New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – Aug 19, 2022
India’s smartwatch market grew 312% YoY in Q2 2022, according to the latest research from Counterpoint’s IoT Service. This growth can be attributed to growing consumer interest in smartwatches as an accessory and as a fitness tracker. There were numerous product launches throughout the quarter as brands sought to grow their offline presence across the country.
Commenting on the market dynamics, Senior Research Analyst Anshika Jain commented, “India’s Smartwatch shipments grew by 4x annually in Q2 2022, with Fire-Boltt leading. Fire Boltt and Noise captured more than half of the total smartwatch market. The market is very dynamic and the top three positions will be fluid in the coming quarters. In terms of channels, we are seeing a steady increase in sales through offline channels with brands launching offline exclusive models and extending their partnerships with distributors across the country. One-third of the smartwatches are sold offline, the highest ever share. In the online domain, Amazon led the market followed by Flipkart, and with Noise, boAt and Fire-Boltt being the best-selling brands.”
Commenting on smartwatch models, Research Analyst Harshit Rastogi said, “We saw over 300 smartwatch models selling this quarter, the highest ever number. The top three brands combined offered 75 different models. The quarter saw over 50 new launches from major brands. Low-end smartwatches continue to attract more competition as half of the total models are in the sub-INR 3500 ($44) retail price band. Brands are pushing various models as consumers look for different options to choose from including dial size, display form etc. The colours and materials used continue to play a huge role in the purchase decision.”
Market Summary
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Analyst Contacts:
Anshika Jain
Harshit Rastogi
Counterpoint Research
press(at)counterpointresearch.com
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