India’s smartwatch market experienced robust growth in the third quarter of 2023, showcasing a 21% year-on-year increase in shipments. Counterpoint’s research revealed significant strides driven by the festive season sales in October. An interesting shift was seen in the share of domestic manufacturing, which surged remarkably from the previous year, hitting an all-time high of 82% this quarter, compared to a mere 4% a year ago.
Fire-Boltt: Dominating the Market
Fire-Boltt, holding the crown as India’s largest smartwatch brand, maintained its market dominance with a firm 28.0% share in Q3. The brand has demonstrated impressive growth globally as well, securing 9% of the global smartwatch market after surpassing Samsung in 1Q23.
Top Contenders in the Market
While Fire-Boltt maintained its lead, Noise stood second with a 24.3% share in 3Q23, witnessing a slight decline from the previous quarter’s 29.7%. boAt, holding a 16.6% market share in the third quarter, also experienced a dip from 20.5% in 2Q23. Notably, Titan’s Fastback witnessed the highest annual growth, soaring from 0.3% to a remarkable 7.7% market share in 3Q23, securing the fourth spot. BeatXP bagged the fifth position with a 4.7% market share.
Smartwatch Prices Dip Significantly
The smartwatch market witnessed a notable decline in Average Selling Prices (ASPs) by 41% YoY, with smartwatches now available for less than Rs 1,000. This reduction in prices has spurred growth and accessibility across market segments.
The Impact of Affordable Feature-Rich Devices
Smartwatch makers are launching feature-packed devices at affordable prices, driving the category’s exponential growth. Offerings under Rs 999 encompass features like Bluetooth calling, water resistance, and 24×7 health monitoring, among others. Discounts during the festive season further accelerated smartwatch sales across the country.
Market Share Dynamics According to IDC
IDC’s report mirrored Fire-Boltt’s solid performance, recording a 27.0% yearly growth. Noise, although declined by 1.1% YoY, retained a significant share of 20.7% in 3Q23. boAt and Titan secured the third and fourth positions, experiencing varying growth rates of 0.7% and a staggering 313.9%, respectively.
Key Points:
Market Growth: India’s smartwatch market observed a robust 21% year-on-year growth in shipments in the third quarter of 2023, largely attributed to festive season sales in October.
Domestic Manufacturing: The share of domestic manufacturing saw a remarkable surge, reaching an all-time high of 82% in Q3, compared to a mere 4% a year ago.
Fire-Boltt’s Dominance: Fire-Boltt retained its position as India’s leading smartwatch brand, maintaining a commanding 28.0% market share in Q3. Globally, Fire-Boltt secured 9% of the smartwatch market after surpassing Samsung in 1Q23.
Competitor Standings: Noise claimed the second spot with a 24.3% market share in 3Q23, while boAt stood third at 16.6%. Titan’s Fastback and BeatXP secured the fourth and fifth positions, respectively.
Reduced Smartwatch Prices: The Average Selling Prices (ASPs) of smartwatches in India saw a significant decline of 41% YoY, allowing smartwatches to be available for less than Rs 1,000.
Affordable Feature-Rich Devices: Smartwatch manufacturers are launching devices packed with features at affordable prices, making smartwatches more accessible. Devices under Rs 999 now offer features like Bluetooth calling, water resistance, and 24×7 health monitoring.
Market Share Dynamics by IDC: IDC’s report mirrored Fire-Boltt’s significant performance with a 27.0% yearly growth. Noise retained a substantial share despite a slight decline. boAt and Titan experienced varying growth rates in the third quarter of 2023.
