Smartwatch market in India sees strong growth in 2021 | Domestic brand Noise leads the market
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- personNabin Pradhan
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The Indian smartwatch market is full of competition as around 80 different brands are present in the market. Around 10 new brands entered the Indian market in 2021 alone. With all the competitions and numbers of brands to choose from, the Indian smartwatch market saw record growth in 2021 shipments.
According to the reports of Counterpoint Research, the Indian smartwatch market grew by 274% YoY in 2021. Similarly, Q4 2021 was the biggest ever quarter with QoQ growth of over 8%. Out of the total shipments, domestic brands were able to capture over 75% of the market. Consumers being more health-conscious and domestic brands providing feature-packed products at an entry-level price point made Indian brands stand out in the market.
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Although the domestic brands accounted for over 75% of the market, only 1% of the total smartwatches shipped were assembled in India. Analysts in Counterpoint believe that the number will jump by many times once the government changes the duty structure.
“Indian players led the market by capturing over 75% share. The top three brands captured two-thirds of the total smartwatch market in 2021, compared to just half in 2020. The market saw over 10 new entrants in 2021, intensifying the competition. The market is estimated to grow by around 50% in 2022 considering the high demand and brands’ dedicated efforts to bring additional capabilities to their devices.” - Research Associate Harshit Rastogi, Counterpoint Research.
Image Source: Counterpoint Research
Leading the market in 2021 was the Indian brand Noise with a 27% market share and over 278% YoY growth. Another domestic brand, boAt came a close second with a 26% share in the year. One of the new entries to the market, Fire Boltt, quickly managed to capture the third position with a 13% share.
Behind three Indian brands, two Chinese smartwatch makers, Realme and Amazefit, rounded up the top 5 with 6% and 5% share, respectively. Two premium names in the Smartwatch world, Apple and Samsung, were dropped from the list of the top five smartwatch brands in 2021. The two tech giants previously captured 10% and 6% of the Indian market, respectively, in 2020.
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