The smartwatch market in India is experiencing a significant boom, driven by the rising health consciousness of consumers during the COVID-19 pandemic. According to a recent report by IDC, the shipment of smartwatches in India grew by a staggering 73.7% Year-over-Year (YoY) in 2023, reaching 53.4 million units. Smartwatches accounted for nearly 40% of all wearable devices shipped in the country last year, showcasing their increasing popularity.
A major factor contributing to the surge in demand for smartwatches is their affordability, especially during the festive season sales. Offering heavy discounts and a wide range of options, smartwatch manufacturers have made these devices accessible to a larger consumer base. However, the rise of non-branded alternatives has impacted the demand for high-end smartwatches from established players. These non-branded vendors strategically target first-time users by offering cheaper alternatives to popular models, often bundled with multiple watch straps. As a result, the market share of advanced smartwatches has declined, leading to a significant drop in the Average Selling Price (ASP) from US$42.5 in 2022 to US$26.1 in 2023.
In addition to the increase in smartwatch shipments, the overall wearable device market in India also witnessed impressive growth. Shipments grew by 34% YoY, reaching a record 134.2 million units in 2023. Despite numerous new launches, promotional offers, and discounts during the holiday season, the average selling price of wearables declined by 15.4% YoY to US$21.2 in Q4 2023.
The smartwatch brand landscape in India has also seen a significant shift. Fire-Boltt emerged as the top smartwatch brand in 2023, surpassing Noise (Nexxbase) in terms of shipments. Despite recording a strong 70% YoY growth, Fire-Boltt’s market share declined slightly. Noise slipped to the second position, witnessing a decline in both market share and YoY growth. boAt, which once held a significant market share, continued losing ground to competitors. On the other hand, Titan experienced remarkable growth, with its market share more than doubling in just a year. Samsung, however, failed to make it to the top five brands, being surpassed by a relatively new player named BeatXP, which rapidly rose to become the fifth-largest smartwatch brand in India.
What brand of smartwatch do you currently use, and what factors influenced your decision when upgrading to a new one? Share your thoughts in the comment section below!
Frequently Asked Questions (FAQ) on the Indian Smartwatch Market:
1. How much did the shipment of smartwatches grow in India in 2023?
The shipment of smartwatches in India grew by a staggering 73.7% Year-over-Year (YoY) in 2023, reaching 53.4 million units.
2. What percentage of wearable devices shipped in India were smartwatches?
Smartwatches accounted for nearly 40% of all wearable devices shipped in India last year.
3. What are some factors contributing to the surge in demand for smartwatches in India?
Affordability, especially during festive season sales, is a major factor. Smartwatch manufacturers offer heavy discounts and a wide range of options, making these devices accessible to a larger consumer base.
4. How have non-branded alternatives impacted the demand for high-end smartwatches in India?
The rise of non-branded alternatives has led to a decline in the market share of advanced smartwatches from established players. Non-branded vendors offer cheaper alternatives bundled with multiple watch straps, targeting first-time users.
5. What has been the impact of non-branded alternatives on the Average Selling Price (ASP) of smartwatches in India?
The market share of advanced smartwatches has declined, leading to a significant drop in the Average Selling Price (ASP) from US$42.5 in 2022 to US$26.1 in 2023.
6. How much did the overall wearable device market in India grow in 2023?
The overall wearable device market in India witnessed a growth of 34% YoY, reaching a record 134.2 million units in 2023.
7. How has the average selling price of wearables changed in India?
Despite numerous new launches, promotional offers, and discounts, the average selling price of wearables declined by 15.4% YoY to US$21.2 in Q4 2023.
8. Which brand emerged as the top smartwatch brand in India in 2023?
Fire-Boltt emerged as the top smartwatch brand in 2023, surpassing Noise (Nexxbase) in terms of shipments.
9. How did some of the established smartwatch brands perform in India in 2023?
Noise slipped to the second position, witnessing a decline in both market share and YoY growth. boAt continued losing ground to competitors. Titan experienced remarkable growth, with its market share more than doubling in just a year. Samsung failed to make it to the top five brands, being surpassed by a relatively new player named BeatXP.
10. What are the factors that influenced your decision when upgrading to a new smartwatch?
The article does not provide information about the factors that influenced the decision when upgrading to a new smartwatch.
Suggested related link: IDC – International Data Corporation
The source of the article is from the blog newyorkpostgazette.com