Wearables Archives - Page 6 of 10

India TWS Shipments Increase 168% YoY in Q2 2022; Local Brands Capture Record Share at 81%

boAt continued to dominate with a 46% share, while Noise took the second spot for the third time in a row.
Mivi made it to the top five for the first time with a 6% share in Q2 2022.
Online channel penetration stood at 79%, with Flipkart capturing half of these shipments.

New Delhi, Beijing, Hong Kong, Seoul, London, San Jose, Buenos Aires – September 1, 2022

India’s TWS (True Wireless earbuds) shipments delivered a strong quarter with 168% YoY growth and 62% QoQ growth in Q2 2022, according to the latest research from Counterpoint’s IoT Service. The increased penetration of the low-price band (₹1,000-₹2,000 or $25-$50), multiple discount offers and growing popularity due to convenience of use led to this huge jump in market demand.

Commenting on the overall market, Senior Research Analyst Anshika Jain said, “India’s TWS market continues to show phenomenal growth due to the reasons like availability of low-priced new TWS devices, better features and functionalities like ANC, innovative designs, and low-latency mode for gaming. The market is expected to grow 47% in 2022 as new brands continue to arrive even as existing ones expand their channel presence. Besides, consumer demand is expected to rise during the festive period as people are also seeing TWS devices as a good option for gifting purposes.”

On local production, Jain added, “The share of domestic manufacturing stood at 16%, the highest ever. With boAt, Noise, Mivi and pTron ramping up their local manufacturing capabilities, these brands together accounted for 98% of the domestic shipment volume in Q2 2022. ‘Made in India’ has been taking the spotlight since the beginning of this year. But more brands started focusing on local manufacturing during this quarter. Gizmore and new entrant SWOTT also offered locally produced devices in Q2 2022. Further, we expect to see ‘Make in India’ devices from Truke and Portronics as they focus on localizing their manufacturing to maintain price competitiveness.”

Talking about the dominance of Indian brands, Associate Research Director Liz Lee said, “During Q2 2022, homegrown brands captured the top five brands rankings for the first time. These brands together took over 70% share and were quite aggressive in their marketing strategies, introducing new advanced alternatives at affordable prices along with discount schemes through various sales events. Besides, there has been a growing emphasis on roping in brand ambassadors to capture customer mind share. The top position was taken by boAt, followed by Noise and Boult Audio. Mivi entered the top five list for the very first time due to its focus on R&D and designing better quality products under the ‘Make in India’ scheme.”

Source: India Hearables (TWS) Shipments, Model Tracker, Q2 2022

Market summary for Q2 2022

boAt maintained its leadership with 236% YoY growth in Q2 2022. The substantial demand was driven by its new low-priced alternatives and big sales events like Amazon’s summer and mega music fest sales. The Airdopes 131 remained the bestseller model, contributing a 15% share to the overall TWS market shipments.
Noise maintained its second position for the third consecutive quarter with 190% YoY growth driven by its locally produced TWS earbuds. The brand again refreshed its low-priced VS series with the launch of the Noise Buds VS104 in Q2 2022. The Noise Buds VS102 was the brand’s most popular model, entering the top 10 models list for the quarter.
Boult Audio again took the third spot and reached a record high volume with 233% YoY During the quarter, it offered multiple new launches in the low-price segments (₹1,000-₹2,000 or $25-$50). The brand also participated in Amazon sales events to drive volumes. The Boult Audio Airbass X Pods grabbed a spot in the top 10 bestseller list, contributing 33% of the brand’s volume.
Mivi made it to the top five brand ranking for the very first time with more than 2X QoQ The Duopods F30 and Duopods M20 were its most popular devices.
PTron took the fifth spot with a 4% The brand actively participated in multiple sales events on different e-commerce platforms and offered two new launches at an entry-level price band (less than ₹1,000 or $13). The PTron Bassbuds Duo was its bestseller model, making it to the top 10 model rankings.

Other emerging brands in Q2 2022

OPPO saw 171% YoY growth driven by its frequent new launches. The brand launched the Enco buds Air 2 Pro in Q2 2022 in the mid-price segment. It was the second most popular model after the Enco Buds in the brand’s TWS offerings.
OnePlus maintained its position in the top 10 list. It released a new model Buds Pro in the mid-price segment in Q2 2022. The model is the least-priced TWS device in the brand’s portfolio.
Samsung took the first position in the premium segment driven by the popularity of its Galaxy Buds 2 and Galaxy Buds Pro models. The brand also offered discounts during Amazon’s summer sale.
Truke registered 75% YoY growth in Q2 2022. The brand offered two new alternatives at low price points with ENC technology. The Buds F1 model attained a record of selling 10,000 units on its launch day on Flipkart

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

Liz Lee

Counterpoint Research
press(at)counterpointresearch.com

India Smartwatch Market Takes Second Spot for First Time in Q2 2022

The global smartwatch market grew 13% YoY in Q2 2022 with Apple retaining the top spot.
India became the second-largest smartwatch market driven by the strong growth of local brands such as Fire-Boltt and Noise.

Seoul, Beijing, Boston, London, Toronto, New Delhi, Hong Kong, Taipei – August 25, 2022

The global smartwatch market’s shipments grew 13% YoY in Q2 2022 amid macro uncertainties such as inflation and geopolitical conflicts, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. In particular, India’s smartwatch market grew by more than 300% YoY to overtake China for the second spot. Indian OEMs such as Fire-Boltt and Noise took top spots in global market share.

Associate Director Sujeong Lim said, “The market performed relatively well in the second quarter compared to the downtrend we expected three months ago. However, as expected, China’s economic slowdown resulted in a YoY decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit seeing limited YoY growth or decline. Nevertheless, given that the smartphone market declined 9% YoY during the same period, we believe that the smartwatch market is on the right track to healthy growth.”

Global Top-Selling Smartwatch Brands’ Shipment Share, Q2 2022 vs Q2 2021

Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q2 2022

Market summary

Apple’s shipments increased 8% YoY, taking the top spot in this quarter as well. However, as the effect of the new model launch gradually weakened, the decline in Apple Watch 7 series shipments became larger compared to the previous quarter.
Samsung maintained its second place with a 40% YoY growth. The Galaxy Watch 4 series has maintained its popularity, especially in North America and India.
Huawei took the first position in the Chinese market for the third consecutive quarter. But the brand will find it difficult to regain the second position from Samsung globally due to the brakes on its global expansion.
Xiaomi’s shipments increased 13% YoY with no significant change in its market share. The brand needs to increase its presence in India to further expand its market share, but competition will not be easy due to strong local brands.
Garmin fell two places to the seventh spot compared to the previous year. However, due to its higher ASP, the brand ranked third after Apple and Samsung in terms of wholesale revenues.
Amazfit’s shipments declined 11% YoY due to the weak demand in China market. But it performed well in India, growing 65% QoQ.
Fire-Boltt recorded a remarkable increase in shipments, taking first place in India’s market in terms of quarterly shipments.
Noise grew 298% YoY, gaining popularity in both online and offline markets of India. However, due to the rapid growth of Fire-Boltt, it lost the No. 1 position in the Indian market with a 26% share.

Smartwatch Shipment Proportion by Region, Q2 2022 vs Q2 2021

Source: Counterpoint Global Smartwatch Model Tracker, Q2 2022

By region, North America continued to occupy the top spot, but its gap with the second spot narrowed somewhat. A notable market for the quarter was India, which grew 347% YoY to overtake China for the second spot. Lim said, “During the quarter, 30% of models shipped in the Indian market sold for less than $50, and major local brands launched cost-effective models, lowering the entry barriers for consumers.”

China, which ranked second in the previous quarter, was pushed down to third place with a 10% YoY decrease in its shipments as consumer demand contracted due to COVID-19 lockdowns and negative economic growth. In addition, Europe, which ranked third in the previous quarter, was pushed down to fourth place with a 13% YoY decline against the backdrop of the Russia-Ukraine war.

Analyst Contacts

Sujeong Lim

Neil Shah

Follow Counterpoint Research
press@counterpointresearch.com

India’s Q2 Smartwatch Shipments Highest Ever, Fire-Boltt Leads

Fire-Boltt led the market for the first time in Q2 2022 with 28% share.
Noise second with 26% share overall, but it was the best-selling brand in online channels.
boAt, together with its sub-brands, maintained the third place with 19% share.
Online channels contribute 67% to the total shipment volume with Amazon leading.

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

Fire-Boltt led the market and had the most product launches in Q2 2022. Its increasing offline presence and good product features at affordable prices helped the brand to take the lead.
Noise captured the second spot with 26% share and registered 293% YoY growth. The brand has ramped-up its domestic production this quarter and contributed 3/4^th of the locally manufactured smartwatches. It introduced more models with Bluetooth calling features and this feature was present in 40% of its shipments for the quarter.
boAt registered 199% YoY growth and captured the third position. The Storm and Xtend models remained the most popular. It launched “boAt Primia”, its first smartwatch with Bluetooth calling this quarter. Its sub-brands TAGG and Defy continue to grow as well.
Samsung grew 295% YoY in Q2 2022. The Galaxy Watch 4 continued to be its top-selling model thanks to frequent promotional offers.
Dizo remained flat QoQ taking the fifth spot. Dizo Watch 2 Sports was the top model for the brand for the quarter. The brand also launched the offline-only Watch 2 Sports-i during the quarter.
Titan along with its sub-brand Fastrack was 6^th with 2% market share. It leveraged its existing brand value and wide distribution network across the nation.
realme grew 76% YoY this quarter and took the 7^th It also launched its first smartwatch with Bluetooth calling, the Watch R100. The brand maintained its presence almost equally across channels.
Apple registered 197% growth in Q2 2022. The Watch Series 7 continued to be its best seller and has reached to almost 250k shipments till the end of the quarter in India. With upcoming launches in Q3 2022, Apple is expected to gain further market share.
Pebble grew 267% in Q2 2022. It was acquired by Mensa Brands during the quarter with the aim to expand its distribution and further accelerate its growth.
OnePlus maintained its first position in the INR 10,000-INR 15,000 ($125-$190) retail price band due to the popularity of the OnePlus Watch.

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

Brand and features beat price in TWS market

As competition in the TWS market intensifies, product portfolios are changing. OEMs that mainly focus on low-priced products, like Xiaomi and JBL are increasingly releasing mid-tier products with additional functions such as Active Noise Cancellation (ANC). While some brands, Google for example, are hitting both low prices as well as premium priced products – likely following Apple’s approach.

According to Counterpoint’s recent TWS Market Tracker report, the TWS market showed little volume change in Q1 2022 compared to the year ago quarter, growing only 4%. However, in value terms it was more dynamic.

Products priced between $50-$100 did better than low-priced products (<$50), while ultra-premium products (>$150) sold more than the premium ($100-$150) segment. As the TWS market matures, consumers are becoming more discerning and are tending to focus on aspects important to them such as brand image, new functions, sound quality, weight and battery life, rather than simply cheap products.

Global TWS Market Share by price band (Q1 2021 vs Q1 2022)

Source: Global TWS Hearables Market Tracker and Analysis Q1 2022

Global TWS Market Growth by price band (Q1.2021 vs Q1.2022)

Source: Global TWS Hearables Market Tracker and Analysis Q1 2022

The low-priced segment (<$50) decreased YoY in Q1, with the Chinese market shrinking due to the lockdowns and resulting drop in consumer confidence. Moreover, major brands such as Xiaomi and JBL launched products in the $50-$100 segment rather than their typical <$50 segment, which helped to grow the mid-range market segment. Skullcandy also did well and was one of the main factors driving the increased $50-$100 segment sales. Skullcandy appeals to younger consumers in North America and Europe based on reasonable pricing and unique designs. As Chinese OEMs like Xiaomi, Motorola, and Oppo are likely to release new products mainly in the $50-$100 segment rather than <$50 segment, the mid-range will further increase.

The premium market grew mainly in >$150 segment, with Apple playing the biggest role. Apple released its new AirPods series in Q4 2021 and the product is performing well; likely because Apple hadn’t released any new Airpods since 2019. In addition, increased sales of TWS models from premium audio brands such as Sony, Sennheiser, and B&O also contributed to premium segment sales growth. Among them, Sony is vigorously expanding its presence by releasing various new models. Sony launched its Linkbuds in Q1 2022, following on from the launch of its well-regarded WF-1000XM4 in Q4 2021.

The TWS market is expected to show steady growth as the competition intensifies with new models offering additional functions and attractive prices. However, we expect the growth of the $50-$100 segment will be stronger than the <$50 segment, despite good demand from emerging markets such as India.

India TWS Shipments Grow 66% YoY in Q1 2022; Local Brands Capture 4 Out of Top 5 Spots

Sony WF-1000XM4 Review: Great ANC TWS Earbuds With Stellar Audio

Global TWS Shipments Grow 24% YoY to Reach 300 Million in 2021

50% of Current TWS Users in India Likely to Upgrade Within a Year: Survey

India TWS Shipments Reach Record 8 mn in Q3 2021; boAt Continues to Dominate while Apple Bounces Back

Infographic: Smartwatch Market | Q1 2022

Smartwatch Market Share by Brand

The global smartwatch market grew 13% YoY, reaching shipments at 33.7 million units in Q1 2022 and continued double-digit growth for the fifth consecutive quarter. Apple maintained a solid lead and increased 14% YoY in Q1 2022. Some shipments carried over to Q1 2022 due to a month late launch of Apple Watch 7, which helped continue the strength of the brand.

Smartwatch Market Share by Region

While most major regions grew YoY, only Europe recorded flat growth. Although Apple and Samsung continued to grow year-over-year, other major brands such as Garmin and Fitbit performed weakly in the European market during this period.

Use the button below to download the high resolution PDF of the infographic:

Can Google’s Pixel Watch Be a Game Changer in Smartwatch Market?

Google has finally unveiled its first smartwatch — Pixel Watch. No surprise here, considering that this is being predicted since 2019, when Google announced its acquisition of Fitbit. At the same time, there has been a lot of market interest in the details.

Although Google did not mention the price or detailed specifications, user-friendly software such as Google Maps, Google Wallet and Emergency SoS and the body designed in the shape of a circular dome are enough to be attractive options for users in many ways.

What has been officially announced?

Design: Unlike Apple Watch, Google has chosen a round-shaped display. Compared to Samsung’s Galaxy Watch, it has a slightly more dome-shaped and convex design. There is a tactile crown in the center of the right frame.
GMS powered by Wear OS: Google increases user convenience by allowing them to use Google Assistant, Google Maps and Google Wallet.
Cellular connectivity: Consumers will have the option to pick a cellular version of the model, which will allow for an LTE connection even without a smartphone.
Deep integration with Fitbit: The Pixel Watch is equipped with healthcare features such as heart rate and sleep tracking that Fitbit already has.
Release date: It is coming this fall with the new Pixel 7 smartphone. So, it will be on the market this October.

What about the specifications?

Other than the details mentioned above, Google has not announced the device’s detailed specifications. But here are some specifications that can be expected:

Display: 1.4’’ OLED
Memory: 32 GB internal storage, 1.5 GB RAM
Chipset: Samsung Exynos 9110
Battery: 300mAh
SPO2 and ECG monitoring features
Price: About $250

Why Google wants to enter smartwatch market?

In the smartphone market, Google has gained strong influence with its Android OS, but Wear OS, its operating system for wearables, is yet to show a significant presence in the market.

Starting with the use of Wear OS on the Galaxy Watch 4 through a partnership with Samsung last year, Google has now laid a firm foundation for improving and optimizing its wearable OS with its own Pixel Watch. And through this, Google can also grow its influence in the wearable market.

In terms of hardware, the smartwatch may become the foothold for Google to enter the healthcare market, which has great growth potential, as smartwatches are evolving into healthcare devices rather than simply acting as auxiliary devices for smartphones.

However, Google is more likely to consider growing revenues from healthcare services such as disease prediction and customized exercise suggestions, based on health data collected through its smartwatches, rather than solely depending on the revenue from device sales.

Global smartwatch market outlook

The global smartwatch market recorded remarkable growth in 2021, shipping 28% more devices compared to the previous year. The market was adversely affected by COVID-19 in 2020 but was able to record rapid growth soon by amplifying consumers’ interest in health and fitness. During this period, new manufacturers entered the market, bringing in more models, designs and price points. This has been another factor that has enabled market growth by broadening consumer choice.

However, growth slowed down to 13% YoY in Q1 2022 due to inflation and the Russia-Ukraine war. We expect this slowdown to continue until at least Q2 this year. The market will regain energy in H2 thanks to the launch of new models by Apple and Samsung and the entry of Google into the market.

Smartwatch Market Grows 13% YoY in Q1 2022; Apple Stays First, Samsung Solidifies Second Place

The market grew 13% YoY and continued double-digit growth for the fifth consecutive quarter.
Apple maintained its lead, while Samsung solidified its second place.
Xiaomi recorded first Top 4 position with 69% YoY growth, and is breaking its shipment record every quarter.

Seoul, Beijing, Boston, London, Toronto, New Delhi, Hong Kong, Taipei – May 31, 2022

The global smartwatch market recorded 13% more shipments compared to the same period last year, despite concerns over economic slowdown and inflation, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. Despite -24% QoQ due to weak seasonal demand, Xiaomi performed well with it record-highest quarterly shipments.

Associate Director Sujeong Lim said, “Although the global smartwatch market saw little growth in 2020 due to the impact of Covid-19, it has continued to perform well since its rebound last year. In particular, Apple accounted for more than a third of the total shipments last year, and it is further increasing its influence with a market share of 36% in the first quarter of this year. The high brand loyalty of iPhone users is one of the success factors of the Apple Watch. This popularity appears to be higher among the younger generation, making Apple an irreplaceable market leader. Of course, everything was possible because the high performance of the product and the excellent connection among supported iOS devices. We believe that Apple’s market share is likely to rise further by the end of this year.”

Global Top 8 Smartwatch Brands Shipment Share, Q1 2022 vs Q1 2021

Source: Counterpoint Global Smartwatch Model Tracker

Market Summary:

Apple maintained a solid lead and increased 14% YoY in Q1 2022. Some shipments carried over to Q1 2022 due to a month late launch of Apple Watch 7, which helped continue the strength of the brand.
Samsung solidified second place with 46% YoY increase in shipments. It grew significantly in the APAC region with the popularity of Galaxy Watch 4 series.
Huawei remained flat YoY in terms of shipments. Due to the weak position in the international market caused by GMS restrictions, the proportion of the Chinese market in the brand’s total shipments is gradually increasing.
Xiaomi recorded its first Top 4 position with 69% YoY growth and is breaking its shipment record every quarter as it rapidly penetrates globally. A large proportion of its sales come from the low-end segment under $100.
Garmin ranked fifth in terms of shipments, but came in third in terms of revenues thanks to its higher ASP. It occupies the majority portion in the premium segment over $500.
Amazfit maintained its market share by occupying 6th place thanks to the GTR 3 and GTS 3 series that launched in the fourth quarter of 2021. In the meantime, it has been working to expand outside of China and has had some success increasing its presence in Europe.
With the China Kids Watch market sluggish at -7% YoY, and as Huawei and Xiaomi expanded their presence in this segment, imoo suffered a double-digit YoY shipment decline.
After the merger with Google, Fitbit appears to be undergoing an internal reorganization. As a result, there were no new models released last year, and the transition to Wear OS was delayed, so its sales decreased compared to the same period of the previous year.

Smartwatch Shipment Proportion by Region, Q1 2022 vs Q1 2021

Source: Counterpoint Global Smartwatch Model Tracker, Q1 2022

By region, while most major regions grew YoY, only Europe recorded flat growth. Although Apple and Samsung continued to grow year-over-year, other major brands such as Garmin and Fitbit performed weakly in the European market during this period.

Ms. Lim said, “We initially expected the war between Russia and Ukraine to have minimal impact on the market in Q1, but the prolongation of the conflict and the resulting logistical constraints have begun to affect the European region. The impact of the war will become more serious in Q2”.

Background

Analyst Contacts:

Sujeong Lim

Neil Shah

Follow Counterpoint Research
press@counterpointresearch.com

India TWS Shipments Grow 66% YoY in Q1 2022; Local Brands Capture 4 Out of Top 5 Spots

India brands captured a 72% share in Q1 2022, up from 57% in Q1 2021.
Four out of the top five spots were captured by Indian brands.
boAt led the market with a 34% share, while Noise captured the second spot for the second consecutive quarter.
Boult Audio, the third-largest TWS brand, reached its highest ever share of 7%.
10 new brands entered this segment in Q1 2022.
Domestic manufacturing stood at 14%. It was almost negligible in Q1 2021.
Almost eight out of ten models were sold online with Flipkart dominating the channels.

New Delhi, Beijing, Hong Kong, Seoul, London, San Jose, Buenos Aires – May 11, 2022

India’s TWS (True Wireless earbuds) market posted 66% YoY growth in Q1 2022, according to the latest research from Counterpoint’s IoT service. The growth was driven by the strong value proposition offered by local brands to outshine the Chinese vendors. Besides, aggressive celebrity endorsements and domestic manufacturing helped boost the demand in this segment.

Commenting on the overall market, Senior Research Analyst Anshika Jain said, “Indian brands’ shipments more than doubled in Q1 2022 to capture 72% share in the overall India TWS market. The top four positions were taken by India-based brands, which captured more than half of the total TWS market. Indian brands were very quick in terms of upgrading their product portfolio. They released some of their new models with the most popular ANC feature. Indian brands put more emphasis on targeting the low-price tier (less than INR 2,000 or $26) and forming partnerships to market their devices.”

“In addition to this, there has been a growing emphasis on domestic manufacturing, which led to an overall YoY decline of 19% in ASP in Q1 2022. Local production stood at 14% this quarter with 113% QoQ growth. We expect brands to go aggressive in the second half of this year to introduce made-in-India devices. boAt is expected to locally manufacture more than half of its total portfolio in the coming period. Other top players like Noise and realme are also expected to release locally-made devices within the first half of 2022,” she added.

Talking about premium TWS market growth, Senior Research Analyst Liz Lee said, “The premium segment (more than INR 5,000 or $65) registered 53% YoY growth in Q1 2022 led by Apple, Samsung and Sony. Apple and Samsung shipments were driven by their loyal customers, advanced product portfolios and growing smartphone ecosystems. Sony was the fastest growing brand in the premium segment, having refreshed its portfolio with two new devices. In terms of models, the Samsung Galaxy Buds 2, Sony WF-C500, Nothing Ear 1, Apple Airpods Pro and Airpods 3^rd Generation were the best TWS devices in the premium segment.”

Source: India Hearables (TWS) Shipments, Model Tracker, Q1 2022

Market Summary

boAt led the market for the seventh consecutive quarter with 98% YoY growth in Q1 2022 driven by new launches, multiple celebrity endorsements and discount offers. boAt TWS Airdopes 131 was the most popular TWS earbuds and took a 32% share in the brand’s portfolio.
Noise maintained its second spot for the second quarter in a row with 214% YoY growth driven by multiple sales events and the introduction of a new model in the low-priced VS series. The Noise Airbuds mini was the best TWS model for the brand, capturing 38% of its portfolio.
Boult Audio reached its highest ever share of 7% with 266% YoY growth. It mostly plays in the low-price segment and has gradually increased the number of its TWS offerings. The brand also actively participated in the Amazon Great Republic sale event this quarter.
PTron rose to the fourth spot with a 5% share driven by its strong presence in the entry-level price band (less than INR 1,000 or $13). Value-for-money products, domestic manufacturing and multiple alternatives were the major factors that pushed its growth.
realme stood fifth in the top five TWS brands’ rankings with a 4% The Buds Q2 Neo drove the majority of its shipments followed by the Buds Air 2. It also released a new affordable model in Q1 2022, the Buds Air 3, with prominent features like ANC and transparency mode.

Other Emerging Brands in Q1 2022

Mivi, a full-fledged domestic brand, maintained a position in the top 10 list due to its focus on domestic manufacturing and introducing feature-rich devices at low price points.
OPPO grew 365% YoY due to the good performance of its low-priced models Enco Buds and Enco W11 and newly launched Buds Air 2 in the mid-price band.
OnePlus offered a new model, the Buds Z2, in its mid-priced TWS portfolio after the huge success of its previous Buds Z model.
Apple took the leadership position in the premium segment driven by its recent launch of the Airpods 3.
Nothing maintained a position within the top five premium brands due to its competitive pricing and innovative design.
Online-centric local brand Truke grew 75% YoY in Q1 2022. Consistently launching new models in each quarter since Q2 2021, celebrity endorsements and entry-level offerings contributed to its significant growth.

Background

Analyst Contacts:

Anshika Jain

Liz Lee

Counterpoint Research
press(at)counterpointresearch.com

India Smartwatch Market Grows 173% YoY in Q1 2022; Noise Leads, Fire-Boltt Takes Second Spot for First Time

Noise led the market in Q1 2022 (January-March) with a 23% share.
Fire-Boltt took the second spot for the first time with a 21% share.
boAt captured the third spot with 18% share and 106% YoY growth.
Dizo entered the top five for the first time.
More than 10 brands entered this market in Q1 2022, including Defy, Fastrack, Truke and Reebok.
The INR 1,000-INR 2,000 ($13-$27) retail price band reached its highest ever share of 14%.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – May 5, 2022

India’s smartwatch market grew 173% YoY in Q1 2022 (January-March), according to the latest research from Counterpoint’s IoT Service. This is attributed to growing consumer interest, multiple launches during the quarter and the availability of various discount offers and promotions.

Commenting on the market trends, 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.”

On brands, Jain said, “The top three brands captured 60% share in Q1 2022. 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.”

Commenting on product features, Research Analyst Harshit Rastogi said, “The brands are pushing larger displays, which consumers are readily accepting. 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.”

On domestic manufacturing, Rastogi said, “Multiple brands have already started domestic manufacturing. We could see a major jump in the contribution of domestically manufactured devices in the second half of 2022, especially from brands like Noise, boAt and realme.”

Source: Counterpoint’s India Smartwatch Shipments Model Tracker, Q1 2022
Note: boAt’s share includes Tagg’s and Defy’s Share

Market Summary

Noise shipments doubled YoY in Q1 2022 due to the good performance of its newly introduced devices. The Colorfit Pulse became the best-selling model for the brand.
Fire-Boltt took the second position for the first time with a 21% share. It had multiple launches this quarter with the Ninja Pro Max being its most popular device. Further, 57% of its watches come with the Bluetooth calling function.
boAt registered 106% YoY growth and captured the third position. The Xtend and Storm models captured almost two-thirds of its total portfolio. boAt launched the Wave Pro 47, its first made-in-India smartwatch, in this quarter.
Dizo captured a spot in the top five for the first time. The company introduced OLED display with its recently launched model Watch R. The brand also expanded its offline presence this quarter.
Samsung grew 78% YoY in Q1 2022. The Galaxy Watch 4 series had the highest contribution here and higher shipments this quarter owing to promotional offers along with the Galaxy S22 Ultra smartphone.
realme had 3% share in Q1 2022. The brand introduced its new Smartwatch S100, which was its major volume driver. We expect to see a portfolio refresh soon and a rise in shipments in the coming future. It is a well-established brand in both offline and online channels.
Apple grew 104% YoY in Q1 2022 with its series 7 variants contributing two-thirds of the shipments. It continued to lead the premium segment (>INR 30,000, >$400) with over 87% share.
Amazfit declined 35% YoY in Q1 2022. The GTS 2 Mini contributed over 30% of its shipments. With the newer GTS Mini 2, we expect it to gain back some of its market share in the coming quarter.
Zebronics managed to maintain a position in the top ten. The company launched several affordable models on various online and offline platforms.
OnePlus took the first spot in the INR 10,000-INR 15,000 ($133-$200) retail price band with around 45% share.
Xiaomi registered a strong growth of 238% QoQ in Q1 2022. Its newly introduced model Redmi Watch 2 Lite is performing well in the market.

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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