According to the report by Counterpoint’s IoT Service, India witnessed a substantial 21% year-on-year growth in smartwatch shipments during Q3 2023, aligning with the broader trend of the country’s wearables market, which expanded by 29.2% during the same period.
While global smartwatch shipments faced a 1.5% decline in Q1 2023, following a 12% growth in 2022, India stood out by achieving an outstanding 121% increase in smartwatch shipments during the first quarter (Q1 2023).
Manufacturing Landscape
The share of domestically manufactured smartwatches reached an all-time high of 82%, a remarkable increase from the 4% recorded just a year ago. The growth in Q3 2023 was fueled by substantial inventory buildup in anticipation of festive season sales in October.
Noteworthy findings from Counterpoint’s Q3 2023 report include:
- Market Leaders: Fire-Boltt claimed the top spot with a commanding 28% market share, followed by Noise (24%) and boAt (16%).
- Brand Performance: Fastrack, a sub-brand of Titan, demonstrated the highest annual growth among the top five brands with a 7.7% share.
- Emerging Player: beatXP secured a position with 4.7% in the top five for the first time, indicating a dynamic shift in the market landscape.
- Pricing Dynamics: The overall Average Selling Price (ASP) of smartwatches witnessed a significant 41% year-on-year decline, with some devices available for less than Rs. 1,000.
While other brands received 18.6% of shipments in Q3 2023, compared to 20.6% in the previous quarter.