India’s smartwatch shipments experienced a 21 per cent year-on-year (YoY) growth in the third quarter of 2023 (Q3 2023), reaching a historic high for domestic manufacturing at 82 per cent, compared to a 4 per cent a year ago, according to a Counterpoint Research report.
The surge in shipments was primarily fueled by a substantial build-up of inventory in preparation for the festive season sales in October.
Additionally, the incorporation of features like larger screens and OLED displays in lower price bands, particularly in the Rs 2,000-Rs 3,000 range, contributed significantly to the market’s expansion.
The overall average selling price (ASP) for smartwatches witnessed a notable 41 per cent YoY decline, with some offerings now available for less than Rs 1,000.
Fire-Boltt maintained its market leadership, securing a 28 per cent share, although experiencing a slight dip from 28.8 per cent the previous year. Notably, it boasted the widest portfolio and the lowest average selling price among the top three players.
In the second position, Noise held a 24 per cent share, down from 29.7 per cent a year ago, while Boat, despite a decline in share from 20.5 per cent in the previous year, secured the third spot with a 16 per cent share.
Fastrack, a sub-brand of Titan, exhibited the most significant annual growth among the top five brands, capturing the fourth spot with an 8 per cent market share, compared to a mere 0.3 per cent share a year ago. Additionally, beatXP entered the top five for the first time, securing a 4.7 per cent market share.
Other brands, including Apple, collectively witnessed a decline from 20.6 per cent a year ago to 18.6 per cent in Q3 2023.
The report highlighted a 52 per cent decline in Apple shipments, attributed to the late availability of its new series in late September. Nevertheless, Apple retained its market leader position in the retail price band exceeding Rs 20,000.
