The smartwatch market reversed course in the third quarter of this year. According to a report by Counterpoint, smartwatch shipments increased by 9% year-on-year in the third quarter of 2023. 

Although the smartwatch market slowed down last year, things started to change starting in the second quarter of this year. This growth trend continued in the third quarter of this year.

According to data from the third quarter of this year, global supply increased by 7% by the end of the year, with Apple firmly ranking first. The company is said to be in the lead, despite launching the Apple Watch a little later than last year.

According to a report by Counterpoint, the second-generation Apple Watch SE model is the main contributor to Apple’s number one ranking. Apple is ahead of the rest with this smartwatch.

Apart from this, analysts have also discovered some key reasons behind the upturn in the global smartwatch market. These include growing demand for smartwatches in India and Huawei regaining its former dominance in China. 

However, Fire Bolt is the front-runner in the Indian market. Huawei's supply increased by 56% in the third quarter of this year. In addition to this, Huawei smartwatches grew by 122%.

The Huawei Watch 4 and Watch 4 Pro models will be launched in the second quarter of this year, and the Watch GT 4 model will be launched in the third quarter of this year. 

Meanwhile, Samsung's supply declined in the third quarter. The supply rate dropped by approximately 19%. Samsung's growth in new smartwatches in August fell 3% from last year. However, Galaxy Watch 6 Classic sales have increased this year.  

While Fire Bolt maintains its lead in the Indian market, the three Indian companies - Fire Bolt, Noise and Boat Smartwatches - are growing at a slow pace.