In the first six months of 2023, India’s market for wearable gadgets grew a lot, by 53% YoY. This shows how many more people in India are buying and using things like smartwatches and fitness trackers.
In a testament to the burgeoning technology landscape of the subcontinent, India’s wearable market has seen a staggering upswing in recent times. Marking an impressive 53% growth in just the first half of 2023, this surge highlights the country’s rapidly expanding consumer base for tech gadgets. Though, it was 37.2% growth in Q2 2023, As global brands and local startups alike scramble to cater to this booming demand, the dynamics of the Indian tech industry are shifting in exciting new directions.
Wearables Market Growth
In the first half of 2023, India’s wearable market grew by 53.3%, with 57.8 million units shipped, according to the International Data Corporation (IDC). This growth was driven by the introduction of diverse smartwatches, whose market share rose to 40% from last year’s 26.8%. The second quarter alone saw 32.8 million wearables shipped, with smartwatch shipments nearly doubling. While earwear like True Wireless Stereo (TWS) devices surged in popularity, neckbands declined. Interestingly, the average selling prices for smartwatches and other wearables dropped significantly. E-commerce remains the top sales channel, but brands are now also exploring offline avenues, especially in smaller towns.
2Q23 Top 5 Wearable Brands:
Here’s the data in a tabular format:
| Rank | Brand | Market Share (%) | Notable Products |
|---|---|---|---|
| 1 | boAt | 26.6 | Earwear, smartwatches (Storm Call, Wave Flex Connect) |
| 2 | Noise | 13.5 | Smartwatches (Colorfit Icon 2) |
| 3 | OPPO | 10.7 | Bullet Wireless Z2 neckband, TWS Nord Buds 2 |
| 4 | Fire-Boltt | 9.5 | Metal and premium smartwatches |
| 5 | Boult Audio | 6.6 | TWS, smartwatches (Drift) |
| – | Other Brands | – | Notable market shares in specific categories |
| (pTron, Mivi, Pebble) | – | (TWS, smartwatches) |
- boAt leads the wearables market with a 26.6% share, predominantly from earwear and smartwatches like Storm Call and Wave Flex Connect.
- Noise holds the second spot with a 13.5% market share, reclaiming its top position in smartwatches with models like the Colorfit Icon 2.
- OPPO ranks third with 10.7%, with its standout products being the Bullet Wireless Z2 neckband and TWS Nord Buds 2.
- Fire-Boltt is fourth at 9.5%, diversifying with metal and premium smartwatches.
- Boult Audio places fifth with 6.6%, witnessing significant growth in the TWS and smartwatch categories with products like Drift.
- Other brands, including pTron, Mivi, and Pebble, also have notable market shares in specific categories like TWS or smartwatches.
FAQ
What do wearables mean?
What do Smartwatches mean?
India Is Growing,
