India-based brands now account for 3/4th of the overall wearable watch market, doubling its share from the previous year
India’s wristwear market saw a growth rate of 141.3 percent year-over-year (YoY) in 2021, with 14.4 million unit shipments having been made in the year.
The data was presented by International Data Corporation’s (IDC) India Monthly Wearable Device Tracker. As per the report, despite challenges such as supply delays, COVID lockdowns, and logistics, the wristwear category recorded its highest-ever annual shipments in 2021.
Watches have shown the strongest YoY increase, growing by 364.1 percent in 2021. Infact, Q4 2021 recorded the biggest quarter for wearable watches in India, maintaining a triple-digit growth. Overall, the wearable watch vendors shipped 4.9 million units in 4Q21, growing by 271.2 percent YoY.
India-based brands now account for 3/4th of the overall wearable watch market, doubling its share from the previous year.
Wrist bands declined by 34.0 percent annually making it the eighth consecutive quarter of annual decline in 4Q21.
Nexxbase (Noise) led the year with a 27.0 percent share in 2021 shipments. Noise also led 4Q21 to maintain its lead for the seventh quarter in a row.
Imagine Marketing (BoAt) finished the year in second place with a 25.1 percent market share.
Fire-Boltt emerged as the third biggest player in the watch market with an 11.6 percent market share in 2021.
Realme finished fourth with a 5.6% share in 2021 growing 64.8% YoY. Shipments from Zepp (Amazfit) grew 57.3% YoY in 2021.
