who is Fire-Boltt?
If you don’t live in India, you’ve probably never heard of Fire-Boltt. It is the largest smartwatch brand in India, according to Counterpoint, and the fastest-growing smartwatch brand globally. It offers a bunch of different types of smartwatches (that mostly look like the Apple Watch) at very reasonable prices. It also offers a unique points system that allows users to earn “coins” that can then be redeemed for other products and experiences.
It’s a true testament to how well Fire-Boltt understands its market that it was able to jump out of the “others” category to usurp the mighty Samsung in just one year. In fact, Counterpoint says Fire-Boltt is growing at an astounding rate of 57%.
If Fire-Boltt is growing so quickly, why did Samsung and Apple lose market share? Smartwatch sales are down for those two thanks to economic downturns globally, at least according to Counterpoint. Apple’s significant loss of 6% of its market share is quite the blow to its status. Hopefully, this year’s new Apple Watch brings the heat. Samsung’s new Galaxy Watch 6 — and the rumored return of the “Classic” variant — will, hopefully, turn around its prospects as well.