It is the best of times for, well, smartwatches brands in India. India has become the second-largest smartwatch market globally, and this growth has been driven by the strong showing by Made-in-India brands such as Fire-Boltt and Noise, which have broken into the global top-5 for the first ever.
The Indian market grew 347% YoY to overtake China for the second spot. During the quarter, 30% of models shipped in the Indian market sold for less than Rs 4000, and major local brands launched cost-effective models, lowering the entry barriers for consumers.
In all, the global smartwatch market grew 13% YoY in Q2 2022 with Apple retaining the top spot, according to the latest report by Counterpoint Research. India's rise comes at the cost of China, whose numbers saw a YoY with major Chinese brands such as Huawei, Imoo and Amazfit seeing limited YoY growth or decline. China saw a 10% YoY decrease in its shipments. By region, North America continued to occupy the top spot, but its gap with the second spot narrowed. Europe, which ranked third in the previous quarter, was pushed down to fourth place with a 13% YoY decline.
Breakthrough for Fire-Boltt, Noise
Fire-Boltt recorded a remarkable increase in shipments, taking first place in India’s market in terms of quarterly shipments. Noise grew 298% YoY, gaining popularity in both online and offline markets of India. However, due to the rapid growth of Fire-Boltt, it lost the No. 1 position in the Indian market with a 26% share.
Fire-Boltt with 6.3% of global market share and Noise with 5.9% share have broken into the global top-5 ranking. They dislodged Garmin and Imoo from the top-5. It is a remarkable breakthrough for the two Indian brands. But they cannot afford to rest on the laurels.
Apple’s shipments increased 8% YoY, taking the top spot in this quarter as well. Samsung maintained its second place with a 40% YoY growth. The Galaxy Watch 4 series has maintained its popularity, especially in North America and India. Huawei took the first position in the Chinese market for the third consecutive quarter. Xiaomi’s shipments increased 13% YoY with no significant change in its market share. Garmin fell two places to the seventh spot compared to the previous year. However, due to its higher ASP, the brand ranked third after Apple and Samsung in terms of wholesale revenues.
Amazfit’s shipments declined 11% YoY due to the weak demand in China market. But it performed well in India, growing 65% QoQ.
