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BoAt sails in front as Indian wearables market grows 56% in Q3

BoAt sails in front as Indian wearables market grows 56% in Q3

BoAt sails in front as Indian wearables market grows 56% in Q3
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By Vijay Anand  Nov 11, 2022 6:00:38 PM IST (Published)

The smartwatch segment was the fastest-growing category, crossing the 12 million shipments mark in a single quarter, a growth of 178.8% YoY. Interestingly, Noise leads the market in smartwatches with a 29.5% share.

More than 37 million units of wearable devices were shipped across India in the third quarter of this calendar year, recording a 56.4 percent year-on-year (YoY) growth, as per a report released on Friday, November 11, by the International Data Corporation.

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According to IDC's report, 37.2 million units — smartbands, smartwatches, and earwear — were shipped in India in the September quarter, with smartwatches clocking a huge 179 percent YoY growth, and nearly 200 percent sequentially.
CategoryQ3 CY22 shipmentsQ3 CY21 shipmentsYoY change
Smartbands1.42 lakh7.4 lakh-80.8%
Smartwatches12 crore4.3 crore178.8%
Earwear25 crore18.7 crore33.6%
Total37.2 crore27.8 crore56.4%
(Source: IDC)
“The rapid proliferation of wearable devices can be attributed to the aggressive marketing and price points by India-based vendors, well supported by e-tailers. As we exit 2022, IDC estimates India to surpass the USA, to become the second-largest wearables market globally behind only China," Upasana Joshi, Research Manager, Client Devices, IDC India, said in the report.
She added that with local manufacturing scaling up, vendors are partnering with Indian companies to take full advantage of government incentives, "leading to 30%+ 'Made in India' units by the end of 2022.”
As per the report, BoAt captured the highest market share in this period with 32 percent, registering a 19.5 percent growth YoY, followed by Noise (13.8 percent market share, 216.5 percent growth YoY). Interestingly, Noise leads the market in smartwatches with a 29.5 percent share.
Fire-Boltt bagged the third place with an 8.8 percent market share after an impressive 395 percent yearly growth, while OnePlus dropped to the fourth spot, holding 8.2 percent of the market following a 107 percent growth YoY.
Here are the Top 5 smartwatch companies by market share in India
CompanyQ3 CY22 market shareQ3 CY21 market shareYoY change
(Source: IDC)
“As smartwatches continue to be in high demand across varied customer segments, the need for better specifications/accurate monitoring will be key. We will see bigger screen size (1.8/1.99 inch), AMOLED display, physical or e-SIM connectivity in the affordable segment, while the premium segment moves towards more offerings with curved/edge-to-edge screens & NFC enabled for payment,” said Vikas Sharma, Senior Market Analyst, Client Devices, IDC India, in the report.
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