The wearable market in India is booming thanks to another record quarter, shipping 37.2 million units in Q3 2022, registering a 56.4 per cent growth rate year-over-year.
According to an IDC report, the smartwatch is the most popular wearable, with the fastest-growing category breaking the 12.0 million shipments mark in a single quarter, representing a 178.8% YoY growth.
On the other hand, wearables like smart wristbands continue to see declined demand, with annual 80.8% YoY shipment drop.
“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," said Vikas Sharma, Senior Market Analyst, Client Devices, IDC India.
BoAt has retained its positon as the market leader 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," the report said.
Noise, Fire – Boltt, and OnePlus follow suit with market shares of 13.8%, 8.9%, and 8.2%, respectively.
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