Smartwatch shipments in India increased 50 per cent year-over-year (YoY) in 2023 driven by the rising penetration of smartwatches, proliferation of affordable devices, Indian brands’ enhanced efforts to grow sales, and local manufacturing, according to a Counterpoint Research report released on Wednesday.
“While the market continues to register high growth rates, we are seeing some stabilisation, signaling wider adoption. The quarterly growth rates have come down from triple to double digits. We expect the market to grow 23 per cent YoY in 2024,” said Senior Research Analyst Anshika Jain.
According to Jain, the industry will continue to rise as new technologies like cellular connection, high-level operating systems (HLOS) and improved screens are introduced.
“We are now observing that OEMs are tapping into new emerging markets like Southeast Asia and the Middle East and foraying into other wearable categories like smart rings to accentuate their presence in the market,” she said.
Fire-Boltt dominated the market in 2023, with a 29.6 per cent volume share, up from 26.5 per cent in 2022, while Noise (together with sub-brand Alt) fell from 27.3 per cent in 2022 to 25.5 per cent. boAt (with sub-brands TAGG and Defy) remained third in the market, with a 17 per cent share and 40 per cent yearly growth, although its share has decreased from 19.3 per cent in 2022.
According to the research organisation, Fastrack had the biggest shipping increase among major original equipment manufacturers (OEMs), propelling it to fourth place with a 5.4 per cent market share, while Boult took fifth place with a 3.8 per cent share.
Samsung fell 3 per cent (YoY) in 2023 but had a 17 per cent annual increase in Q4 2023.
According to the research firm’s statistics, Apple’s shipments fell the most, by 57 per cent YoY, owing to longer replacement cycles, a higher average selling price (ASP), and iPhone-only compatibility. The Cupertino-based corporation maintained its edge in the declining Rs 20,000 and above retail pricing range.
“The market saw over 125 active smartwatch brands in 2023 even as it started moving towards consolidation. The combined share of the top five brands reached the highest ever at 81 per cent. In addition, growth of emerging players like Fastrack, Boult and BeatXP led to further consolidation of the market,” said Research Analyst Harshit Rastogi.
Rastogi stated that the industry is now even more skewed towards lower price bands, with 54 per cent of exports in 2023 falling below Rs 2,000 retail, up from 26 per cent in 2022.
