The wearables segment in India saw a huge spike in the year 2020 with triple-digit growth. In a not so surprising report, the same growth has continued in 2021 Q1 as well.
According to the latest report from International Data Corporation (IDC), the Indian wearable market has continued to grow at a rapid pace with over 11.4 million units being shipped in 2021 Q1. The Indian wearables market grew 170.3% year-over-year in Q1, 2021 (Jan-Mar).
The strong momentum in the watches and earwear category led to the highest ever first-quarter shipments in India. With 1.4 million units of watches shipped in 2021 Q1, India just had its second straight quarter with over a million units shipped.
Noise, an Indian based brand, continued to lead the segment with 26.7% share followed by another brand from India, BoAt (21.9%). BoAt entered the smartwatch space in India back in 2020 Q4 and has launched about four smartwatches. With multiple low-cost smartwatch launches in India, the Average Selling Price (ASP) of the category fell to $88, down from $166.
The wristbands category saw a decline of 22.4% with 7,600,00 unit shipments. The same category also witnessed a decline of 13.9% as the users continue to migrate to watches. Xiaomi maintained its lead with a 37.3% category share in this quarter. OnePlus, who entered the wearable space with the OnePlus Band took the second spot, replacing realme with a 25.2% share.
Lastly, the ever popular truly wireless earbuds space grew by over 200% while grabbing 35% of the overall market share in the overall earwear category. The ASP of the TWS devices declined by 39.4% YoY, primarily due to market players focusing more on affordable devices. The segment is led by BoAt with a 25.6% share followed by OnePlus with an 11.9% share primarily due to the success of the OnePlus Buds Z.
