India Becomes World’s Biggest Smartwatch Market With Stunning 171% Growth: Here’s The #1 Brand
Latest report indicates that the country’s smartwatch market has grown by 171 percent (year-over-year) and has become the biggest smartwatch market globally in Q3 of 2022.
Tremendous Growth In Indian Smartwatch Market
Amidst the inflation and geopolitical crises that started in the beginning of 2022, the global smartwatch market shipments have increased by 30 per cent (year-over-year) in Q3, As per the Counterpoint Research.
“India’s smartwatch market grew 171 per cent (year-over-year) in Q3 2022 to become the biggest market in the world. The main factor behind the record quarter was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth,” said the Senior Analyst Anshika Jain.
This has also affected brands like Apple as the strong sales of its newly released Apple Watch 8 series has grown its sales by 48 per cent (year-over-year).
Popular Smartwatch Brands In India
Other popular brands like Noise have grown by 218 percent (year-over-year) and regained the top spot in the Indian market.
It appears that Fire-Boltt has lost the market share to Noise in India, falling to second place behind Fire-Boltt.
When it comes to Samsung, it has increased its shipments by 62 percent (quarter-over-quarter) by launching the new Galaxy Watch 5 series, the CounterPoint report suggests.
According to the Research Analyst Woojin Son, “Among the types of smartwatches, the basic smartwatch, with relatively lighter versions of operating systems (OSs) and more affordable prices, has been the key driver in sharply boosting the global market recently. While HLOS smartwatch shipments grew 23 per cent (year-over-year) in Q3 2022, basic smartwatch shipments more than doubled (year-over-year), accounting for 35 per cent of the total market,”.
Further the report reveals that the shipments in North America, which remained the largest market from Q4 2020 to Q2 2022, increased 21 per cent, but India grew so much that it was pushed to second place globally.
Local Brands In Demand
It seems that led by local brands, highly affordable products and festive demand, India emerged as the biggest smartwatch market in the world, ahead of North America and China, in the third quarter of this year.
This change in leadership assumes significance as the brands contributing to the surge are mostly local ones.
Which is quite unlike the situation in smartphones where Chinese companies dominate.
As we witnessed earlier that Samsung and Apple, the key global brands witnessing healthy demand in India, though they lack in absolute volumes due to premium pricing.
In India, the volumes have been led by brands like Noise (leads the smartwatches category) and Fire-Boltt.