Smartwatches remain fastest-growing category in India’s wearable market: Report

India’s wearable market shipped a document 48.1 million models in 3Q23 with a powerful 29.2 per cent year-over-year (YoY) development. Also, the information from International Data Corporation (IDC) confirmed that smartwatches remained the fastest-growing class with 16.9 million models, rising by 41.0 per cent YoY.

Apart from the brand new smartwatch and earwear fashions, sensible rings grew to become outstanding within the third quarter. The sensible ring class is producing plenty of curiosity from shoppers, notably as a result of fascinating type issue and several other launches previously few months.

According to the report, homegrown model Fire Boltt has grabbed the No.1 spot within the smartwatch class with a 23.6 per cent market share within the third quarter of 2023. The Phoenix Series and Ninja Call collection led its smartwatches in 3Q23.

ALSO READ | Fire Boltt Infinity Smartwatch Review: For those that are keen on spherical dials!

While Noise dropped to second place within the smartwatch class with 20.7 per cent market share, boAt stood third with 14.2 per cent. Titan and BeatXP positioned fourth and fifth within the smartwatch class with 5.1% and three.4% share respectively. 

Boult Audio slipped to sixth place within the smartwatch class with 55.8% of its shipments from fashions just like the Drift, Crown, and Drift Plus.

Within wearables, the share of earwear dropped to 64.4 per cent from 67.3 per cent a yr in the past, however shipments nonetheless grew 23.6 per cent to 30.9 million models, in keeping with the report.

Overall, the home wearable market shipped 105.9 million models within the first three quarters of 2023, which is greater than 100.1 million models shipped in 2022. The general common promoting worth (ASP) declined by 20.4 per cent from $27.2 to $21.7.

“Brands have upped the game with high-end specifications at entry-level pricing. This combined with high-decibel marketing campaigns and promotions will drive Q4 shipments, resulting in strong double-digit annual growth in 2023,” stated Vikas Sharma, senior market analyst, Wearable Devices, IDC India.