The Indian smartwatch market is undergoing a remarkable transformation as prices of these wearable devices plummet by nearly 50%. Fueled by intense competition among prominent brands like Boat, Noise, Oppo, and Fire-Boltt, consumers are witnessing a paradigm shift that’s making smartwatches more accessible than ever before.
Boat and Noise Lead the Way
Boat and Noise have emerged as frontrunners in this competitive arena, with Boat claiming a notable 26.6% market share and Noise following closely with 13.5%. These brands have set the stage for an exciting market landscape by offering innovative features at compelling price points.
Rapid Growth and Diverse Offerings
The smartwatch market share in India has skyrocketed, surging from 26.8% in the first half of 2023 to a whopping 40%. Such robust growth is further substantiated by a significant 12.8% increase in smartwatch shipments during the second quarter of the same year.
A plethora of smartwatch models have captivated consumers, including notable options like The Storm Call, Wave Flex Connect, Noise Colorfit Icon 2, and Colorfit Icon Buzz. In addition to Boat and Noise, the top five smartwatch brands of 2023 encompass Oppo, Fire-Boltt, and Boult Audio.
Forces Behind Price Reduction
According to Upasana Joshi, Research Manager of Client Devices at IDC India, the first half of 2023 witnessed a deluge of smartwatch models characterized by premium finishes, sporty aesthetics, rugged builds, and a myriad of strap options, from metal to silicon and leather. Joshi anticipates that the second half of the year will bring forth aggressive festive offers and discounts, while brands remain vigilant in terms of supply. Additionally, she foresees an influx of budget-friendly options in the smart ring category.
Trends in Earwear Market
The IDC report also delves into the burgeoning earwear market, unveiling a surge to 27.3% market share in the first half of 2023. True Wireless Stereo (TWS) earbuds have emerged as frontrunners in this segment, boasting a market share of 65.6%, a significant leap from the previous 52.9%. However, neckbands experienced a decline of 22.5% in the second quarter of the year.
The report discloses a minor reduction in earwear prices, with neckbands witnessing a 6.4% drop to $15 (approximately Rs 1,246) and TWS earbuds seeing a 15.3% decrease to $18.7 (approximately Rs 1,500). This price adjustment reflects burgeoning consumer demand for affordably priced earwear options without compromising on quality.
Affordable Luxury with Premium Features
Vikas Sharma, Senior Market Analyst for Wearable Devices at IDC India, attributes the surge in the wearable category to the infusion of premium features into more budget-friendly models. Sharma explains, “The high-end capabilities that have been exclusive to premium products are now gradually making their way into affordable models. These include features like advanced ANC (active noise cancellation), multiple microphones, minimal delay or low latency, simultaneous dual device connection, and advanced sound chipsets.”
As India’s wearable market continues to evolve, consumers are reaping the benefits of an expanding array of choices, competitive pricing, and cutting-edge features that were once only attainable in high-end products.
