Smartwatches and wrist band shipments in India cumulatively grew over 2.4x in 2021, with smartwatches accounting for the lion’s share of those shipments. Based on data from market analysis agency IDC India, a complete of 14.4 million wearables have been shipped by the yr, with 12.2 million of them being smartwatches.
Smartwatches, particularly, grew sharply in 2021 as per IDC information. Shipments of smartwatches grew 4.6x over 2020, with two Indian manufacturers being the best benefactors of this progress. Based on analysts, the most important progress issue right here has been lowering smartwatch costs, which has triggered many customers to go for smartwatches somewhat than fundamental health bands.
“Affordability has been one of many principal drivers of such exponential progress within the wearable watch market. Competitors at entry-level worth factors introduced down the ASP of the watches to $61.3 down from $122.1 in 2020. That is placing immense strain on new entrants and different current manufacturers to distinguish themselves out there,” stated Anisha Dumbre, market analyst at IDC India.
Wearable manufacturers Boat and Fireplace-Boltt have seen the best progress in shipments by 2021. Based on IDC, Boat noticed its market share develop from 2.8 p.c in 2020 to 25.1 p.c in 2021, whereas Fireplace-Boltt clocked 11.6 p.c market share final yr – up from a near-negligible 0.3 p.c in 2020. The market was led by Indian model Noise, which reportedly noticed a 410 p.c rise in shipments to seize 27 p.c of the market.
Whereas Realme and Huami, the father or mother firm behind smartwatch model Amazfit, each noticed shipments develop, their market shares fell to five.6 and 5.1 p.c, respectively.
Going ahead, analysts imagine that the better affordability might see wearables coming into markets past the tier I circles in India. Upasana Joshi, analysis supervisor at IDC India, stated, “Excessive progress is piquing curiosity from new entrants starting from first time manufacturers to smartphone manufacturers with advertising and distribution expertise in India. India based mostly manufacturers will attempt to drive affordability and deeper penetration out there.”
Supply: Live Mint