India's smartwatch market posts over 300% YoY growth
India's smartwatch market saw a massive Q2. According to Counterpoint Research, the market grew by 312% year-over-year (YoY) in the last quarter. Fire-Bolt took the leadership mantle for the first time with a 28% market share. It was followed by Noise and Boat. The four-fold growth in the last quarter continues the successive trend of triple-digit growth the industry has been witnessing.
- India's smartwatch industry is booming at an astonishing rate. This growth is driven by both homegrown and global companies.
- Interestingly, Indian companies continue to top the chart. However, giants such as Samsung and Apple are also seeing an increase in their reach.
- What's surprising about the Q2 result is that offline sales played a huge part in putting up big numbers.
The smartwatch market's growth in the second quarter was mainly driven by growing consumer demand. Multiple product launches by brands to drive offline sales also played a part in putting on a strong show. Offline sales accounted for a record one-third of total sales. There were over 50 new launches. The sub-Rs. 3,500 segment again became the major attraction for consumers.
Fire-Boltt and Noise captured more than half of the market. The latter's market share, however, dipped from 31.1% in Q1 to 26%. Boat came in third with a 19.5% market share. Noise and Boat saw YoY growth of 293% and 199%, respectively. Fire-Boltt led in most product launches and offline shipments, while Noise came second in offline shipments.
Samsung claimed the fourth spot with a 3.3% market share. It recorded a 295% YoY growth. Dizo and Titan came in fifth and sixth, respectively. Apple, on the other hand, registered a 197% growth with almost 250,000 shipments in the quarter. OnePlus continued its reign in the Rs. 10,000-15,000 segment but was only tenth in overall market share.
Noise led the market in most locally produced watches, with the company accounting for 75% of the total production. It also saw an increase in models with Bluetooth calling. Boat's growth was driven by Storm and Xtend models. It also launched Boat Primia, the company's first smartwatch with Bluetooth calling. For Samsung, Galaxy Watch 4 continued to be the showstopper.