Not Apple, this Indian company dominated smart wearable segment with 25.6 pct market share in Q2 2020
Gurugram based Indian lifestyle gadget brand – Noise – has emerged as the top choice when it comes to smart wearables. According to a report by IDC, Noise has emerged as the number 1 wearable watch brand in the country. The company dominated the segment with 25.6 per cent market share in second quarter (April-June) of 2020. The ranking is based on unit shipments during the quarter according to the IDC Worldwide Wearable Device Tracker for its 2Q 2020 report.
The update comes at a time when there has been a massive and visible shift in consumer behaviour towards personal tech accessories. With people confined to their homes because of the pandemic, they have become more aware and pickier when it comes to finding the best way to stay fit and updated.
In such a scenario, personal wearables come handy in helping them track their fitness as well as personal/work notifications. Noise has successfully been able to cater to this segment with its multiple SKUs, including the bestseller ColorFit Pro 2 and the recently-launched ColorFit Nav.
“We are proud at the achievement and even more determined to get the best of technology for our consumers. With new innovations, we are all set to match the rapidly-changing world and the requirements it will bring along the way,” – Gaurav Khatri, CEO said.
The company aims to further expand its portfolio with new launches in 2020 and 2021. Noise aims to achieve the 500-crore mark, and targeting a projection of 1000 crores by 2024.
“On this occasion, I sincerely want to thank our consumers for loving us and our offerings. We promise even better experiences ahead,” Amit Khatri, Managing Director said.
The report further added that global shipments of wearable devices are expected to total 396.0 million units in 2020. This marks a 14.5% increase from the 345.9 million units shipped in 2019. Looking ahead, IDC forecasts shipment volume to have a five-year compound annual growth rate (CAGR) of 12.4% and total 637.1 million units in 2024.
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