India’s smartwatch market grew 173% YoY in Q1 2022: report

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India’s smartwatch market recorded 173% year-on-year growth in the first quarter of 2022 (January-March), according to the latest research from Counterpoint’s IoT service.

Growth was driven by growing consumer interest, multiple launches during the quarter, and the availability of various discount offers and promotions, according to the report.

According to senior research analyst Anshika Jain, the contribution from the

“Many brands have started to focus on this low price point to attract new users and acquire the smart band user base. Consumer awareness has also increased in this segment due to brands’ continued efforts in marketing and promotions through online and offline channels,” Jain said.

The best brands

Noise led the market with a 23% share, with its shipments doubling year-on-year in the first quarter of 2022 due to the strong performance of its newly introduced devices. The Colorfit Pulse was the brand’s best-selling model.

Fire-Boltt took second place for the first time with a 21% share. It has multiple launches this quarter, with the Ninja Pro Max being its most popular device

boAt recorded 106% year-on-year growth and grabbed the third position with a market share of 17.8%. The Xtend and Storm models captured nearly two-thirds of its total portfolio. The brand also launched the Wave Pro 47, its first Indian-made smartwatch during the quarter.

Dizo broke into the top five for the first time with a 4.4% market share in the first quarter of 2022.

The company introduced the OLED display with its recently launched Watch R model. It also expanded its offline presence this quarter.

Samsung ranked fifth with a market share of 3.8%, growing 78% year-on-year in the first quarter of 2022.

“The Galaxy Watch 4 series had the highest contribution here and higher shipments this quarter due to promotional offers with the Galaxy S22 Ultra smartphone,” according to the report.

According to Jain, the top three brands captured 60% share in the first quarter of 2022.

“Noise has led the overall smartwatch market with its value-for-money offerings, the addition of relevant features to its product portfolio, and its focus on the Make-in-India program. Fire-Boltt first emerged as the second-largest player due to its focus on affordability and the introduction of feature-rich products. Fire-Boltt has a good offline presence and targets several smartwatch segments like fashion, lifestyle, fitness, and luxury. boAt took third place. It also refreshed its portfolio in Q1 2022 with five new models,” Jain said.

Realme recorded a 3% share in the first quarter of 2022. The brand introduced its new S100 smartwatch, which has been its main volume driver.

“We expect to soon see a refreshed portfolio and increased shipments in the near future. It is a well-established brand in both offline and online channels,” the report states.

Apple saw 104% year-on-year growth in the first quarter of 2022, with its Series 7 variants contributing two-thirds of shipments. It continued to dominate the premium segment (>₹30,000, >$400) with over 87% share.

Amazfit was down 35% year-on-year in the first quarter of 2022. The GTS 2 Mini contributed more than 30% of its shipments.

“With the new GTS Mini 2, we expect it to regain some of its market share in the next quarter,” he said.

Zebronics has managed to stay in the top ten, launching several affordable models on various online and offline platforms.

OnePlus was leading in the retail price range of ₹10,000 to ₹15,000 ($133 to $200) with around 45% share.

Xiaomi recorded strong QoQ growth of 238% in the first quarter of 2022. Its new Redmi Watch 2 Lite model is performing well in the market.

Research analyst Harshit Rastogi said, “Brands are pushing bigger screens, which consumers readily accept. By pushing larger screens, brands are also attracting smart band users as these bands have limited functionality due to smaller screens.

“The contribution of >1.5 inch smartwatches has increased to more than half of the total smartwatch market from just 11% last year. Additionally, some of the most requested features like SpO2 are now present at all price points. Blood pressure monitoring as well as voice assistant trickle down to lower price brackets to appeal to budget conscious customers,” Rastogi said.

Rastogi added, “Several brands have already started domestic manufacturing. We could see a major increase in the contribution of domestically-made devices in the second half of 2022, especially from brands like Noise, boAt and Realme.

Published on

May 07, 2022

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