(Yicai Global) March 24 -- China's shipments of smartwatches declined 8.8 percent last year, mainly because of the impact of Covid-19 on consumption, according to a new report by Counterpoint Research.
The size of China's smartwatch market shrank to the pre-pandemic level in the 12 months ended Dec. 31, with shipments growing only during the first quarter, the report showed yesterday, without giving a specific figure. Global smartwatch shipments jumped 9 percent from the year before, it added.
The Chinese market will likely rebound as the impact of Covid-19 eases this year, according to Counterpoint. Smartwatch makers, including Huawei Technologies, Xiaomi, Honor, and Oppo Mobile Telecommunications, have lifted production since China's reopening, it said, noting that the average sales price was likely to jump due to the rise in demand for more professional models.
Huawei's share of the wearable devices market grew 4 points to 27 percent last year from 2021, ranking first in China, followed by Apple with 17 percent, a 2 point gain.
Among key smartwatch vendors in the Chinese market, only Huawei, Apple, and Oppo had an annual increase in shipments, thanks to the success of their latest models, said Shenghao Bai, a senior analyst at Counterpoint.
“The demand for high-end and premium segments remained relatively strong in 2022, despite the decline in consumer sentiment and global macro headwinds," according to Ivan Lam, also a senior analysts at Counterpoint. “High-end smartwatch consumers usually have higher demands for health detection, communication, and system features, and they are also more loyal to the brand.
The market share of smartwatches priced over USD401 rose to 5 percent last year from nothing a year earlier, while shipments skyrocketed 1,138 percent, Counterpoint noted. The segment of wearable devices costing between USD301 and USD400 jumped to 12 percent from 8 percent.
Editor: Martin Kadiev