Smartwatches remain fastest-growing category in India's wearable market: Report
The smart ring category is generating a lot of interest from consumers, particularly due to the interesting form factor and several launches in the past few months.
India's wearable market shipped a record 48.1 million units in 3Q23 with a strong 29.2 per cent year-over-year (YoY) growth. Also, the data from International Data Corporation (IDC) showed that smartwatches remained the fastest-growing category with 16.9 million units, growing by 41.0 per cent YoY.
Apart from the new smartwatch and earwear models, smart rings became prominent in the third quarter. The smart ring category is generating a lot of interest from consumers, particularly due to the interesting form factor and several launches in the past few months.
According to the report, homegrown brand Fire Boltt has grabbed the No.1 spot in the smartwatch category with a 23.6 per cent market share in the third quarter of 2023. The Phoenix Series and Ninja Call series led its smartwatches in 3Q23.
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While Noise dropped to second position in the smartwatch category with 20.7 per cent market share, boAt stood third with 14.2 per cent. Titan and BeatXP placed fourth and fifth in the smartwatch category with 5.1% and 3.4% share respectively.
Boult Audio slipped to sixth position in the smartwatch category with 55.8% of its shipments from models 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 year ago, but shipments still grew 23.6 per cent to 30.9 million units, according to the report.
Overall, the domestic wearable market shipped 105.9 million units in the first three quarters of 2023, which is more than 100.1 million units shipped in 2022. The overall average selling price (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,” said Vikas Sharma, senior market analyst, Wearable Devices, IDC India.