The fastest growing tech sector these days is the smart watch because of the fact that this is the sort of thing that could potentially end up allowing people to put their phones away and still get heart rate and sleep monitoring features. This sector has been seeing double digit growth for four straight quarters, and it turns out that the first quarter of 2022 has continued this streak.
As per CPR, the market has grown by 13% year on year, marking the fifth sequential quarter in which such tremendous growth rates have been seen. With all of that having been said and now out of the way, it is important to note that Apple continues to hold the top spot in this market, with its total share of the market actually growing from 35.9% in the first quarter of 2021 to 36.1% in the first quarter of 2022.
In spite of the fact that this is the case, other companies have been seeing even better growth. Samsung has now fully taken control of the second spot on this list with its market share increasing dramatically from 7.8% a year ago to 10.1% in the first quarter of this year. Coming in third is Huawei, but this Chinese company has actually seen its market share shrink from 8.1% to 7.2%, so Samsung will have supplanted its second place even if its market share had not grown at all.
One Chinese company that continues to see rapid growth is Xiaomi. The tech company has seen its market share rise from 3.4% in 2021 to 5% in 2022. This has allowed it to surpass all other smart watch companies that had previously been ahead of it, including Garmin, Amazfit, Imoo and Fitbit, of which all except Amazfit saw their market share decrease to varying degrees. This suggests that Xiaomi and Samsung might be the heavy hitters of the future, although they have a lot of growth yet to do before they can take the top spot from Apple because its growth rate, small though it might be, is still positive.
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As per CPR, the market has grown by 13% year on year, marking the fifth sequential quarter in which such tremendous growth rates have been seen. With all of that having been said and now out of the way, it is important to note that Apple continues to hold the top spot in this market, with its total share of the market actually growing from 35.9% in the first quarter of 2021 to 36.1% in the first quarter of 2022.
In spite of the fact that this is the case, other companies have been seeing even better growth. Samsung has now fully taken control of the second spot on this list with its market share increasing dramatically from 7.8% a year ago to 10.1% in the first quarter of this year. Coming in third is Huawei, but this Chinese company has actually seen its market share shrink from 8.1% to 7.2%, so Samsung will have supplanted its second place even if its market share had not grown at all.
One Chinese company that continues to see rapid growth is Xiaomi. The tech company has seen its market share rise from 3.4% in 2021 to 5% in 2022. This has allowed it to surpass all other smart watch companies that had previously been ahead of it, including Garmin, Amazfit, Imoo and Fitbit, of which all except Amazfit saw their market share decrease to varying degrees. This suggests that Xiaomi and Samsung might be the heavy hitters of the future, although they have a lot of growth yet to do before they can take the top spot from Apple because its growth rate, small though it might be, is still positive.
