Our reporter Qin Feng reported from Beijing
With the continuous development of technology, smart watches have become an indispensable part of people's lives. Smart watches not only have the time function of traditional watches, but also have rich functions and convenient operation methods. According to the latest report released by market research agency Counterpoint Research, after experiencing two consecutive quarters of decline in the fourth quarter of 2022 and the first quarter of 2023, global smart watch shipments increased by 11% year-on-year in the second quarter of 2023.
A number of industry insiders told the "China Business News" reporter that with the improvement of consumers' aesthetic concepts, smart watches are paying more and more attention to fashion in design. Many brands have launched smart watches in various styles and colors to meet the needs of different consumers. And compared with other smart devices, the price of smart watches is more affordable for more consumers. This is also an important reason why the smart watch market can expand rapidly.
The market size reached 100 billionSmart watch is an innovative product between traditional watches and smart phones, which not only meets the accessory attributes of traditional watches, but also realizes some communication functions of smart phones, and the small size is convenient to wear, close to human skin and other characteristics, so that it can monitor human health conditions, and the application scenario is irreplaceable. With the introduction of eSIM card (electronic SIM card), effectively enhancing the independence of smart watches, making them get rid of the inherent impression of mobile phone accessories, as operators and terminal manufacturers continue to promote the development of eSIM, the scale of the smart watch market continues to expand, and global sales are also rising year by year.
Research institute TechInsights released a forecast that in 2023~2028, the average selling price of global smart watch products will decline, but sales will increase steadily, which will increase the revenue of global smart watches. Global smartwatch revenue is expected to grow by 7% in 2024, and the market size will reach $35 billion by 2028.
Market research data shows that well-known brands such as Apple, Samsung, and Huawei occupy the vast majority of the market. As a leader in the smart watch market, Apple has won the love of many consumers with its unique iOS operating system and excellent product design. In addition, Apple is constantly launching new smart watches to meet market demand.
According to the latest data from Counterpoint Research, China's smart watch shipments in the second quarter of 2023 increased by 5% year-on-year, and Huawei occupied the position of the best-selling brand with a market share of 39%.
According to Counterpoint analysis, Huawei achieved a year-on-year growth of 58% in the second quarter of 2023, setting a new record for the highest quarterly shipment since 2020. The newly launched Huawei Watch 4 and Huawei Watch 4 Pro series models are well received by consumers, while older products such as the Watch GT3 series are still selling well. The newly launched Huawei Watch Ultimate has also contributed to Huawei's performance in the ultra-high-end field.
It is worth noting that relevant data shows that Apple's Apple Watch fell below 8 million units for the first time in nearly three years, and shipments fell 10% in the quarter. As a result, Apple's market share fell to 22% from 27% in the second quarter of 2022.
In addition to this, the Samsung Galaxy Watch series has been popular with consumers with excellent health monitoring features and stylish design. At the same time, Samsung is also constantly expanding its product line, launching a number of different types of smart watches. However, Samsung sales fell 19% year-on-year in the second quarter of 2023. The brand managed to increase shipments in the Chinese and Indian markets. Samsung's performance in two key markets, North America and Europe, fell 24% and 13% year-on-year, respectively.
Break down boundariesAt present, smart watches are mainly divided into three categories: the first category is sports watches, which focus on sports management and health monitoring functions, and the watch battery life is relatively long; The second category is smart watches represented by Apple Watch, which focus on intelligent applications and rich functional experience; The third category is children's watches, which focus on children's safety and socialization. However, smart watch manufacturers are also trying to break the "shackles".
With the continuous development of technology, smart watches have more and more practical functions, such as virtual reality, artificial intelligence, etc. In order to meet the different needs of consumers, smart watches provide more personalized customization services, such as strap materials, dial colors, etc. It also carries out cross-border cooperation with other industries, such as cooperation with sports brands, automobile manufacturers, etc. to launch customized products.
Gai Hong, general manager of Xuanrui Fund, told reporters that the scene expansion of smart watches is the direction that manufacturers have been exploring. In addition to the most basic functions, manufacturers still need to dig deep in cross-border and joint cooperation. The increase in the use value of wearable devices, especially smart watches, brought by the linkage of home and vehicle scenarios will drive more demand.
It is reported that in May this year, Li Auto issued a notice through official social media that Li Auto L series officially supports Apple Watch, and in the latest firmware version OTAV4.4.0, it has simultaneously updated functions such as unlocking and car control operation through Apple Watch. It is reported that Li Auto has supported a number of smart watches including OPPO and Xiaomi.
Recently, OPPO also revealed that its OPPO watch series is the smart watch with the most car brands, and has also reached a deep cooperation with Ideal to launch an exclusive senseless car key function, which can be automatically unlocked close to the vehicle.
Prior to this, Huami reached a cooperation intention with Xpeng Motors, and its Amazfit smart watch supports unlocking Xpeng P7 cars.
Not only that, as the global new energy vehicle "new technology" sales champion, BYD is also deploying smart watches across borders. BYD watches have one-key car search, remote start, intelligent unlock and other car control functions, as well as heart rate monitoring, sports recording and other health management functions.
Gai Hong said that from the functional point of view, smart watches are no longer simple watches. It can act as a car key, and after matching with the relevant vehicle, it supports functions such as intelligent start, locking, raising and lowering windows, and opening the tailgate. In the future, or as an entry point for people to connect to the era of the Internet of Things.
(Editor: Zhang Jingchao, Proofreader: Yan Jingning)