Smartwatches are selling like hotcakes. The adoption and usage of smartwatches in India have skyrocketed since the COVID-19 pandemic as people became more health conscious. According to IDC’s latest report, the smartwatch shipments in India grew a whopping 73.7% YoY in CY 2023 to 53.4 million units. Notably, smartwatches accounted for 39.8% share of the total wearable devices shipped in the country last year.
The surge in demand for smartwatches in India is primarily attributed to affordability during the festive season sales, heavy discounts, and a diverse range of options available in the market.
However, the growing popularity of non-branded watches has impacted the overall demand for high-end smartwatches from established players. These non-branded smartwatch vendors are strategically targeting first-time users by offering cheap alternatives to popular models, often bundled with multiple watch straps. As a result, the share of advanced smartwatches shrank from 4.5% in 2022 to 2.1% in 2023, resulting in the shipment of 1.1 million units. These factors collectively contributed to a strong 38.7% YoY drop in the Average Selling Price (ASP) of smartwatches in India, falling from US$42.5 in 2022 to US$26.1 in 2023.
Looking at the bigger perspective, the shipments of wearable devices in India grew an impressive 34% YoY to a record 134.2 million units. Despite numerous new launches, promotional offers, and discounts during the holiday season, the average selling price (ASP) of overall wearables declined a notable 15.4% YoY to US$21.2 in Q4 2023.
Key Highlights: Top Smartwatch Brands in India
- Fire – Boltt emerged as India’s top smartwatch brand in 2023, surpassing Noise (Nexxbase). The brand recorded a strong 70% YoY growth in its smartwatch shipments last year. Despite this substantial growth, the shipment share of Fire-Boltt declined from 24.8% in 2022 to 24.3% in 2023.
- Noise (Nexxbase) slipped to the second spot in the list of India’s top five smartwatch brands in 2023. Despite achieving an impressive 41.3% oY growth in smartwatch shipments last year, the brand witnessed a notable decline in its market share, dropping from 27.2% in 2022 to 22.1% in 2023.
- boAt (Imagine Marketing) has consistently lost its smartwatch market share to competitors. In 2021, boAt held a 25.1% share of India’s smartwatch market, which declined to 18.8% in 2022 and further to 14.0% in 2023. The year-over-year growth in shipments also experienced a significant decline, dropping from 88.7% YoY in 2022 to just 29.3% YoY in 2023.
- Titan emerged as the fastest-growing smartwatch brand among the top five players in India in 2023. Titan’s smartwatch shipments grew an astonishing 283.4% YoY during the year, claiming the fourth spot in India’s smartwatch market. Notably, Titan’s market share more than doubled, increasing from 2.4% to 5.2% in just 12 months.
- Samsung is not only struggling in the smartphone industry but also in the smartwatch market in India. The South Korean giant is no longer among the top 5 smartwatch brands in 2023, being surpassed by BeatXP.
- Founded in 2020, BeatXP, a Gurgaon-based Fit-tech startup, has risen to become India’s fifth-largest smartwatch brand, securing a 3.8% market share in 2023.
It is surprising that, despite the global trend towards online shopping, India continues to show a preference for offline retail experiences. This is evident in the smartwatch market, where shipments to offline channels outpaced online ones, registering an impressive 55.6% YoY growth in 2023. In contrast, smartwatch shipments through online channels grew 26.1% YoY during the year.
India’s smartwatch market is experiencing unprecedented growth, dynamically adapting to evolving consumer behaviours, technological advancements, and the interplay of online and offline channels. The competition is fierce, and the emergence of new players like BeatXP, surpassing established giants like Samsung, adds an element of unpredictability. It would be interesting to see which smartwatch vendor will claim leadership in 2024.
Which smartwatch do you currently use, and what factors influence your decision when upgrading to a new brand? Let us know in the comment section!
