The global smartwatch shipments increased 9 per cent (year-on-year) in the third quarter (Q3) of 2023, a new report said on Friday.

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According to Counterpoint Research, the primary drivers of this growth were the sustained strong performance of the Indian market led by Fire-Boltt as well as Huawei's remarkable rebound in China.

"Amid a global economic slowdown, most consumer device markets like smartphones are still experiencing stagnation compared to a year ago.

In contrast, the smartwatch market has recorded year-on-year growth for two consecutive quarters in both premium and budget segments," said Research Analyst Woojin Son.

"Notably, High-level Operating System (HLOS) smartwatches, typically featuring higher specification and price, have grown largely driven by Huawei in Q3 2023 as the company posted its highest quarterly performance ever," he added.

According to the report, Apple delivered its best-ever Q3 performance, with a 7 per cent (year-on-year) increase in shipments.

Huawei recorded an impressive 56 per cent (year-on-year) increase in overall shipments for the quarter, with HLOS smartwatches seeing a remarkable 122 per cent surge.

Fire-Boltt recovered its leadership position in India after recording its all-time highest quarterly shipments.

All three major Indian brands -- Fire-Boltt, Noise, and boAt -- are growing at a slower rate than before.

However, this is seen as a sign of stabilisation rather than sluggishness, the report noted.

“Meanwhile, the Indian market, which has been powerfully leading the Basic smartwatch sector, maintained robust growth in the quarter.

The country contributed to 35 per cent of total global shipments, securing its position as the leader in the global market for the third consecutive quarter," Son said.

Samsung experienced a 19 per cent (year-on-year) decline in shipments.

However, the new products released in August exhibited only a 3 per cent drop compared to the previous ones, the report mentioned.