February 8, 2024
1 min read

India Smartwatch Shipments Up 50%

The growth was fueled by the rising penetration of smartwatches, proliferation of low-cost devices to target first-time users…reports Asian Lite News

India’s smartwatch shipments have witnessed 50 per cent (year-on-year) growth in 2023, with Fire-Boltt leading the market, a new report said on Wednesday.

According to Counterpoint Research, this growth was fueled by the rising penetration of smartwatches, proliferation of low-cost devices to target first-time users, and enhanced efforts by Indian brands through extensive marketing and distribution, promotions and local manufacturing.

“The market saw over 125 active smartwatch brands in 2023 even as it started moving towards consolidation. The combined share of the top five brands reached the highest ever at 81 per cent,” said Research Analyst Harshit Rastogi.

Fire-Boltt led the market with a 30 per cent share. According to the report, the brand maintained its focus on offering a wide SKU portfolio and a strong offline presence.

Noise (along with sub-brand Alt) secured the second spot with a 26 per cent market share, while boAt (with sub-brands TAGG and Defy) maintained its third spot with a 17 per cent share and 40 per cent (year-on-year) growth.

Samsung declined by 3 per cent (year-on-year) last year but registered 17 per cent (year-on-year) growth in the fourth quarter (Q4) of 2023, whereas Apple’s shipments declined by 57 per cent (year-on-year) in 2023 owing to longer replacement cycles and higher ASP coupled with iPhone-only compatibility, the report said.

While the market continues to register high growth rates, the analysts said they are seeing some stabilization, signaling wider adoption.

“The quarterly growth rates have come down from triple to double digits. We expect the market to grow 23 per cent (year-on-year) in 2024. With the introduction of new features like cellular connectivity, high-level OS (HLOS) and better displays, the market is likely to sustain growth,” Senior Research Analyst Anshika Jain said.

ALSO READ: ‘India to overtake China as oil demand growth centre in 2027’

Previous Story

Bumrah Breakthrough

Next Story

2023: Dubai Tourism’s Best Year

Latest from Business

Trump confident of trade deal with EU

Meloni is the first European leader to visit Washington since Trump imposed, then paused, 20% tariffs on imports from the bloc Donald Trump and Giorgia Meloni talked up the chances of a

China Appoints New Trade Rep Amid Tariff War

Li Chenggang’s new role will be pivotal in shaping China’s trade strategy, especially as the country faces retaliatory measures and increased tariffs from the US. Amid ongoing trade tensions with the United
Go toTop

Don't Miss

Exit polls predict BJP win in Delhi  

The exit polls, released after conclusion of polling in Delhi

BCCI thanks Virat Kohli

The 34-year old Rohit, who was already appointed as T20I