According to a report by Counterpoint Research, India’s smartwatch market experienced significant growth in the third quarter (Q3) of 2023, marking a 21% year-on-year increase with shipments reaching a fresh high. This indicates a growing interest among consumers in purchasing smartwatches.
A key trend observed in the Indian smartwatch market is the escalating share of domestic manufacturing. The report highlights that the domestic manufacturing share surged from 4% in Q3 of 2022 to an impressive 82% in Q3 of 2023.
Moreover, the affordable and budget segments have witnessed a 41% year-on-year growth, claiming a larger market share. Local brands concentrating on providing cost-effective smartwatches have gained traction among Indian consumers.
Notably, several smartphone manufacturers, including Apple, Samsung, and Realme, have introduced smartwatches into the Indian market, expanding their product portfolios.
The smartwatch market marked an impressive 21% growth in just the third quarter of 2023, rising from an 11.1% growth in Q2 of 2023 to reach 35 million units.
The research indicates significant growth among several companies, listed below:
- Fire-Boltt: In the global smartwatch market, Fire-Boltt leads with a 28% share.
- Titan: Titan’s sub-brand Fastrack exhibited the highest annual growth among the top five brands, securing the fourth spot with an 8% market share.
- beatXP: beatXP entered the top five for the first time, capturing a 4.7% market share.
- Noise: Noise leads the smartwatch market with a 24.3% share in 2023.
With the surge in domestic manufacturing and the availability of a wide range of feature-rich and affordable smartwatches, the market is anticipated to maintain its growth trajectory in the upcoming years.
