India smartwatch shipments grew 171% YoY in Q3 2022, making it the largest market in the world

India emerged as the world's biggest smartwatch market for the first time in Q3 2022, with an outstanding 171% YoY growth in smartwatch shipments. Noise, Fire-Boltt, and boAt are currently India's top three smartwatch brands.

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A few days ago we reported that this year India had experienced a remarkable increase in the number of unique visitors to health and fitness apps. The latest Counterpoint Research report provides data to support it. India emerged as the world’s biggest smartwatch market for the first time in Q3 2022, registering a remarkable 171% YoY growth in smartwatch shipments.

The driving factor behind the unprecedented demand for smartwatches was India’s festive season. Amazon and Flipkart both provided a number of jaw-dropping discounts alongside credit/debit card offers on various products to entice Indian consumers. Another factor that contributed to the growth was the Indian government’s support for local manufacturers, which has enabled Indian brands to expand their product portfolios at more affordable prices.

It’s interesting to note that in Q3 2022, India accounted for 30% of the global smartwatch market, followed by North America with 25%. China was at third place by capturing 16% of the global market, while other regions accounted for 29% share.

Source: Counterpoint Research

Top smartwatch brands in India

Noise, Fire-Boltt, and boAt are currently India’s top three smartwatch brands, together accounting for almost 80% of the total smartwatch shipment in Q3 2022.

Noise smartwatch shipments grew a phenomenal 218% YoY in Q3 2022. The brand reclaimed first place in the Indian smartwatch market (30% share), while ranking third globally.

Fire-Boltt is India’s second-largest smartwatch brand (29% share) and the world’s fourth-largest. While boAt stands third with a 20% market share as of Q3 2022.

In the basic smartwatch market segment, Noise ranked first in India, however, the gap with Fire-Boltt was less than 1% due to fierce competition in that market. Given that India is a price-sensitive market, most Indians prefer to buy basic smartwatches that cost less compared to other high-end OS smartwatches. This has also been the major driver in sharply boosting the competition in the market.

Most important feature of smartwatches that drives smartwatch sales

The ability to make and receive calls over Bluetooth has taken the top spot among features that drive the sales of smartwatches in India. Interestingly, the Bluetooth-calling feature was available on about 58% of all smartwatches shipped to India, which is the highest percentage ever recorded.

Indian consumers also prefer buying smartwatches with bigger display sizes. This is evidenced by the fact that more than 50% of all smartwatches shipped in India in Q3 2022 had a 1.5”-1.69” display size.

The popularity and demand for smartwatches in India are higher than ever before. The role of the pandemic in fast-changing consumer preferences can’t be ignored. Health monitoring devices, especially smartwatches and smart bands, are high in demand. However, low-priced smartwatches with improved accuracy levels have overshadowed smart bands. As a result, the market of smart bands is shrinking at a much faster rate than expected earlier.

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