Indian Smartwatch Brands Capture 60 pc Market Share in Q1

Noise brandled the market with a 23 percent share, followed by Fire-Boltt with a 21 percent share and boAt with a 18 percent
Indian smartwatch brands capture 60 pc market share in Q1

Led once again by domestic brands, India's smartwatch market grew 173 percent (on-year) in the first quarter (Q1) this year, a new report showed. The top three brands captured a 60 percent share in the January-March quarter.

Noise brand led the market with a 23 percent share, followed by Fire-Boltt with a 21 percent share and boAt with 18 percent, according to Counterpoint Research.

"The contribution of the Rs 5,000 ($67) retail price band increased to 87 percent from 78 percent in Q1 2021. The Rs 1,000-Rs 2,000 ($13-$27) retail price band reached its highest ever share of 14 percent from just 2 percent a year ago," said  Anshika Jain, Senior Research Analyst, Counterpoint Research.

"Consumer awareness has also increased in this segment due to brands' continuous efforts on marketing and promotions through online and offline channels," she added.

"Noise led the overall smartwatch market driven by its value-for-money offerings, the addition of relevant features to its product portfolio, and emphasis on the Make-in-India scheme," Jain further stated.

By pushing larger displays, the brands are also attracting smart band users as these bands have limited functionality due to smaller displays.

"The contribution of the 1.5-inch smartwatches increased to more than half of the total smartwatch market from just 11 percent last year. In addition, some of the most demanded features like SpO2 are now present at all price levels," said Harshit Rastogi, Senior Analyst, Counterpoint Research.

In fact, multiple brands have already started domestic manufacturing.

"We could see a major jump in the contribution of domestically manufactured devices in the second half of 2022, especially from brands like Noise, boAt, and realme," Rastogi concluded. 

READ MORE: India's Retail Industry To Reach $2 tn By 2032

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