According to the most recent data published by Counterpoint Research on Friday, smartwatch shipments in India increased by 312% year over year in Q2 2022 as a result of growing customer interest in smartwatches as an accessory and a fitness tracker.
The IDC reports that shipments of wearable-based watches increased by 298.4% to 6.4 million units in the June quarter, continuing to be the fastest-growing category. In order to boost their offline presence, brands launched a lot of products during the third quarter. Over 300 different smartwatch models are available today, and 50 new models were launched in Q2, according to Counterpoint’s data.
Shipments Increased in Q2
The market leader with the most product launches during the quarter, Fire-Boltt, had a share of 27.7%. It gained ground by expanding its offline presence and offering inexpensive goods. According to Counterpoint, the brand was followed by Noise (26% share) and boAt (19.5% share).
Senior Research Analyst Anshika Jain said that in Q2 2022, Smartwatch shipments to India increased by 4x annually, with Fire-Boltt taking the lead. More than half of the market for smartwatches was taken by Fire Boltt and Noise. Due to the market’s extreme dynamism, the top three spots will change frequently during the ensuing quarters.
The Galaxy Watch 4 helped Samsung grow the fastest, with a 295% year-over-year increase. According to statistics from the research firm, Noise was the second-fastest growing brand with a year-over-year growth of 293%, followed by Pebble (267%), boAt (199%), Apple (197%), and Realme (76%).
Smartwatches in the Market
According to Counterpoint, Apple’s Watch Series 7 has maintained its position as the company’s best seller and has shipped close to 250,000 units to Indian customers as of the end of the third quarter. With new products set to come in Q3 2022, Apple is anticipated to increase its market share.
OnePlus maintained its first position in the Rs 10,000-15,000 ($125-$190) retail price band due to the popularity of the OnePlus Watch. From a channel perspective, offline channels saw continuing growth, hitting their highest-ever one-third share of overall sales.
Jain added that 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.
Research Analyst Harshit Rastogi said low-end smartwatches continue to attract more competition as half of the total models are in the sub-Rs 3500 ($44) retail price band. He added that brands are pushing various models as consumers look for different options to choose from including dial size, display form, etc. The colors and materials used continue to play a huge role in the purchase decision.
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