Unlike 2020, the smartwatch market saw 24% Y-o-Y growth in 2021 with Apple Watch in the lead. A new “Global Smartwatch Model Tracker” study by Counterpoint reveals that Apple retained its number one position with a 30% share of the global smartwatch market in spite of an “intensified” competition from sb-$100 smartwatches.
Apple Watch sales accounted for 50% of the global market revenue in 2021
With a 30% market share, Apple Watch was the most sold smartwatch in 2021 and its sales accounted for 50% of the total market revenue. Counterpoint also notes that although Apple saw a 3% decline in global Apple Watch shipments, its average sales price (ASP) increased by 3% because the company did not launch the next-generation Apple Watch SE model.
Apple maintained its solid No. 1 position with a 30% market share but fell 3% points YoY due to intensified competition. However, its ASP rose 3% without the release of the SE model in 2021. As a result, Apple accounted for half of the total market revenue.
The report credits the healthy growth of the smartwatch market, especially the sub-$100 smartwatches, to the return of pre-COVID social and economic activity. The research firm’s Associate Director Sujeong Lim said that the health monitoring features like ECG have pushed the smartwatch market segment and it can boost further if more manufacturers support cellular connectivity. Currently, Apple Watch offers health monitoring capabilities and cellular options.
“The global smartwatch market’s good growth in 2021 is meaningful in itself, but it is more meaningful in that it makes us look forward to future growth. With their ability to monitor important health parameters like blood pressure, ECG and SPO2, these devices are becoming popular. Further, the attractiveness of smartwatches as independent wearable devices will increase if more of them start supporting cellular connectivity.” – Report
Currently, the tech giant sells Apple Watch Series 7 starting from $399, SE starting from $279, and Series 3 starting from $199. All of the models are higher than the competing sb-$100 smartwatch models by Huawei, Garmin, Xiaomi, and Noise.
But Apple Watch offers a comprehensive ecosystem, seamless integration with other Apple products and services like iPhone, iPad, AirPods, Apple Fitness+ and several ‘health monitoring’ features and GPS and GPS + cellular variants which rival brands lack. Thus, continues to dominate the smartwatch market, worldwide.
