Wearable shipment grows in India, here’s the category that led the market – Times of India
While the share of the smartwatches grew to 41.4% from 26.8% YoY and the earwear category witnessed a strong 48.5% YoY growth, wristband shipments saw a massive fall of 86.7%.
“Brands are bringing a variety of smartwatch models with metal straps/casing, circular dials, rugged finish, and premium designs. Clubbed with advanced communication features like LTE, digital payment options, and more accurate sensors/algorithms, brands are attracting new smartwatch consumers as well as fueling refresh buying,” said Upasana Joshi, research manager, client devices at IDC India.
Several small Indian brands, which hold about 15% share, are further intensifying the competition. The heightened competition also lowered the overall ASP to $22.7 (vs $29.5 a year ago) in Q1-2023. Additionally, the online channel dominated with 73.9% share in the overall wearables market.
Top five companies in the wearables segment in Q1 2023
Imagine Marketing (Boat) maintained its top spot with 25.6% share as it grew by 102.4% YoY. Its smartwatch category accounted for 28.3% of its overall shipment in Q1-2023 and the company also led the TWS segment, with 30.6% share, growing by 81.9% YoY.
Fire–Boltt stood second with 12.4% share in the overall wearable category. It leads the smartwatch category with 28.6% share growing by 224.2% YoY.
Nexxbase (Noise) ranked at No. 3 with 97.3% YoY growth and 11.9% market share in the overall market. The company dropped to second place in the smartwatch category with 21.6% share, growing by 157.6% YoY.
Boult Audio captured the fourth spot with a 366.5% YoY growth and 9.3% market share in Q1-2023. It retained second place in the TWS category with 15.5% share and 341.2% YoY growth.
Oppo, which also includes OnePlus, stood fifth with 4.7% share. Its shipments declined 5.8% in 1Q-2023.