Indian wearables market registers 53.3% growth in Q1-2023

International Data Corporation India reports 57.8 million wearables shipped in Q1, with smartwatches accounting for 40%. Festive offers are expected to boost the business further.

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According to a recent analysis by International Data Corporation (IDC), India, the Indian wearables industry delivered 57.8 million units in the first half of 2023, recording a solid 53.3% on-year increase, with smartwatches taking the lead with a 128.6% on-year rise. IDC India reports that in 1H23, the earwear category expanded by 27.3%, while the proportion of smartwatches in the wearables market increased to 40.0% from 26.8% a year earlier.

The majority of shipments—32.8 million units—were made in the second quarter and increased sequentially by 30.6%. Shipments of smartwatches nearly quadrupled to 12.8 million in 2Q23, while those of earwear increased by 15.2% YoY. Notably, the average selling price (ASPs) of smartwatches dropped from $46.6 in the second quarter of 2013 to $25.6 in the third. According to the research, the total wearable ASP in 2Q23 decreased from US$26.7 to US$21.0.

Online channels drove a significant rise, holding 73.9% market share in Q2. However, companies are now looking into offline opportunities to increase their presence and reach in Tier 3/4/5 towns. IDC India Research Manager Upasana Joshi predicts more smart ring launches at competitive prices, with hundreds of smartwatch models introduced in 2023 featuring high-end finishes and athletic looks.  Holiday deals and discounts in 2023; businesses remain supply-conscious.

Boat leads the wearables market with a 26.6% share, growing 6.5% year-on-year, dominating the earwear category with 77.7% shipments. Noise follows with a 13.5% share, growing 61.6%. Chinese smartphone brands Oppo and OnePlus saw growth of 42.4% YoY, with TWS earbuds accounting for most shipments. Fire-Boltt and Boult Audio grew with 9.5% and 6.6% market share, respectively.