Smartwatch: Thanks to the October sales over the festival season, the smartwatch market in India experienced significant growth in the third quarter of 2023 (3Q23). India’s smartwatch shipments increased by 21% year over year (YoY) in Q3, or the months of July through September, as reported by research firm Counterpoint. It is noteworthy that the proportion of domestic production increased dramatically.
Smartwatch market growth in India
The third quarter of 2023 (Q3 2023) saw a 21% YoY increase in smartwatch exports from India, with the percentage of local manufacture in the market hitting an all-time high of 82%, up from 4% the previous year, according to a research.
High inventory build-up for the October sales of the holiday season, according to a Counterpoint Research research, was the primary driver of the surge in shipments. The growth of the Rs 2,000-Rs 3,000 price band offers has been helped by features like larger screens and OLED displays making their way down to the lower price bands.
Furthermore, with smartwatches even accessible for less than Rs 1,000, the market’s overall average selling price (ASP) decreased 41% YoY.
Domestic Brands rule the market
From a 26.2 percent share in 3Q22 to 23.6 percent in 3Q23, Fire-Boltt had an annual growth of 27.0 percent, according to IDC (International Data Corporation). Noise trailed in second place, down 1.1 per cent year over year and securing a 20.7 per cent market share in 3Q23. Titan and boAt, with respective market shares of 5.1% and 14.2% in the third quarter of 2023, occupied the third and fourth positions.
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