The smartwatch market of India recorded a 173% growth in Q1 2022 (January-March) as per the latest report of Counterpoint. This growth is because of consumers’ growing interests, new launches, and the availability of some amazing discounts, offers, and promotions. There are many smartwatches that are launched every year. The brand that leads the Indian market is none other than Indian brand Noise with 23% of the market share. The company’s shipments doubled during the first quarter of 2022. Noise is doing really well in the market because of the good performances of the newly launched devices. The best-selling model of Noise is Colorfit Pulse during Q1 2022.
Top 3 Smartwatch Brands In India
Noise is followed by Fire-Boltt. It is the first time Fire-Boltt secured second place with 21% of the market share. boAt is in the third position with 18%. The other 10 brands that entered the smartwatch market in the first quarter are Fastrack, Defy, Reebok, and Truke. The price band between INR 1000 – INR 2000 reaches its highest share of 14%. The budget price segment has become popular for smartwatches as per the report.
Counterpoint’s 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.”
Talking about how the top 3 brands captured 60% of the domestic market, Anshika Jain said,
“Noise led the overall smartwatch market driven by its value-for-money offerings, the addition of relevant features to its product portfolio, and emphasis on the Make-in-India scheme.”
“Fire-Boltt emerged as the second-largest player for the first time due to its focus on affordability and the introduction of feature-packed products. Fire-Boltt has a good offline presence and targets multiple smartwatch segments like fashion, lifestyle, fitness, and luxury. boAt captured the third spot. It also refreshed its portfolio in Q1 2022 with five new models.”
Popular Models Of Fire-Boltt And boAt
Fire-Boltt’s Ninja Pro Max is its most popular device. Also, 57% of Fire-Boltt watches come with the Bluetooth calling function. boAt has recorded 106% on-year growth. The models Xtend and the Storm capture two-thirds of its portfolio. boAt has also launched the Wave Pro 47, its first Made-in-India smartwatch, during the quarter.
Another smartwatch brand Dizo broke into the top five for the first time. It introduced an OLED display with its new Watch R model. It also expanded its offline presence.
Samsung, Apple, And Other Brands
Samsung grew 78% over the year. The Galaxy Watch 4 series has the highest contributor on the back of promotional offers. Realme’s market share is 3%, followed by Apple. Apple watch witnessed 104% on-year growth as the Series 7 variants contributed to two-thirds of the total shipments. It remained the leader in the premium segment (>Rs 30,000) with over 87% share.
Larger Displays Attracting Users
Harshit Rastogi, Counterpoint Research Analyst said that consumers were highly receptive to the larger displays. He said,
“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.”
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