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India’s smartwatch market grew 173% in Q1 2022

By pushing larger displays, the brands are also attracting smart band users as these bands have limited functionality due to smaller displays…reports Asian Lite News

Led once again by domestic brands, India’s smartwatch market grew 173 per cent (on-year) in the first quarter (Q1) this year, a new report showed on Thursday. The top three brands captured 60 per cent share in the January-March quarter.

Noise led the market with a 23 per cent share, followed by Fire-Boltt with a 21 per cent share and boAt with a 18 per cent, according to Counterpoint Research.

“The contribution of the Rs 5,000 ($67) retail price band increased to 87 per cent from 78 per cent in Q1 2021. The Rs 1,000-Rs 2,000 ($13-$27) retail price band reached its highest ever share of 14 per cent from just 2 per cent a year ago,” said senior research analyst Anshika Jain.

“Consumer awareness has also increased in this segment due to brands’ continuous efforts on marketing and promotions through online and offline channels,” she added.

“Noise led the overall smartwatch market driven by its value-for-money offerings, the addition of relevant features to its product portfolio and emphasis on the Make-in-India scheme,” said Jain.

By pushing larger displays, the brands are also attracting smart band users as these bands have limited functionality due to smaller displays.

“The contribution of the 1.5-inch smartwatches increased to more than half of the total smartwatch market from just 11 per cent last year. In addition, some of the most demanded features like SpO2 are now present at all price levels,” said research analyst Harshit Rastogi.

Multiple brands have already started domestic manufacturing.

“We could see a major jump in the contribution of domestically manufactured devices in the second half of 2022, especially from brands like Noise, boAt and realme,” said Rastogi.

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India’s smartwatch market sees record growth

Noise led the market in 2021 with a 27 per cent share and over 278 per cent growth. Four out of the top 10 models in 2021 were from Noise…reports Asian Lite News

India’s smartwatch market saw a record shipment growth of over 274 per cent (on-year) in 2021, and domestic brands led by Noise captured the market with over 75 per cent share, a Counterpoint Research report showed on Wednesday.

Domestic brand boAt captured the top spot in Q4 2021, which became the biggest ever quarter for smartwatches with over 8 per cent growth, according to Counterpoint’s IoT Service.

“More than 86 per cent of the total shipments were driven by the under-Rs 5,000 price band, compared to 59 per cent in the previous year,” said senior research analyst Anshika Jain.

Many of the features which were earlier present in the Rs 3,000-Rs 5,000 price band smartwatches are now found in the Rs 2,000-Rs 3,000 segment, like SPO2, blood pressure monitoring, voice assistance and larger display.

“Even features which were earlier prominent in premium smartwatches, like ECG and Bluetooth calling, can be seen in smartwatches priced under Rs 5,000,” Jain added.

Although only 1 per cent of the total smartwatches shipped were domestically assembled, this number is likely to jump many times due to duty structure changes and government push.

“Indian players led the market by capturing over 75 per cent share. The top three brands captured two-thirds of the total smartwatch market in 2021, compared to just half in 2020. The market saw over 10 new entrants in 2021, intensifying the competition,” said research associate Harshit Rastogi.

The market is estimated to grow by around 50 per cent in 2022 considering the high demand and brands’ dedicated efforts to bring additional capabilities to their devices.

Noise led the market in 2021 with a 27 per cent share and over 278 per cent growth. Four out of the top 10 models in 2021 were from Noise.

boAt captured the second spot in 2021 with a 26 per cent share. Its Storm was the best-selling smartwatch in 2021.

Fire Boltt was one of the key new entrants in the smartwatch market. It quickly managed to capture the third position with more than 20 models across price bands.

Samsung grew more than 2x in 2021 driven by its most popular model, the Galaxy Watch Active 2. The newly introduced Galaxy Watch 4 series contributed to over 16 per cent of its total shipments.

Apple remained flat in 2021 with the Watch SE contributing around 44 per cent of its total volume. The refreshed line-up of Series 7 saw a great start with shipments crossing 100,000 units in Q4 2021, said the report.

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