A new market player is hot on the heels of the giants, Apple and Samsung. Samsung's second place was appropriated by an almost unknown brand in our country and the fact that sales of smart watches in the 1st quarter of 2023 recorded a relatively noticeable drop compared to the same period in 2022. It is in second place after Apple on a global scale now Fire Bolt.
At the start of 2022, three major companies dominated the global smartwatch market: Apple, Samsung and Huawei. Apple was the clear leader when s Apple Watch held a solid 32% of the market. Samsung with Galaxy Watch he tried to catch up with the apple company as much as he could and finally took second place with a 10% share.
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Breaking the position of the third, Huawei led to a reorganization in the consumer market. According to the company Counterpoint Research however, as already mentioned in the introduction, the sales of smart watches fell quite significantly year-on-year, which resulted not only in the fact that Huawei fell into the "Other" category, but also in the loss of the market share of the biggest ones, Samsung and Apple, in favor of the newcomer Fire- Bolt. The following pair of graphs shows how the situation looks when comparing the 1st quarter of 2023 and the same time period in 2022:
And who exactly is Fire-Boltt? Well, unless you live in India, you probably have never heard of this company. According to Counterpoint, it is the largest smartwatch brand in the region and the fastest growing in the world. Their product portfolio includes a number of different types of smart watches, which certainly do not deny their inspiration in Apple Watch when it comes to design, but not when it comes to prices, which are generally very favorable. The company also offers a unique reward point system that allows users to earn "coins" that can then be exchanged for other products.
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A testament to how well Fire-Boltt understands its market is the fact that it was able to jump out of the "Other" category and usurp the position of the mighty Samsung in just one year. According to data from Counterpoint, Fire-Boltt is growing at a staggering 57% rate. How is the rapid growth of the Indian company related to the losses in the market share of Samsung and Apple? The two entities are seeing their smartwatch sales fall due to the global economic downturn, according to Counterpoint. The significant loss of Apple's market share of 6% will definitely be felt by the company given its current position. Hopefully new this year Apple Watch they will bring correction and the gloomy prospects of the Korean giant will hopefully reverse the new Samsung Galaxy Watch 6 and the alleged return of the "Classic" variant.
