• Dixon led the Made in India TV shipments, followed by Radiant.
• Bharat FIH led the Made in India TWS shipments, followed by Padget.
• Optiemus led the Made in India smartwatch shipments.
• Samsung, Dixon and Wingtech were the top three tablet manufacturers.

 New Delhi, Hong Kong, Seoul, London, Beijing, San Diego, Buenos Aires – January 10, 2023

‘Made in India’ TV shipments grew 33% QoQ in Q3 2022 (July-September) to reach over 5 million units, according to the latest research from Counterpoint’s Made in India service. In the electronic wearables category, the TWS segment led in terms of local manufacturing with almost 34% of its shipments being manufactured in India.

Commenting on the local manufacturing ecosystem, Senior Research Analyst Prachir Singh said, “The TV market showed high QoQ growth due to the festive season, which drove the consumer demand, increasing the local manufacturing shipments as well. The top five manufacturers contributed to more than 55% of the locally manufactured TV shipments in Q3 2022. Local manufacturing continues to stay robust for segments like smartwatches, TWS, tablets and neckbands also. The local manufacturing share in the TWS segment increased to 34% in Q3 2022 from 16% in the previous quarter. Bharat FIH, Padget, Avishkaran and Optiemus were the top four brands and cumulatively contributed to almost 90% of the locally manufactured TWS shipments. In the tablets category, Samsung, Dixon and Wingtech contributed to more than 90% of the locally manufactured shipments. However, in the smartwatch category, Optiemus dominated the local manufacturing and contributed to more than 90% of the shipments.”

Source: Counterpoint Made in India Research, Q3 2022

On the Indian government’s focus, Senior Research Analyst Anshika Jain said, “Under the Made in India theme, local manufacturing aims to even go beyond smartphones to cover segments like audio products, wearables and EVs. More and more efforts are being made to make the country a significant player in the global value chain. These efforts now also include semiconductor manufacturing. Many states like Gujarat have even come out with their own semiconductor policies and are bringing about associated reforms and policy changes (like labour and land reforms in Karnataka) to harness India’s potential in this space.”

The government’s vision to increase local manufacturing as well as design capabilities in India will impact the local value addition in the wearables segment. We may see many companies increasing their capacities, with the new entrants also opting for local manufacturing.

Notes:

• Dixon Technologies’ share does not include Padget Electronics.
• Avishkaran Enterprises manufactures for Mivi.

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.

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