100 Million Smart Wearables Shipped In India Last Year: Report

The India wearable market noticed a powerful 46.9 per cent (year-over-year) progress in 2022, as shipments reached 100 million models with boAT taking the pole place, a report confirmed on Wednesday.

Smartwatch (inclusive of fundamental and superior) shipments have been 30.7 million final yr, a progress of 151.3 per cent YoY. The smartwatch common promoting value (ASPs) proceed to say no, at $42.5 (vs $61.2 a yr in the past), in response to an IDC report.

Basic smartwatches continued to dominate with a 95.5 per cent share, rising by 158 per cent yearly. Wristbands declined for an additional yr with unfavorable 73.2 per cent YoY, with shipments dropping to half 1,000,000.

The vacation quarter (October-December 2022) noticed 25.2 million unit shipments, registering a 16.5 per cent YoY progress.

“Vendors confronted provide challenges all through 2022, particularly for smartwatches, which aren’t anticipated to ease off fully earlier than early 2H23. Local manufacturing is anticipated to scale as much as greater than 80 per cent by exit 2023, with extra gamers choosing native sourcing of components/parts,” stated Vikas Sharma, senior market analyst, shopper units, IDC India.

Earwear category, with the lowest ASP globally at $19.8, accounted for 68.7 per cent of the overall wearables category with 28 per cent YoY shipment growth. Within earwear, Truly Wireless (TWS) dominated with a 55.3 per cent share growing by 87.1 per cent.

boAt maintained the lead but its share dropped to 23.9 per cent in the fourth quarter declining by 34.3 per cent YoY.

Imagine Marketing (boAt) is planning to increase its presence in the smartwatch category in 2023, which accounted for 19.7 per cent of its overall shipments in 2022.

Nexxbase (Noise) stood second at 11.2 per cent in 4Q22, with 2.8 million shipments and registered 39.6 per cent growth. It strengthened its smartwatch leadership with a 27.2 per cent share.

OnePlus climbed to third place in the overall wearable category, growing by 83 per cent YoY and 10.2 per cent share.

Fire-Boltt dropped to fourth place, but with a strong 250 YoY growth, shipping 2.2 million units. Boult Audio at fifth place witnessed gain with 1.9 million shipments.

“To maintain similar growth in 2023, smartwatch vendors would need to remain focused on the entry-level price segment with essentials like Bluetooth calling, higher display brightness (1000+Nits), etc. fresh designs and new segments, enhanced app integration and collaboration with fashion brands with wider presence across large format stores,” stated Upasana Joshi, Research Manager, Client Devices, IDC India.

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