This is attributed to growing consumer interest, multiple launches during the quarter and the availability of various discount offers and promotions
India’s smartwatch market saw a growth of 173% YoY in Q1 2022, according to a report by Counterpoint.
This is attributed to growing consumer interest, multiple launches during the quarter and the availability of various discount offers and promotions.
Noise shipments doubled YoY in Q1 2022 due to the good performance of its newly introduced devices. Fire-Boltt took the second position for the first time with a 21% share. Further, 57% of its watches come with the Bluetooth calling function.
boAt registered 106% YoY growth and captured the third position. Dizo captured a spot in the top five for the first time. Samsung grew 78% YoY in Q1 2022. realme had 3% share in Q1 2022.
Apple grew 104% YoY in Q1 2022 with its series 7 variants contributing two-thirds of the shipments. Amazfit declined 35% YoY in Q1 2022. Zebronics managed to maintain a position in the top ten. OnePlus took the first spot in the INR 10,000-INR 15,000 ($133-$200) retail price band with around 45% share. Xiaomi registered a strong growth of 238% QoQ in Q1 2022.
Research Analyst Harshit Rastogi said, “The brands are pushing larger displays, which consumers are readily accepting. By pushing larger displays, the brands are also attracting smart band users as these bands have limited functionality due to smaller displays. The contribution of the >1.5-inch smartwatches increased to more than half of the total smartwatch market from just 11% last year. In addition, some of the most demanded features like SpO2 are now present at all price levels. Blood pressure monitoring as well as voice assistant are trickling down to lower price bands to attract budget-conscious customers.”
On domestic manufacturing, Rastogi said, “Multiple brands have already started domestic manufacturing. We could see a major jump in the contribution of domestically manufactured devices in the second half of 2022, especially from brands like Noise, boAt and realme.