The biggest winner of a stagnating global smartwatch market in Q1 2023 was India's Fire-Boltt (?!) rather than Apple and Samsung, both of which saw their shipment numbers drop dramatically from Q1 2023.
is evidently simply not as popular as its forerunners. Of course, the Cupertino-based tech giant also released two other smartwatches in the fall of 2022, which couldn't stop the company's decline from a 32 percent market share at the beginning of last year to a comparatively much smaller 26 percent slice of the pie now.
In third place, Samsung dropped from 10 to 9 percent share, which may not sound as dramatic but actually reflects a slightly larger 21 percent decline in shipments than Apple's 20 percent dip. Interestingly, Galaxy Watches grew in popularity in North America between January and March 2023 while falling in"other major markets", which might be a direct result of the company's pricing strategy.
It's pretty clear that"basic" smartwatches with limited capabilities and ultra-low price points are preferred by the vast majority of buyers in India, China, and other countries outside North America, essentially rendering smartbands and fitness trackers irrelevant and making it quite difficult for vendors like Apple and Samsung to boost their shipment volumes going forward.
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