Global shipments of smartwatches built by foreign manufacturers increased 15 percent, accounting for 69 percent of total global shipments in H2 2022.
Luxor, a foreign manufacturer, took the top spot in H2 2022, accounting for 40% of Apple Watch production.
Luxshare, Foxconn and Compal are the top three players among the imported manufacturers in H2 2022, accounting for half of the shipments in the period.
The top three manufacturers benefited primarily from Apple Watch orders in H2. Foxconn’s H2 2022 shipments rose due to Apple orders, helping the company to rank second in shipments. And, while Luxshare smartwatch shipments were flat compared to H2 2021, COMPAL cut orders from Apple in pursuit of higher profit margins, Evan Lam, senior research analyst at Counterpoint, noted in a company blog post.
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In Phase-2, Indian brands LINWEAR, I DO and Yawell benefited from stellar growth. Huawei is at the top of its class when it comes to making smartwatches for various brands.
The YOY increase in overseas smartwatch shipments in H2 2022 was driven by the strong performance of Indian brands Noise, Fire-Bolt and Boaty, said Shenghao Bai, senior research analyst at Counterpoint.
Manufacturers such as LINWEAR, I DO and Yawell have partnered with several brands to increase their shipments, especially those from India that focus on the sub-$50 segment, Lam added.
Huaqin shipments increased slightly following the company’s partnership with Samsung. The company continues its collaboration with Huawei, HONOR and OPPO.
Original Design Manufacturers (ODM) and Electronics Manufacturing Services (EMS) are starting to play a more important role in the smartwatch industry as the market continues to grow. The share of exports from imported manufacturers is expected to increase from 69% to 70% in 2022. The competition is also expected to tighten with OEMs’ requirements to keep price, availability and reliability in mind, Bai noted.
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