Apple kept its top spot, but its market share fell slightly, from 30.1% to 28% year-on-year, Counterpoint reported, even as the active user base crossed 100 million.
Huawei was second, but a long way back, with its market share of 13.1% falling to 9.3% in the current year. Among the top five vendors, Samsung and Garmin showed notable growth, of 43% and 62% respectively, year-on-year.
Senior analyst Sujeong Lim commented: "The smartwatch attach-rates for smartphones have been steadily rising. Apple’s ecosystem is seeing a greater attach rate as the brand continues to bake in attractive designs, health features and related services around it.
“Looking at the success of Apple Watch, more OEMs have entered the smartwatch market with a relatively less advanced OS but comparable fitness and health-related features, and stylish designs at affordable prices targeting hundreds of millions of potential users globally.
"The pandemic has further pushed consumers towards being more health-conscious and features such as SPO2 and heart-rate monitoring have trickled down to the sub-US$100 (sub-A$136) smartwatch segment. The sub-$100 smartwatch segment grew a massive 547% annually, highlighting its mass-market reach.”
North America was the largest market for smartwatches, followed by China, while India showed the most growth. Senior analyst Anshika Jain said: “India was the smallest market in the second quarter of last year, accounting for less than 2% of the total market, but its share increased to 6% in just one year.
"The proliferation of sub-US$100 affordable, feature-rich smartwatches from Chinese brands such as Xiaomi, realme and OPPO, and Indian brands such as boAt and Noise has been one of the key growth drivers.”