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Global Smartwatch Market Revenue up 20% in H1 2020, Led by Apple, Garmin & Huawei

Global Smartwatch Market Revenue up 20% in H1 2020, Led by Apple, Garmin & Huawei

The top three brands contributed more than 69% of the total market revenue.

The global smartwatch market posted a healthy 20% revenue growth in H1 2020 despite the COVID-19 pandemic and shipments remaining flat compared to the same period last year, according to the latest research from Counterpoint’s IoT service.

Senior Analyst Sujeong Lim said:

“The smartwatch space remains a popular consumer device segment, compared to the downturn seen in smartphone demand and many other segments in the first six months of 2020 due to the devastation caused by COVID-19. Close to 42 million smartwatches were shipped in H1 2020 as wearables continue to see greater demand with consumers becoming more health conscious.”

“India (+57% YoY), Europe (+9% YoY) and the US (+5% YoY), the most affected regions of COVID-19, saw a healthy growth in smartwatch shipments which offset the decline in other markets.”

Lim added: “Apple continued to dominate the smartwatch market both in volume and value. Apple captured a record half of the market in terms of revenue due to strong demand for the Apple Watch S5 models.”

Vice President Research Neil Shah said: “Huawei saw healthy volumes (+57% YoY), jumping to the second spot globally in H1 2020. Huawei benefitted from significant demand for its smartwatches, especially the Watch GT2 series in Asian markets. 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% YoY) for its Forerunner and Fenix line, making up one of the broadest portfolios of smartwatches in the market. Europe and North America remain the key markets for Garmin.”

Research Director Jeff Fieldhack said: “Google WearOS continues to account for 10% of the total smartwatch market, behind Apple WatchOS. Huawei’s Lite OS and Amazfit’s Amazfit OS are growing fast. Further, the cellular-capable smartwatch is becoming more popular and accounts for more than one in four smartwatches shipped, benefitting the likes of Qualcomm.”

Chart: Global Smartwatch Shipment Revenue Share in H1 2020 vs H1 2019

Global Smartwatch Shipment Revenue Share % in H1 2020 vs H1 2019
A comprehensive report on the smartwatch shipment tracker by model and geography is available for subscribing clients on Counterpoint’s research portal.
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