India’s smartwatch industry grew 173% in the first three months of the year, thanks to more people interested in them, new products, and discounts and promotional campaigns. According to the most recent Counterpoint data, home-grown manufacturers Noise, Fire-Boltt, and BoAt occupied the smartwatch market during the quarter.
Noise finished first among the three challengers with a share of the market of 23%, accompanied by Fire-Boltt, which placed second for the first time, with 21%, and BoAt came third with 18%. In the first quarter, more than 10 brands joined the smartwatch market, which included Fastrack, Defy, and Truke, as well as Reebok. The price range of Rs 1,000-Rs 2,000 had a 14% share.
Indian Smartwatch Market Summary of Q1 2022
- In Q1 2022, Samsung increased 78% YoY. Because of special offers, the Galaxy Watch 4 series made the most money and shipped the most units this quarter.
- Realme gained 3% in Q1 2022. The brand launched its new smartwatch, the S100, which boosted sales.
- Apple grew by 104% year-on-year in Q1, 2022, with series 7 variations accounting for two-thirds of the volume.
- In Q1, 2022, Amazfit slumped 35% YoY. The GTS 2 Mini accounted for almost 30% of shipments.
- Zebronics remained in the top ten.
- In the retail price range of INR 10,000–15,000, OnePlus gained a 45% market share
- A Redmi Watch 2 Lite led to 238% growth in Q1, 2022.
Commenting on the market trends, Senior Research Analyst Anshika Jain said,
The contribution of the <INR 5,000 ($67) retail price band increased to 87% from 78% in Q1 2021. The INR 1,000-INR 2,000 ($13-$27) retail price band reached its highest ever share of 14% from just 2% a year ago. Many brands have started to focus on this low price tier to attract first-time users and acquire the smart band user base. Consumer awareness has also increased in this segment due to brands’ continuous efforts on marketing and promotions through online and offline channels.
Commenting on product features, Research Analyst Harshit Rastogi said,
The brands are pushing larger displays, which consumers are readily accepting. 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% last year. In addition, some of the most demanded features like SpO2 are now present at all price levels. Blood pressure monitoring as well as voice assistant are trickling down to lower price bands to attract budget-conscious customers.