Smartwatch companies in India have had a good run over the past year. A study by research organisation Counterpoint Research shows a record 173% YoY growth of the product segment. The majority of the growth has been contributed by home-grown brands Noise and Fire-Boltt who hold the top 2 positions. Boat comes in third place with an 18% market share.
Budget smartwatches priced below Rs 5,000 saw the highest growth at 87%. Smartwatches priced between Rs 1,000 and Rs 2,00 also now constitute 14% of the market, up from 2% last year.
Even though Noise had doubled its shipments in comparison to last year, the brand’s market share has taken a dip. The company now holds 23% of the total market share compared to 31.1% in Q1 2021.
Fire-Boltt overtakes Boat
Indian smartwatch manufacturer Fire-Boltt, however, overtook Boat to capture the second position in the total market share in Q1 2022. It acquired 21% of the market share to come in the top 5 list for the first time.
Boat has also seen a reduction in its market share from 23.7% to 17.8% in Q2 2022, but still posting a YoY growth of up to 106%. The study states that the company’s Xtend and Storm smartwatches have been major contributors to the growth of the company.
Another company that has made it to the top 5 spot this year is Dizo with the success of its Watch R which is priced at Rs 3,999. The Realme sub-brand for IoT devices and wearables holds a 4,4% market share overtaking the parent company which held a 3% share in Q1 2022.
Samsung continues to maintain its 5th position in the smartwatch market with a growth of 78% YoY in Q1 2022. Bundling the Galaxy Watch 4 with its flagship Galaxy S22 Ultra smartphone this year has been a major contributor. While there has been a growth in comparison to last year, its market share has come down to 3.8% from 5.8% in Q1 2022.
OnePlus hold the first position when it comes to smartwatches priced between Rs 10,000 and Rs 15,000. Apple continues to reign the premium segment of smartwatches priced above Rs 30,000 with an 87% market share. This has been attributed primarily to the success of the Apple Watch Series 7.
Premium features, budget prices
The growth of smartwatches in our country is not surprising. Many companies in India, especially those part of the ‘Make in India’ initiative by the government have been able to bring many of the premium features to budget devices. Features like the blood pressure monitor and SpO2 tracker have been major features of best selling smartwatches this year. The study has also found that consumers tend to prefer smartwatches with larger displays.
Growth for many of the smartwatch manufacturers has also been amplified as they have begun their production in India as well. This has helped reduce costs and keep prices low for budget smartwatches in the country.
