Wearables segment in India grew 56.4% YoY in Q3: IDC
What's the story
According to IDC's (International Data Corporation) India Monthly Wearable Device Tracker, the total shipments for the third quarter (Q3) of this year stood at 37.2 million units, up 56.4% from the 23.7 million units shipped in the same quarter in 2021. Smartwatches ranked as the fastest-growing category, with 178.8% YoY (year-over-year) growth thanks to over 12 million shipments in this quarter alone.
Categories
Fitness bands see another quarter of decline with 81% drop
Smartwatches recorded 178.8% YoY growth and led the market with a 95.5% share. But the average selling price declined by 30.3% YoY from Q3 2021 due to heavy discounts extended during the festival season. Earwear accounted for 67.3% of the overall wearables category. Fitness bands saw a decline of 80.8%. TWS earbuds dominated with 57.6% share driven by a strong growth of 94.4% YoY.
Companies
Boat smartwatches rose to the top this quarter
Top three leaders in the wearables market were Boat, Noise, and Fire-Boltt, with 32.1%, 13.8%, and 8.9% market share, respectively. Boat recorded 19.5% YoY growth. However, the market shares have dropped from 42% that it held in the same quarter in 2021. OnePlus took fourth place with 8.2% market share. Realme occupied the fifth spot with 4.2%.
Bestsellers
Boat's smartwatches and TWS earbuds were bestsellers for the company
The Colorfit Caliber and Colorfit Icon Buzz smartwatches from Noise accounted for more than 30% of its overall shipments. Fire-Boltt held a 26.2% market share in the smartwatch category, and its growth was driven by Ninja Pro Max, Ninja Bell, and Ring 3 smartwatches. Airdopes 141 and Airdopes 131 were Boat's best-selling TWS headsets. Xtend and Wave Call topped its category of smartwatches.
TWS companies
Realme saw a decline from its previous quarter
Boat, Noise, and OnePlus are the top three TWS companies with 41.7%, 9.3%, and 6.8% market share, respectively. Mivi recorded a staggering growth of over 2,300% to grab a market share of 6.7%. Realme slid to the fifth position with 4.3% market share. In the TWS segment, Realme's demand has halved from Q3 of last year.
Smartwatch brands
Samsung ranks fourth in the smartwatch space
Noise ranked first among smartwatch companies with 29.5% market share. It was closely followed by Fire-Boltt with 26.2% and Boat secured the third spot with 19.9%. Samsung and Pebble took the fourth and fifth spot with 2.8% and 1.9% market share, respectively. Fire-Boltt recorded 377.4% YoY growth, while Noise rose by 216.5% in comparison to Q3 2021. Samsung grew by 220.9% YoY.