The smartwatch markets exist from years now. While the market was in existence, there was no visible growth to be discussed in history. Well, better late than never, the marker is now picking up speed. The new reports from Counterpoint suggest the market is growing 53% year over year.

Smartwatch market is growing 53% year over year

SMARTWATCH MARKET DISTRIBUTION

Interestingly, even with tremendous growth in the smartwatch market, companies are losing share in the market. Well, Apple remains the king of the smartwatch market, and the Apple Watch Series 4, is a big hit from the company. Also, a massive share of the smartwatch market goes to the Apple Series 3 watch, thanks to Apple for lowering the price of the smartwatch. Apple shipped 24% more smartwatches in Q3 of 2018 in comparison to the previous quarter this year.

Smartwatch market is growing 53% year over year

Apple Watch Series 1 make up for nearly half of the Appl’es shipment for the smartwatch. The newer model will make up with the huge discounts in the holiday season.

According to the analysts, a vast majority is moving towards the fitness features on the smartwatches. Well, this is the reason that Fitbit now covers 16% market in smartwatches this year. The Fitbit Versa was a particularly popular choice.

Fitbit runs on its own proprietary OS, and the market share from the company matches with the share of Android Wear watches (16% vs. 17% in Q3). Even after high sales, the brand is suffering from low consumers in the US. Well, this goes to non-LTE devices from the company.

Smartwatch market is growing 53% year over year

To our surprise, Kid’s smartwatches cover 10% of global market share. The GPS tracking system on the Kid’s wear provides a peace of mind to parents, and that makes it a popular device around the world.

The reports from Counterpoint suggest that Huami Amazfit is a surprisingly popular smartwatch around the world. Besides that, the watch runs on Xiaomi’s own proprietary software and it is making way into big markets like India.