Indians are buying more smartwatches than ever! Based on a new report from Counterpoint Research, the first quarter of 2022 has seen a massive year-on-year growth, with most local brands dominating the top five table. The market saw an overall growth of 173 percent compared to the same period last year, and it is attributed to increased sales in the lower end of the smartwatch market seeing lots of launches. Additionally, it said that the increased demand is also due to consumer interest in this segment, and the availability of various offers as well as discounts.
The report says that the sub-Rs. 5,000 space has seen a lot of activity and interest lately, which has contributed to the major growth in this segment. “The contribution of the
The major boom in this segment is due to the top three brands capturing 60 percent of the market, and all of them are homegrown brands. “Noise led the overall smartwatch market driven by its value-for-money offerings, the addition of relevant features to its product portfolio and emphasis on the Make-in-India scheme. Fire-Boltt emerged as the second-largest player for the first time due to its focus on affordability and the introduction of feature-packed products. Fire-Boltt has a good offline presence and targets multiple smartwatch segments like fashion, lifestyle, fitness and luxury. boAt captured the third spot. It also refreshed its portfolio in Q1 2022 with five new models,” said Jain.
The reasons behind consumers getting drawn to these affordable watches includes the adoption of larger displays on these watches. Additionally, blood oxygen saturation monitoring is now present in most devices, which is a highly demanded feature in the segment.
Following the top three local brands, it was Dizo that sat in the fourth spot, the result being the reason of its expanded offline presence. Samsung came in next with its share of 3.8 percent, with a growth of 79 percent YoY, helped mostly by its Galaxy Watch 4 smartwatch. Apple grew 104 percent YoY and its Watch Series 7 was a major contributing reason.
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