As consumers have become more watchful of their health parameters post the Covid-19 pandemic, India’s smartwatch market grew by more than 347 per cent year-over-year (y-o-y) and has surpassed China to become the second largest smartwatch market in the second quarter of 2022.
According to a Counterpoint Research Report, Indian homegrown brands such as Fire-Boltt and Noise have also taken top positions in the global market share. North America continues to occupy the top spot as the largest smartwatch market.
China was second in the previous quarter but was pushed to third with a 10 per cent y-o-y decrease in its shipments as consumer demand contracted due to Covid-19 lockdowns and negative economic growth, as per the report. Further, Europe, which was third in the previous quarter, was pushed to fourth with a 13 per cent y-o-y decline against the backdrop of the Russia-Ukraine war.
“During the quarter, 30 per cent of models shipped in the Indian market were sold for less than $50, and major local brands launched cost-effective models, lowering the entry barriers for consumers,” said Sujeong Lim, Associate Director, Counterpoint Research.
India’s growth as the second-largest smartwatch market is driven by homegrown brands. Noise, for example, grew 298 per cent y-o-y, contributing to a 26 per cent share of the Indian market, whereas Fire-Bolt had first place in terms of quarterly shipments. Companies believe that consumers have gotten serious about health after the Covid-19 pandemic.
“In the past two years, individuals’ lifestyles have indeed changed completely. Wearables such as smartwatches have become an essential commodity to help detect vital parameters and help individuals self-monitor themselves during these unprecedented times. The data these devices collect could provide people with information on which to base decisions to isolate or to seek medical advice or treatment. Also, smartwatches have become affordable. It’s no more a high-end or a product for the elite,” said Vishal Gondal, Founder & CEO, GOQii.
Further, the affordability of watches and fashion quotient are the biggest drivers for the massive demand and interest among Indian consumers. “The smartwatch is becoming increasingly affordable. Affordability and fashion quotient are two biggest drivers of the massive demand and interest for the smartwatch amongst Indian consumers,” said Vikas Jain, Co-Founder of Play.
”The last few quarters have been transformative for the wearables market, with homegrown players taking the lead in the global wearables industry. After emerging as the No. 1 smartwatch brand as per IDC earlier this month, we are now thrilled to see ourselves among the top five smartwatch brands globally,” said Gaurav Khatri, Co-Founder of Noise.
According to Counterpoint Research’s recently published Global Smartwatch Model Tracker, the global smartwatch market’s shipments grew 13 per cent y-o-y in the second quarter of 2022 amid macro uncertainties such as inflation and geopolitical conflicts.
Apple retained its top spot in the global smartwatch market with an increase of 8 per cent y-o-y, taking it to the top spot for the quarter and accounting for 29.3 per cent of all overall shipments. Samsung maintained its second place with 40 per cent y-o-y growth and 9.2 per cent of overall shipments.