Following a slump in growth in Q1 2022, the wearable bank market which consists of basic and smartwatches have seen a marginal increase of 2 percent in shipment in Q2, bringing the entire market back to a positive growth phase, per Canalys.
Based on the report, the shipment rose to 41.7 million as influenced by the three major markets, namely China, the United States, as well as India. The latter of the three is most notable for its 15 percent share in the market, which is the first in the country’s history.
While the global market is seeing an increasing trend in smartwatches, a large portion of the growth is still dominated by basic watches at 46.6 percent while smartwatches only occupy 9.3 percent.
India, however, makes for a unique as it sees different brands taking up the leads. Namely, Noise at 29 percent of the market share, followed by Fire-Bollt and boat at 25 percent and 20 percent market share, respectively.