Indian brand BoAt grew 132 percent QoQ with 24 percent market share
The smartwatch market in India registered its highest ever shipments in the third quarter of 2021 to have a record quarter-on-quarter (QoQ) growth of 159 per cent, as per Counterpoint Research’s new report.
Additionally, the year-on-year growth was 293 percent, where the top three spots contributed to almost two-thirds of the total market.
As per Counterpoint, the growth can be attributed to promotions across various platforms along with new launches, which contributed to around 28 percent of the total market in terms of shipments.
Senior Research Analyst Anshika Jain said, “Q3 is crucial for the smartwatch players as this is the time when they witness the highest growth. To meet the anticipated surge in demand during the festive sale, the brands push increased shipments into the channel. Besides, they come up with multiple launches and big discount schemes throughout the quarter. The market remained competitive in Q3 2021 with Noise and Boat together capturing almost 50% of it. Fire-Boltt, Apple and realme emerged as the fastest growing brands during the quarter.”
Noise grew 231 percent YoY and 141 percent QoQ in Q3 2021, capturing 25 percent of the market. Its newly launched devices had a 43 percent share in its total shipments during the quarter.
Indian brand BoAt grew 132 percent QoQ with 24 percent market share. Its boAt Storm remained the best-selling model in the market and alone had a 17 percent share in the overall smartwatch market. It led the market in the most competitive price band of INR 2,500-INR 3,000.
Fire-Boltt, on the other hand, was the fastest growing smartwatch player in this quarter, clocking a tremendous quarter with 394 percent QoQ growth.
Realme registered 267 percent QoQ growth in Q3 2021, taking the fourth spot in the market with a 7 percent share. Amazfit grew 54 percent QoQ and more than four times in YoY terms. It topped the market in the INR 5,000-INR 10,000 price segment.
Samsung grew 153 percent QoQ and 40 percent YoY in Q3 2021. Apple had a great quarter with 289 percent QoQ growth, whereas OnePlus remained stable and continued to lead in the INR 10,000-INR 15,000 price band with its OnePlus Watch. New contender Dizo, which entered the smartwatch market during the quarter with three models, is also close to making a mark in the Top 10 list, said the research firm.
Jain added, “Domestic brands have grown rapidly. They captured around 75 percent of the Indian smartwatch market in Q3 2021, compared to 38 percent in Q3 2020. This is the highest contribution from the Indian players so far.
The strategy of celebrity endorsements, introductory pricing schemes, discount offers, affordable and feature-rich devices and increasing the frequency of new launches has worked well for the Indian brands,” Jain concluded.