India Wearable Market Registers 56.4% YoY Growth with Record 37.2 Million Units Shipment in 3Q22, Says IDC

Contact

For more information, contact:

• Shivani Anand  Email: sanand@idc.com  Phone number: +91 9910466896

INDIA, November 11, 2022 – India’s wearable market registered another record quarter, shipping 37.2 million units in 3Q22 (July-Sep), a growth of 56.4% YoY (year-over-year) according to the recent data from the International Data Corporation’s (IDC) India Monthly Wearable Device Tracker. The first nine months of the year (Jan-Sep) have seen 75-million-unit shipments. Vendors continued to remain aggressive in their shipments to build inventory for the festive season (August-October) supported by high-decibel marketing and promotional activities across channels. Heavy discounting and offers were also rolled out during online sales events resulting in a 13.6% YoY decline in average selling price (ASP) in 3Q22.

Smartwatch (inclusive of basic and advanced) remained the fastest-growing category crossing the 12.0 million shipments mark in a single quarter, a growth of 178.8% YoY. The smartwatch ASP declined by 30.3% YoY to reach $41.9 (vs $60.0 a year back). Basic smartwatches continue to dominate with a 95.5% share growing by 187.1% annually in 3Q22. Wristbands saw yet another quarter of annual decline with an 80.8% YoY shipment drop.

Earwear accounted for 67.3% of the overall wearables category. Truly wireless (TWS) dominating with 57.6% share growing by 94.4% YoY, tethered grew by 2.5%, while over-the-ear declined by more than 50% in 3Q22.

“As smartwatches continue to be in high demand across varied customer segments, the need for better specifications/accurate monitoring will be key. We will see bigger screen size (1.8/1.99 inch), AMOLED display, physical or e-Sim connectivity in the affordable segment, while the premium segment moves towards more offerings with curved/edge-to-edge screens & NFC enabled for payment,” says Vikas Sharma, Senior Market Analyst, Client Devices, IDC India.

3Q22 Top 5 Wearable Company Highlights

Imagine Marketing (BoAt) continues to lead with a 32.1% market share in 3Q22 growing 19.5% YoY. While the focus remains on the earwear devices (leading with 41.7% share in TWS), driven by “Airdopes 141” & “Airdopes 131”, it is also expanding its smartwatch portfolio (19.9% share at third place) with high shipments for “Xtend” & “Wave Call”.

Nexxbase (Noise) stood second with a 13.8% market share. It cemented its smartwatch leadership with a 29.5% share, growing 216.5% annually. “Colorfit Caliber” and “Colorfit Icon Buzz” accounted for more than 30% of its overall shipments. Noise also ranked second in the TWS category with a 9.3% share.

Fire – Boltt climbed to third place with a healthy 395.0% YoY growth and 8.9% share. Primarily a smartwatch brand, at second place with 26.2% market share, driven by high shipments for Ninja Pro Max, Ring 3 & Ninja Bell. Its omnichannel strategy and new celebrity endorsements helped gain volumes.

OnePlus dropped to fourth place in the overall wearable category growing by 107.6% YoY and 8.2% share. Heavily focused on the earwear category, OnePlus ranked second, with a 12.1% share, and finished third in the TWS category. Bullets Wireless Z2 contributed as the key model. It also expanded its smartwatch portfolio with the newly launched “Nord Watch”.

Realme at fifth place was the only vendor amongst the top 5, with declining shipments at (-18.5%) YoY in 3Q22. The low shipments were attributed to fewer launches and low focus in the wearable category. Though a majority of shipments were from “Buds Wireless 2 Neo” and “Buds wireless 2s” accounting for 35.7% of the overall shipments.

Others Seminole (Mivi) grew by 1921.1% YoY in the earwear category (stood at fourth place in TWS), SRK Powertech (Pebble) at fifth place in the Smartwatch segment with 1.9% share and 147.8% YoY growth. Also, Pebble is offline-centric with a plethora of new launches. Eccentric Enterprises (Truke) grew by 90.5% in the earwear category.

“The rapid proliferation of wearable devices can be attributed to the aggressive marketing and price points by India-base vendors, well supported by e-tailers. As we exit 2022, IDC estimates India to surpass the USA, to become the second-largest wearables market globally behind only PRC. Additionally, with local manufacturing scaling up, vendors are partnering with Indian ODM’s to take full advantage of government incentives, leading to 30%+ “Made in India” units by the end of 2022,” says Upasana Joshi, Research Manager, Client Devices, IDC India.

Note -

• Wearable devices that are in the form of a band or watch and capable of processing data digitally are considered in the wristwear category and it excludes traditional analog and digital watches.

• The smartwatch category includes advanced smartwatches (e.g., Apple Watch, Wear OS watches), and basic smartwatches (e.g., Noise watches, BoAt watches).

--- Ends ---

For more information about this report, trends, or questions for analysts, please contact Shivani Anand Senior Marketing Specialist at sanand@idc.com . You can also follow IDC India’s Twitter and LinkedIn  pages for regular updates on IDC’s research & events.

About IDC Trackers

IDC Tracker  products provide accurate and timely market size, vendor share, and forecasts for hundreds of technology markets from more than 100 countries around the globe. Using proprietary tools and research processes, IDC's Trackers are updated on a semiannual, quarterly, and monthly basis. Tracker results are delivered to clients in user-friendly Excel deliverables and on-line query tools.

About IDC

International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC  and LinkedIn. Subscribe to the IDC Blog for industry news and insights.

All product and company names may be trademarks or registered trademarks of their respective holders.

Coverage