Huawei and Apple dominated the Chinese smartwatch market in 2022, with the two combined rising to almost half of the market share, according to a report released by market research firm Counterpoint on Thursday.

Among key brands, only OPPO, Apple and Huawei grew year on year, with the two giants rising by 22 percent and 9 percent, respectively, while OPPO doubled its share with an increase of 105 percent.

According to the report, 2022 saw China's smartwatch market shrink to pre-COVID-19 levels, with its shipments falling by 9.3 percent compared with 2021, while global smartwatch shipments were up by 12 percent.

However, the share for high-to-premium smartwatches priced above 1,365.7 yuan ($200) rose, with shipments of watches valued at over 2,731.4 yuan ($400) growing to about 13 times that of the previous year.

"Apple and Huawei's marketing efforts have led high-end consumers to view their smartwatches as professional-grade devices with advanced sports and health monitoring capabilities," said Ivan Lam, the company's senior analyst, adding that these watches are also appreciated for their "sleek and stylish designs."

Huawei on Thursday launched its latest smartwatch, Watch Ultimate, priced between 5,999-6,999 yuan (around $878.5-$1,025), aiming to grab a share of the premium market.