Apple captures over 50% of global smartwatch market revenue

Apple's share in the global smartwatch shipment revenue increased to 51.4 per cent in the first half of this year from 43.2 per cent during the same period last year, Counterpoint Research.

Overall, the global smartwatch market posted a healthy 20 per cent revenue growth despite the Covid-19 pandemic due to healthy growth in shipments in India, Europe and the US.

In the first half of 2020, close to 42 million smartwatches were shipped, said the report.

The top three brands – Apple, Garmin and Huawei — contributed more than 69 per cent of the total market revenue in 2020.

While Garmin's share in the global smartwatch shipment revenue increased to 9.4 per cent, Huawei's share grew to 8.3 per cent.

"Apple captured a record half of the market in terms of revenue due to strong demand for the Apple Watch S5 models," Senior Analyst Sujeong Lim said in a statement.

"In terms of shipment volumes, Apple Watch grew 22 per cent globally with Europe and North America being the fastest growing markets in the first half of 2020."

In terms of shipment of smartwatches, Huawei jumped to the second spot globally with 57 per cent year-over-year growth, Counterpoint said.

"Huawei benefited from significant demand for its smartwatches, especially the Watch GT2 series in its home market China and Asian markets, with shipment volumes growing 90 per cent in both the regions," said Neil Shah, Vice President Research.

"Garmin, the second-largest brand in terms of revenue globally, continued to make strides cornering the sports enthusiast and athlete market. The brand saw healthy demand (+31 per cent YoY) for its Forerunner and Fenix line, making up one of the broadest portfolios of smartwatches in the market."

While Europe and North America remain the key markets for Garmin, China, India and the rest of Asia remain central to the growth of Amazfit and Xiaomi, Shah said.

"Samsung faced some headwinds during the first half, but the launch of Galaxy Watch 3 in the second half could drum up some demand for the Korean vendor," Shah said.

"Fitbit, Ticwatch and Suunto faced some tough competition from Garmin and Apple during the first half and will thus look forward to ramping up initiatives to ignite the demand during the holiday season.".