NEW DELHI: The first quarter saw a 28% year-over-year and 16% quarter-over-quarter fall in smartwatch shipments in China, the lowest level in the previous 12 quarters.

According to Counterpoint Research, the nation's smartwatch industry did not entirely recover in the first complete quarter following reopening. The top three brands were BBK (imoo), Huawei, and Apple. They made up around 60% of the smartwatch market in China.

"Although the Spring Festival may increase overall consumption, the demand for smartwatches was still subpar in the first quarter of 2023. We observed something similar in China's smartphone shipments. More time is needed for the market to recover, according to senior analyst Shenghao Bai.

The shipments of high-level operating system (HLOS) smartwatches experienced the smallest YoY decline among the different types of smartwatches, despite the fact that their market share climbed to 45% from 39% in Q1 2022.

Meanwhile, China's shipments of "kids smartwatches" fell 31% year over year. The largest market for children's smartwatches is in this nation. With a 27% market share, Huawei was the greatest winner in China's smartwatch industry thanks to its strategy of diversifying its portfolios.

In Q1 2023, the Huawei Watch GT 3 was the second-best-selling model. With the help of the Apple Watch Series 8 and Apple Watch SE 2022, Apple captured the second-largest share.

The only major brand whose shipments increased both YoY and QoQ was OPPO.

What to Watch out for GDP Q4FY23 numbers releasing today

RBI's Balance Sheet scales up 2.5% to Rs.63.45-La-Cr in FY23