Wearable Market India: 56.7% Annual Growth Of Smartwatch-Earbud-Like Wearable Devices Market In The Country, Tops On Boat: Boat Leading Indian Growing Wearable Market: The smartwatch segment has seen the highest growth this year compared to last year, followed by the earwear category. This annual increase is the largest jump ever. Domestic companies dominate the market.
Boat on India’s top wearable brand.
Boat Leads Wearable Market: The wearable market such as smartwatches and earphones or earbuds has witnessed massive growth in the country this year. Among them, the highest growth in the current year compared to last year is in the smartwatch segment, followed closely by the earwear category. This annual increase is the largest jump ever. Domestic companies dominate the market. Also, brands like Noiz, Fire-Bolt, OnePlus, and Realme have also done well in sales of smartwatches and earbuds throughout the year.
According to the latest report from International Data Corporation (IDC), India’s wearable devices market set another record this quarter. According to the firm’s India Monthly Wearable Device Tracker, 37.2 million wearable units were shipped between July and September. As a result, this segment witnessed an annual growth of 56.4 percent in the current year compared to last year.
IDC said that in the quarter from August to October, companies took advantage of the festive season to bring their outstanding products to market. During the online sale, the brands made the devices available on various e-commerce platforms and their own websites with huge offers and discounts. As a result, the average selling price of products fell by 13.6 percent annually. In the end, the tide comes in and the brands have the last laugh.
The report said, “Smartwatches (including basic and advanced) emerged as the fastest growing segment, surpassing 12.0 million shipments this quarter. This segment alone grew by 178.8 percent YoY.” Although the average selling price of the product has decreased significantly this year to US$41.9, the figure was US$60 in this quarter of 2021.
Basic smartwatches – those with a low price, and few but essential features – have become the most popular. The growth in this category is 95.5 percent. But like before, the popularity of wristbands has fallen in this quarter as well. IDC reports that wristband sales fell 80.8 percent this quarter compared to last year.
Vikas Sharma, Senior Market Analyst, at IDC India, says, “As the demand for smartwatches continues to grow, better specifications and proper monitoring will be required in the future. The affordable segment will see larger screen sizes (1.8/1.99 inches), AMOLED displays, and physical or e-SIM connectivity, while the premium segment will see smartwatches with curved/edge-to-edge screens and NFC enabled for payments.”
Meanwhile, the growth of the earwear market this year is not less compared to the last time. This segment saw 67.3 percent growth this year compared to 2021, while the TWS earbuds segment contributed 41.7 percent to the overall wearable brand growth.
Top 5 Wearable Device Companies of 2022
boat – Boats are in the first place, with a market share of 32.1 percent in the third quarter.
Noise – In second place is Naija, which has a market share of 13.8 percent.
Fire-Bolt – Fire-Bolt is at number three, contributing 8.9 percent.
OnePlus – OnePlus took fourth place this quarter with a market share of 8.2 percent.
Realme – Realme is in fifth place. It is the only company among the top five, whose shipments are down significantly this year compared to last time.