India witnessed a substantial year-on-year growth of 80.9% in wearable shipments during the first quarter of calendar 2023, totaling 25.1 million units. However, despite this remarkable growth, the quarter-on-quarter performance remained flat.
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According to IDC, Improved supplies, leaner inventory, multiple new launches, and faster portfolio refreshes are the key reasons for this impressive growth. Furthermore, the presence of multiple small Indian players (holding over 15% combined share) intensifies competition, leading to reduced average selling prices (ASPs) of $22.7 in 1Q23 compared to $29.5 a year ago.
Online channels continue to dominate, capturing 73.9% of the overall wearable market.
“Enhancements in audio quality through ANC/ENC and aesthetically appealing designs will be key differentiators in 2023. Moving beyond audio capabilities by incorporating health tracking technology will be essential for sustained growth,” says Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India.
Smartwatches, including basic and advanced models, grew with 10.4 million shipments and 178.9% YoY growth in 1Q23. The ASP of smartwatches declines by 42.0% YoY to US$29.2. Basic smartwatches claim a 98.0% market share, growing by 187.4% annually.
“Brands are bringing a variety of smartwatch models with metal straps/casing, circular dials, rugged finish, and premium designs. In 2023 smartwatch market will cross 50 million units, up from 30.7 million in 2022,” says Upasana Joshi, Research Manager, Client Devices, IDC India.
Imagine Marketing (boAt) maintains the top place with 25.6% market share, Fire – Boltt stood second at 12.4% market share, followed by Nexxbase (Noise) with 11.9%, Boult Audio with 9.3% and Oppo (includes OnePLus) with 4.7% market share.
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