Demands for two electronic accessories have hiked exponentially post the pandemic. If you didn’t notice yet, one is wireless earphones and the second is smartwatch. Spotting the massive demand, so many electronics companies jumped into this segment, including the local brands. According to the Senior Research Analyst, Anshika Jain from Counterpoint Research shared in a blog post that homegrown smartwatch makers, such as boAt and Noise, successfully captured 75% of the Indian market share in Q3 2021. It was 38% only in the same quarter last year.
The chart shows three among the top five Indian smartwatch market shareholders from Q3 2020 have managed to stay on the new list. To be specific, the two premium players, Apple and Samsung, slip out from the list.
Noise secures its top position with 25% of the market. It witnesses a 231% YoY and 141% QoQ massive growth in this third quarter of 2021. Among the entire share, 43% is captured by its new models.
The following company is Realme. Though it’s still in the top 5 list, it comes down at 4th position from 2nd with 7% market share. The company experiences 267% QoQ in the 3rd quarter of 2021. As per counterpoint research, Realme Watch 2 lineup is responsible for this result.
Here comes Amazfit with 153% QoQ and over four times YoY growth. It is still at the 5th spot and captured a 5% smartwatch market cap. Our expectation says, in the fourth quarter Amazfit will reserve a wider area. That is because of the launch of Amazfit GTR 3, GTS 3, and GTR 3 Pro. On top of that, multiple festival sales were also there in October.
In the second and third positions, there are boAt and Fire Boltt, respectively. Both are the players in the budget segment, mainly under Rs.5,000. boAt is already a frontline leader in the audio market and maintains the same style in the smartwatch field as well. Within this short timespan, it grabs 24% market share with a 132% QoQ hike. The Fire Boltt, on the other hand, has a huge 394% increase and 17% market share. Both these companies join the top 5 list probably for the first time.
Samsung and Apple are not on the top list anymore. But, still, they get 153% QoQ and 289% QoQ growth, maintaining their premiumness. Overall, the Indian smartwatch market rises by 293% year-on-year basis. Expecting an even better stat for this quarter as well. Let’s wait and see.