According to the latest research report released by Counterpoint IoT Service, India’s smartwatch market grew 312% year-on-year in the second quarter of 2022. This growth can be attributed to growing consumer interest in smartwatches as phone accessories. and fitness tracking devices. Numerous new products were launched this quarter as major brands are working to expand their offline presence across the country.
Indian smartwatch shipping rate, Q2 2021 vs Q2 2022
Commenting on the market dynamics, Anshika Jain, Senior Research Analyst at Counterpoint, said: “In the second quarter of 2022, shipments of smartwatches to India will increase fourfold compared to the previous year, led by Fire-Boltt. Fire Boltt and Noise dominate accounting for more than half of the entire smartwatch market. The market is very active and the top three positions are expected to change in the coming quarters. In terms of sales channels, we are seeing steady growth in sales through offline channels, with brands that launched exclusive watch models offline and expanded partnerships with distributors nationwide. A third of smartwatches were sold offline, the highest share ever. Among the online channels, Amazon Sales led all the e-commerce, followed by Flipkart. Noise, boAt and Fire-Boltt were the best-selling brands online “.
Q2 2022, overview of the smartwatch market in India
- Fire-Boltt leads the smartwatch market with the most launches in the second quarter of 2022. Its growing offline presence and affordable premium features have helped the brand lead the way.
- Noise came in second with a 26% share, up 293% year-over-year. The brand increased domestic production this quarter, contributing three-quarters of its locally produced smartwatches. It launched multiple models with Bluetooth calling, which accounted for 40% of shipments in the quarter.
- boAt achieved 199% year-over-year growth and was ranked third. The Storm and Xtend models remain the most popular. This quarter it launched its first smartwatch with a Bluetooth call, “boAt Primia”. Meanwhile, the TAGG and Defy sub-brands continue to grow.
- Samsung grew 295% year-over-year in the second quarter of 2022. The Galaxy Watch 4 continues to be its best-selling model thanks to frequent promotions.
- Dizo remained flat month over month and finished fifth. The Dizo Watch 2 Sports is the brand’s flagship model of the season. The brand also launched the offline-only Watch 2 Sports-i this quarter.
- Titan and its Fasttrack sub-brand ranked sixth with a market share of 2%. The value of its brand and the extensive national distribution network are fully utilized.
- realme grew 76% yoy in the quarter, marking the brand’s seventh consecutive growth. The brand also launched its first Bluetooth-calling smartwatch, the Watch R100, this quarter. The brand maintains almost equal status across all channels.
- Apple posted 197% growth in the second quarter of 2022. Watch Series 7 continues to be its best-selling product, with nearly 250,000 units shipped to India by the end of the quarter. Apple is expected to gain more market share with upcoming product launches in the third quarter of 2022.
- Pebble grew 267% in the second quarter of 2022. It was acquired by Mensa Brands during the quarter in an effort to expand its distribution and further accelerate its growth.
- Thanks to the popularity of the OnePlus Watch, OnePlus has maintained its top spot in the retail price range of INR 10,000-15,000 ($ 125-190 or RMB 850-1280).