India has become a major hub for the production of wearables, and this is having a negative impact on China's wearables industry. India's wearables market surpassed China to become the largest in the world. India is home to several wearables brands that are transforming the lifestyle industry. The Indian market is estimated to be worth around $6 billion by 2023, with an annual growth rate of 30-35%.
The #globalsmartwatch shipments contracted 1.5% YoY in Q1 2023. The 121% growth in India’s shipments managed to restrict the decline.
This was the second consecutive quarter of a YoY decrease in global shipments, which were hit by the seasonal decline in demand for products from major players like Apple and Samsung, along with consumer sentiment dampened by global financial pressures.
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India has become a major hub for the production of wearables, and this is having a negative impact on China's wearables industry. India's wearables market surpassed China to become the largest in the world. India is home to several wearables brands that are transforming the lifestyle industry. The Indian market is estimated to be worth around $6 billion by 2023, with an annual growth rate of 30-35%.
The #globalsmartwatch shipments contracted 1.5% YoY in Q1 2023. The 121% growth in India’s shipments managed to restrict the decline.
This was the second consecutive quarter of a YoY decrease in global shipments, which were hit by the seasonal decline in demand for products from major players like Apple and Samsung, along with consumer sentiment dampened by global financial pressures.
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Wearables – fastest growing category
India's wearables market grew by 93.8% YoY in 3Q of 2021, shipping 23.8 million units, as per IDC. Despite the logistic challenges and increase in freight costs, vendors remained aggressive in their shipments and were able to manage the inventory for the upcoming month-long festival sales. Shipments in September surpassed 10 million, growing two-fold from the same month last year, resulting in a record quarter for wearable devices in India. Watches continue to be the fastest-growing category with 4.3 million shipments in 3Q21, while wristbands saw a seventh consecutive quarter of annual decline. Overall wristwear (inclusive of watches and wristbands) crossed the 5 million shipments mark in a single quarter, further reinforcing the acceptance of watches in the country. Truly Wireless devices reached a 39.5% share of earwear in 3Q21, but the market remains dominated by over-the-ear and tethered devices.
India-based brands have captured over two-thirds of the watch market with their aggressive offerings and marketing spends on digital platforms. Noise maintained its lead for the sixth straight quarter with a 26% market share in 3Q21. Experts said, while seasonality made 3Q21 the biggest quarter for wearables, the influx of devices at the entry-level was the key growth factor. Throughout the quarter, Indian vendors were aggressive with their launches and channel expansion. Aggressive intent to maintain their lead helped them to further reduce the average selling price of watches to $73, putting immense pressure on a struggling wrist band category. The report further states, so far, these new-age brands have been able to limit the incumbent smartphone brands’ ability to make any dent in their growth and continue to dominate the hearables and wristwear categories. Secondly, Celebrity endorsements are a key tactic for brand recall. However, to maintain the growth momentu
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The India wearables market shipped 13.9 million units in 1Q22, up 20.1% YoY (year-over-year) according to the recent data from the International Data Corporation’s (IDC) India Monthly Wearable Device Tracker. This growth can be attributed to new launches, discounts across channels, and aggressive marketing by brands. The ASP of the overall category declined 17.1% YoY primarily due to a stronger decline in the ASP of watches. Watches continued to be the fastest-growing category shipping 3.7 million units with a growth of 173.0% YoY in 1Q22 (Jan-Mar). Basic watches accounted for 95.1% of the overall watch category shipments. Aggressive competition at entry-level price points helped the basic watches grow 202.1% YoY, whereas the smartwatch shipments declined 4.2% annually. Furthermore, the ASP of the watches declined 41.5% YoY to reach $50.3 in 1Q22 compared to $86.0 in the same quarter last year. On the other hand, Wrist bands continued to decline annually for the 9th consecutive quarter. Overall wristwear (which includes watches and wrist bands) grew 87.5% yearly in 1Q22, with a total shipment of 4.0 million units.The earwear category accounted for 71.3% of the overall wearables category; the true wireless stereo (TWS) devices grew to 48.3% from 34.2% in 1Q21, with a growth of 48.2% YoY. India wearables market records double-digit growth in January-March, BoAT, Noise on top.
Aggressive discounts, new features, and a strong push from brands and channel partners are encouraging consumers to upgrade and spend more on wearable watches. While dependence on devices like TWS and wearable watches is increasing, supply remains a concern for the industry. Intense competition in the sub $50 category is pushing all brands to offer competitive offerings in terms of pricing, features, and device design. The outlook for 2022 remains strong as wearables will try to attract users in Tier 2 and Tier 3 cities. The healthy growth is attracting newer players to the market, as br
Technology video | 114 views
India’s wearables market is poised to touch 100 million units this year and is expected to grow to total 117 million units next year. The swift increase in the growth in the sector is driven by rising smartwatch sales and expanding offline sales.
The young demographics and high disposable income in the country is one of the largest growth drivers of the industry. Continuous investment in research & development and marketing activities by the wearables manufacturers is positively impacting the industry’s growth. With this Next year we are going to witness a wide range of technological advancements in the wearables market in India with new product launches with ameliorated features,
The India Consumer #WearablesMarket Segmentations depends on 4 factors
1. By Type of Wearables: Fitness trackers dominated the wearables industry in India in 2020 on the basis of revenue. The adoption of wearables is currently led by decrease in the price of fitness trackers. In addition to being cheap, these devices now offer features which were once only available in high end devices.
2. By Price Segment: Wearables between the price category of Rs 10,000- Rs 20,000 will generate more demand as disposable income of the individuals rises in the country. This will be further fuelled by decline in prices of fitness bands and smartwatches as competition is expected to increase.
3. By Type of City: Owing to high levels of pollution in the air and adulteration in the diet, residents of metro cities have become more fitness conscious as compared to the residents in its counterpart. As a result, these metro cities contribute a higher proportion of sales revenue in the fitness tracker market.
4. By Distribution Channel: Since majority of the sales comes from Tier-1 and surrounding cities, the preferred channel of sales is online. This is due to the fact, as residents in these regions are more literate and find online medium as an easy platf
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India is poised to become the world's largest market for wearables in 2023. Out of the total 504.1 million units of wearables expected to be shipped worldwide this year, India is expected to account for 130-135 million units, as per IDC. It will account for 26 percent of the total units shipped around the world.
In 2022, India had shipped 100 million units of wearables, out of a total of 492 million units, placing it third behind China and North America. India's market size has now surpassed that of China and the US and will keep expanding.
A report underlines, India had already surpassed the United States and China in terms of market size and will continue to grow further. A report by Counterpoint research in May said that the Indian wearables market registered a growth of 121 percent YoY in the first quarter of 2023. Moreover, every smartphone sold in India, there was also a smartwatch sold.
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Indian Wearables market expanding
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