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Home Gadgets Smartwatch Market in India Now Largely Dominated by Local Brands: Reports

Smartwatch Market in India Now Largely Dominated by Local Brands: Reports


Smartwatch market in India marked its strongest year-on-year (YoY) progress in 2021, with the fourth quarter recorded as the largest quarter for smartwatches, based on two analysis corporations. Home manufacturers continued to develop available in the market and surpassed their Chinese language counterparts. Gurugram-based Noise retained its management available in the market and Hearth-Boltt managed to outstrip Chinese language participant Amazfit. Total shipments of smartwatches within the nation grew by over 9.6 million items within the yr.

International Data Corporation (IDC) reports that the watch market in India that contains smartwatches in addition to linked watches grew by 364.1 % YoY in 2021 to 12.2 million items, up from 2.63 million items in 2020. Within the fourth quarter, smartwatch distributors within the nation shipped 4.9 million items, which resulted in a 271.2 % YoY progress. The market analysis agency stated that it was the largest quarter for wearable watches within the nation.

India-based manufacturers doubled their share from the earlier yr and at the moment are accounting for three-fourths of the general wearable watch market, IDC stated.

Noise led the market of wearable watches, with a 27 % share in 2021 shipments. The model grew 410.2 % yearly and in addition maintained its lead for the seventh quarter in a row within the fourth quarter, based on the info shared by the analysis agency.

The Noise Colorfit Professional 2, Colorfit Pro 3, and Pulse accounted for a 60.4 % share of the model’s whole portfolio, IDC stated.

After Noise, Boat took the second place with a 25.1 % market share. Fire-Boltt emerged because the third greatest participant within the wearable watch market within the nation with an 11.6 % market share in 2021. It was adopted by Chinese language contenders Realme and Amazfit.

High-five watch firms in 2021 as per IDC

Firm 2021 Market Share 2020 Market Share 12 months-over-12 months unit change (2021 vs 2020)
Noise 27.0 % 24.6 % 410.2 %
Boat 25.1 % 2.8 % 3983.6 %
Hearth-Boltt 11.6 % 0.3 % 17646.0 %
Realme 5.6 % 15.7 % 64.8 %
Amazfit 5.1 % 15.0 % 57.3 %
Others 25.7 % 41.6 % 186.6 %
Whole one hundred pc one hundred pc one hundred pc

 

Quarterly efficiency of the Indian manufacturers was aligned with their progress seen within the full-year 2021. Nevertheless, Realme noticed minimal YoY progress within the quarter, whereas Amazfit noticed detrimental progress.

“The Indian watch market is prospering with a pointy improve in adoption as a consequence of rising consciousness round well being and health,” stated Anisha Dumbre, Market Analyst, Shopper Units, IDC India. “As customers search the perfect mixture of options, worth, and high quality; most manufacturers are attempting to step up in assembly the altering client wants through product design and pricing methods mixed with partnerships and collaborations.”

She added that competitors at entry-level worth factors introduced down the typical promoting worth of watches to $61.3 (roughly Rs. 4,600) in 2021 from $122.1 (roughly Rs. 9,200) in 2020.

“That is placing immense strain on new entrants and different present manufacturers to distinguish themselves available in the market,” she stated.

High-five watch firms in This fall 2021 as per IDC

Firm This fall 2021 Market Share This fall 2020 Market Share 12 months-over-12 months unit change (2021 vs 2020)
Noise 27.5 % 24.1 % 322.5 %
Boat 26.9 % 5.6 % 1676.6 %
Hearth-Boltt 12.7 % 0.6 % 7786.5 %
Realme 3.4 % 12.4 % 0.9 %
Amazfit 3.2 % 14.3 % -15.7 %
Others 26.2 % 42.9 % 126.9 %
Whole one hundred pc one hundred pc one hundred pc

 

In contrast to the watch market, IDC stated that the market of good wristbands within the nation continued to say no for the eighth consecutive quarter. The wristband shipments dipped by 34 % yearly within the fourth quarter, based on the agency.

Xiaomi maintained its lead within the wristbands market, however IDC stated that its shipments declined by 43.7 % YoY in 2021.

Total, IDC stated that the India wristwear market that contains good wristbands and linked watches grew by 141.3 % YoY in 2021, with 14.4 million items shipped within the yr.

You will need to underline that IDC considers each smartwatches such because the Apple Watch and Samsung Galaxy watches alongside fundamental linked watches which might be provided by Noise, Hearth-Boltt, and different rising distributors.

Total wristwear market progress in 2021 as per IDC

Product Class 2021 Shipments (in million) 2020 Shipments (in million) 12 months-over-12 months unit change (2021 vs 2020)
Wrist Band 2.21 3.35 -34.0 %
Watch (linked watch + smartwatch) 12.22 2.63 364.1 %
Whole 14.43 5.98 141.3 %

 

Much like IDC, Counterpoint stated in its report that the smartwatch market in India noticed report progress of over 274 % YoY in 2021. The market additionally grew over eight % within the fourth quarter. The agency additionally famous that home manufacturers captured over 75 % of the full market shipments within the yr.

Based on Counterpoint, Noise grew its market share to 27 % in 2021 from 26 % in 2020, whereas Boat managed a 26 % available in the market for the second spot, the agency stated.

Comparable is the case with Hearth-Boltt, which overtook the third place from Amazfit and have become the third-largest smartwatch maker in 2021 with a 13 % share.

Realme and Amazfit dropped to fourth and fifth locations, respectively.

Whereas Realme managed a six % market share in 2021, down from 17 % in 2020, Amazfit declined to 5 % within the yr from 11 % within the earlier yr, Counterpoint information reveals.

Apple and Samsung had been additionally dropped from the listing of the highest 5 smartwatch manufacturers within the nation in 2021. Apple had a ten % share and Samsung had a six % share in 2020, based on the agency.

Within the fourth quarter, Counterpoint information reveals Boat adopted by Noise captured the India market. Hearth-Boltt got here third after overtaking Realme. The seller grew its share to fifteen % within the quarter, with greater than 20 fashions throughout worth bands.

Realme’s general shipments grew 23 % YoY in 2021, whereas Amazfit registered a 65 % YoY progress in shipments, based on Counterpoint.

Conventional smartwatch maker Apple remained flat in 2021, with the Apple Watch SE contributing round 44 % of its complete quantity. The Apple Watch Series 7 shipments, on the opposite aspect, crossed 100,000 items within the fourth quarter, the analyst agency stated.

In distinction, Samsung grew greater than two occasions within the yr, because of the Galaxy Watch Lively 2. The Samsung Galaxy Watch 4 collection additionally contributed to over 16 % of the corporate’s complete shipments within the nation, as per the report.

Smartwatch market in India is generally on-line pushed as 78 % of the shipments got here from on-line channels. Amazon and Flipkart contributed 43 % and 48 % share, respectively, Counterpoint stated.

“The market is estimated to develop by round 50 % in 2022 contemplating the excessive demand and types’ devoted efforts to deliver extra capabilities to their units,” stated Counterpoint Analysis Affiliate Harshit Rastogi.


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