The smartwatch market in India is continuing the race for its dreams. According to the latest research by Counterpoint’s IoT service, the market grew by 173% year-on-year in the first quarter (January-March) of 2022. The growth is attributed to increased consumer interest, multiple launches during the quarter and availability of various discount offers and promotions. Indian brand noise Leading the market with 23% market share. The company’s shipments doubled during the first quarter of 2022 due to the good performance of its newly introduced devices. The Colorfit Pulse became the best selling model for the brand.
Commenting on the strong performance, Gaurav Khatri, Co-Founder, Shor said, “Another quarter and another pole position, we are humbled and excited to come out on top every time and manage to do it eight times in a row. There is an undeniable recognition that Shor is well on its way to putting Indian brands on the map. This is the result of the relentless love of our noisemakers community and team working tirelessly to provide our customers with unparalleled products and experiences.”
Affordable smartwatches dominate
Affordable smartwatch sales hit an all-time high during the quarter. The 1,000-Rs 2,000 ($13-$27) retail price band reached its highest share of 14% in the first three months of 2022. “The contribution of the <5,000 ($67) retail price band increased to 87% from 78% in Q1 2021. The 1,000-Rs 2,000 ($13- $27) retail price band rose to its highest share of 14% from just 2% a year ago Many brands have started focusing on this low price level to attract first time users and gain smart band user base.With the continuous efforts of brands on marketing and promotion through online and offline channels Consumer awareness has also increased in this segment due to the efforts,” said Anshika Jain, Senior Research Analyst.
“Top three brands captured 60% share in Q1 2022. Shore led the overall smartwatch market driven by its cost-per-money offerings, adding relevant features to its product portfolio and on Make-in-India plan Insisted. fire-bolt It emerged as the second largest company for the first time due to its focus on affordability and introduction of feature-packed products. The Fire-bolt has a good offline presence and targets multiple smartwatch segments such as fashion, lifestyle, fitness and luxury. BOAT secured the third position. It also refreshed its portfolio with five new models in the first quarter of 2022,” said Jain.
The segment also saw the entry of over 10 brands in Q1 2022, including Defy, Fastrack, truke And reebok,