Last Update: February 08, 2023, 17:33 IST
Smartwatch demand has grown over the past 12 months
Wearables demand is likely to accelerate due to health concerns of users in India.
India The wearables market is set to see a robust growth of 46.9 per cent (year-on-year) in 2022 as shipments reach 100 million units, with BOAT taking the pole position, a report showed on Wednesday.
Smartwatch (including basic and advanced) shipments totaled 30.7 million last year, an increase of 151.3 percent. According to a report by IDC, the average selling price (ASP) of smartwatches continues to decline to $42.5 (compared to $61.2 a year ago).
Basic smartwatches continued to dominate with a 95.5 percent share, growing at 158 percent year-on-year. Wristbands fell for another year with a negative 73.2 percent YoY, with shipments falling by half a million.
The holiday quarter (October-December 2022) saw shipments of 25.2 million units, registering a growth of 16.5 percent.
“Vendors face supply challenges throughout 2022, particularly for smartwatches, which are not expected to ease fully before the start of 2H23. Local manufacturing is expected to scale up to over 80 per cent by the time it exits 2023, with more players opting for local sourcing of parts/components, said Vikas Sharma, Senior Market Analyst, Client Devices, IDC India.
The earwear category, with the lowest ASP globally at $19.8, accounts for 68.7 percent of the overall wearable category with 28 percent YoY shipment growth. Truly wireless (TWS) dominance in earwear is growing at 87.1 per cent with a 55.3 per cent share.
boAt maintained the lead but its share declined to 23.9 percent in the fourth quarter, down 34.3 percent year-on-year.
Imagine Marketing (boAt) plans to increase its presence in the smartwatch category in 2023, accounting for 19.7 percent of its total shipments in 2022.
Nexxbase (Noise) ranked second, up 11.2 percent in 4Q22 with 2.8 million shipments, registering a growth of 39.6 percent. It consolidated its smartwatch leadership with a 27.2 percent share.
OnePlus climbed to the third spot in the overall wearables category, growing 83 percent YoY and a share of 10.2 percent.
Fire-Bolt fell to fourth place, but the 250 had a strong year of growth, shipping 2.2 million units. Bolt Audio in fifth place saw gains with 1.9 million shipments.
“To maintain similar growth in 2023, smartwatch vendors will need entry-level prices with essentials like Bluetooth calling, higher display brightness (1000+Nits), new designs and new segments, advanced app integration and collaboration There will be a need to focus on the segment. Upasana Joshi, Research Manager, Client Devices, IDC India, said, “With fashion brands with a wide presence in large format stores.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)