Indian Wearable Market Grew in Q3 2022
The report reveals that the market saw shipments of 37.2 million units in the July-September quarter. The smartwatch category became the fastest growing with a YoY growth of 178.8%. Earwear accounted for 67.3%. Although, the average selling price (ASP) decreased by 13.6% YoY.
boAt was in a dominating position with a 32.1% market share, all thanks to its audio products specifically the Airdopes 141 and Airdopes 131. It saw a 19.5% YoY growth and got a good response for its smartwatches like the boAt Xtend and Wave Call. This was followed by Noise with a 13.8% share, Fire-Boltt with a share of 8.9%, OnePlus with a share of 8.2%, and Realme with a 4.2% share.
As for the smartwatch business, it was Noise that came first with a share of 29.5%. The second position was acquired by Fire-Boltt (26.2%), followed by boAt (19.9%), Samsung (2.8%), and Pebble (1.9%).
Vikas Sharma, Senior Market Analyst, Client Devices, IDC India, said, “As smartwatches continue to be in high demand across varied customer segments, the need for better specifications/accurate monitoring will be key. We will see bigger screen size (1.8/1.99 inch), AMOLED display, and physical/e-Sim connectivity in the affordable segment, while the premium segment moves towards more offerings with curved/edge-to-edge screens & NFC enabled for payment.“
Additionally, the audio segment was driven by TWS with a share of 57.6% and a 94.4% YoY growth. Again, boAt was a leader with a share of 41.7%. Noise stood in the second position with a share of 9.3%, OnePlus in the third spot (6.8%), Mivi in the fourth spot (6.7%), and Realme with 4.3%.
So, what are your thoughts on the new findings? Do you own wearables from any of the top brands in India? Let us know in the comments below.
Featured Image: Representation of boAt Wave Call
