India's wearable market registered a record quarter, shipping 37.2 million units in Q3 2022 (July-Sep) registering a growth of 56.4 percent YoY with boAt leading in the market.
According to a report by IDC, smartwatches (inclusive of basic and advanced) remained the fastest-growing category crossing the 12 million shipments mark in a single quarter, a growth of 178.8 percent YoY.
Basic smartwatches continue to dominate the market, with a 95.5 percent share that increased by 187.1 percent annually in Q3. With a shipment drop of 80.8 percent YoY, wristbands experienced yet another quarterly decline.
"As smartwatches continue to be in high demand across varied customer segments, the need for better specifications and accurate monitoring will be key. We will see bigger screen size, AMOLED display, and physical or e-Sim connectivity in the affordable segment," said Vikas Sharma, Senior Market Analyst, Client Devices, IDC India.
According to the report, boAt continues to lead with a 32.1 percent of market share in Q3 growing 19.5 percent YoY.
With a 13.8 percent market share, Noise stood second. It cemented its smartwatch leadership with a 29.5 percent share, growing 216.5 percent annually.
Fire-Boltt climbed to third place with a healthy 395 percent YoY growth and 8.9 percent share.
The report further added, OnePlus dropped to fourth place in the overall wearable category growing by 107.6 percent YoY and 8.2 percent share, while Realme stood at fifth place and was the only vendor amongst the top 5, with declining shipments at -18.5 percent in Q3.