- India’s smartwatch market continues to record strong growth in 3Q23.
- The domestic manufacturing share grew significantly, compared to the previous year.
- Fire-Boltt is the largest smartwatch brand in India with a 28.0 percent share.
The smartwatch market in India recorded strong growth in the third quarter of 2023 (3Q23), thanks to the festive season sales in October. In Q3, which is the period between July and September, India’s smartwatch shipments grew 21 percent year-on-year (YoY), according to the research firm Counterpoint. It is worth noting that the share of domestic manufacturing grew significantly.
The report pointed out that domestic manufacturing had a share of 82 percent in the quarter, which is the highest ever recorded. In comparison, domestic manufacturing had a share of a mere 4 percent a year ago.
Fire-Boltt Continues To Lead The Indian Smartwatch Market
Fire-Boltt, which is India’s largest smartwatch brand maintained its market share of 28.0 percent in Q3. In 2Q23, the company had a market share of 28.8 percent. Fire-Boltt recorded a significant market in the global smartwatch market as well, when it surpassed Samsung to take the second spot in 1Q23. In the quarter, Fire-Boltt captured 9 percent of the smartwatch market worldwide, which is 57 percent growth from the previous quarter, according to Counterpoint.
The second position in 3Q23 was held by Noise with a market share of 24.3 percent in the quarter, a decline from a share of 29.7 percent in the previous quarter. Next up is boAt with a market share of 16.6 percent in 3Q23, which is less than 20.5 percent in 2Q23.
Titan’s sub-brand Fastback, which according to the research firm registered the highest annual growth, took the fourth spot. The company had 0.3 percent market share in 2Q23, which grew to 7.7 percent in 3Q23. BeatXP also secured its place in the top five smartwatch brands in India. The company took the fifth spot with 4.7 percent market share.
Smartwatch ASPs Declined To Less Than Rs 1,000
The growth was also fueled by a decline in the ASP (Average Selling Price) of smartwatches in India. The report notes that the overall ASP of the smartwatch market declined 41 percent YoY, which means that one can buy a smartwatch for less than Rs 1,000.
A similar report by research firm IDC (International Data Corporation) put smartwatches as the fastest-growing category among wearables in India. In 3Q23, a total of 16.9 million units of smartwatches were shipped, which is said to be a growth of 41.0 percent YoY. Further, a 35.3 percent YoY drop in ASP was recorded, thanks to heavy discounting and offers across channels. According to IDC, the ASPs were declined to US$26.7 (approximately Rs ) in 3Q23.
The boom in the smartwatch category has led smartwatch makers to launch feature-packed devices at affordable prices. Smartwatches for under Rs 999 with features like Bluetooth calling, water resistance, 24×7 health monitoring, and more are not uncommon these days. The discounts during the festive season in India have also contributed to the sales of smartwatches in the country.
According to IDC, Fire-Boltt recorded a yearly growth of 27.0 percent, from 26.2 percent share in 3Q22 to 23.6 percent in 3Q23. It was followed by Noise, which declined 1.1 percent YoY and captured a total market share of 20.7 percent in 3Q23. The third and the fourth spot were taken by boAt and Titan with 14.2 percent and 5.1 percent market shares in the third quarter of 2023. The two brands recorded a yearly growth of 0.7 percent and 313.9 percent, as per IDC.