The smartwatch shipments in India more than tripled in the second quarter of this year compared to the same period last year, with 206% YoY and 18% QoQ growth during the quarter, according to the latest research from counterpoint’s IoT Service. the growth was mainly driven by affordable offerings, new entrants, changing customer preferences, and demand recovery from the lockdown period, it said.
Talking about the overall market, Anshika Jain, Senior Research Analyst at counterpoint, said, “India’s smartwatch market is in a boom phase as more and more people are trying out smartwatches because of the affordability factor. Smartwatches are now replacing traditional watches and complementing smartphone usage as well. Domestic brands are playing a pivotal role in making them accessible by introducing relevant functionality and fitness tracking functions at lower price points. the top three brands in the Indian smartwatch market are domestic and have over a three-fifths share of the total market.”
“We are estimating double-digit growth for the country’s smartwatch market in the coming period as new vendors are coming with emphasis on the CMF factor (color, Material, and Finish), thereby offering a wide variety of options to the consumers at different price points,” she said. Around 10 brands have already entered this market since the beginning of 2021.
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