According to two research firms, the smartwatch market in India registered its strongest year-on-year (YoY) growth in 2021, with the fourth quarter being the biggest quarter ever for smartwatches. Domestic brands continued to grow in the market and outpaced their Chinese counterparts. Gurugram-based Shore retained its leadership in the market and managed to outdo the fire-bolted Chinese player Amazfit. The total shipments of smartwatches in the country grew by over 9.6 million units in the year.
International Data Corporation ,IDC, reports That the watch market in India which includes smartwatches as well as connected watches grew by 364.1 percent to 12.2 million units in 2021, from 2.63 million units in 2020. In the fourth quarter, smartwatch vendors in the country shipped 4.9 million units, a 271.2 percent YoY increase. The market research firm said it was the biggest quarter for wearable watches in the country.
IDC said India-based brands have more than doubled their share over the last year and now account for three-fourths of the total wearable watch market.
Noise Leading the wearable watches market with a 27 percent share in 2021 shipments. According to data shared by the research firm, the brand grew 410.2 percent year-on-year and maintained its lead for the seventh consecutive quarter in the fourth quarter.
noise colorfit pro 2, colorfit pro 3IDC said Pulse and Pulse account for 60.4 per cent of the brand’s entire portfolio.
After the noise boat Ranked second with 25.1 percent market share. fire-bolt It emerged as the third largest player in the wearable watch market in the country with 11.6 per cent market share in 2021. Next were the Chinese contenders. real me And amazfit,
Top five watch companies in 2021 according to IDC
| company | 2021 market share | 2020 market share | Year-on-Year Unit Changes (2021 vs. 2020) |
|---|---|---|---|
| Noise | 27.0 percent | 24.6 percent | 410.2 percent |
| boat | 25.1 percent | 2.8 percent | 3983.6 percent |
| fire-bolt | 11.6 percent | 0.3 percent | 17646.0 percent |
| real me | 5.6% | 15.7 percent | 64.8 percent |
| amazfit | 5.1 percent | 15.0 percent | 57.3 percent |
| other | 25.7 percent | 41.6 percent | 186.6 percent |
| Total | 100 percent | 100 percent | 100 percent |
The quarterly performance of Indian brands was aligned with their growth seen in the full year 2021. However, Realme saw minimal YoY growth in the quarter, while Amazfit saw negative growth.
Anisha Dumbrey, Market Analyst, Client Devices, IDC India, said, “The Indian watch market is growing rapidly due to the increasing awareness of health and fitness. “Since consumers want the best combination of features, price and quality; most brands are trying to meet changing consumer needs through product design and pricing strategies combined with partnerships and collaborations.”
He said competition at entry-level price points reduced the average selling price of watches from $61.3 (approximately Rs 4,600) in 2021 to $122.1 (approximately Rs 9,200) in 2020.
“This is putting immense pressure on new entrants and other existing brands to differentiate themselves in the market,” she said.
Top five watch companies in the fourth quarter of 2021 according to IDC
| company | Q4 2021 Market Share | Q4 2020 Market Share | Year-on-Year Unit Changes (2021 vs. 2020) |
|---|---|---|---|
| Noise | 27.5 percent | 24.1 percent | 322.5 percent |
| boat | 26.9 percent | 5.6% | 1676.6 percent |
| fire-bolt | 12.7 percent | 0.6 percent | 7786.5 percent |
| real me | 3.4 percent | 12.4 percent | 0.9 percent |
| amazfit | 3.2 percent | 14.3 percent | -15.7 percent |
| other | 26.2 percent | 42.9 percent | 126.9 percent |
| Total | 100 percent | 100 percent | 100 percent |
Unlike the watch market, IDC said the smart wristband market in the country continued to decline for the eighth consecutive quarter. According to the firm, wristband shipments declined 34 percent year-on-year in the fourth quarter.
Xiaomi The wristbands maintained their lead in the market, but IDC said its shipments declined 43.7 percent in 2021.
Overall, IDC said India’s wristwear market, comprising smart wristbands and connected watches, grew by 141.3 percent in 2021, with 14.4 million units shipped in the year.
It is important to underline that IDC considers both smartwatches as apple watch and Samsung Galaxy watches with basic connected watches that are offered by Shore, Fire-bolt and other emerging vendors.
IDC. Overall wristwear market growth in 2021 as per
| Product Category | 2021 shipments (in million) | 2020 shipments (in million) | Year-on-Year Unit Changes (2021 vs. 2020) |
|---|---|---|---|
| wrist closure | 2.21 | 3.35 | -34.0 percent |
| Watch (connected watch + smartwatch) | 12.22 | 2.63 | 364.1 percent |
| Total | 14.43 | 5.98 | 141.3 percent |
Similar to IDC, competition said in report good That the smartwatch market in India witnessed a record growth of over 274 percent annually in 2021. The market also grew more than eight percent in the fourth quarter. The firm also noted that domestic brands captured more than 75 percent of the total market shipments in the year.
According to Counterpoint, Shore grew its market share from 26 percent in 2020 to 27 percent in 2021, while the second-place bot managed 26 percent of the market, the firm said.
Similar is the case with Fire-Bolt, which took third place behind Amazfit and became the third-largest smartwatch maker in 2021 with a 13 percent share.
Realme and Amazfit dropped to the fourth and fifth positions respectively.
While Realme managed six per cent market share in 2021, down from 17 per cent in 2020, Amazfit declined from 11 per cent in the previous year to five per cent, shows Counterpoint data.
Apple And samsung It was also dropped from the list of top five smartwatch brands in the country in 2021. According to the firm, Apple had a 10 percent stake and Samsung had a six percent stake in 2020.
In the fourth quarter, Counterpoint data shows that boat after noise took over the India market. Fire-bolt was ranked third, beating Reality. The seller increased its stake to 15 per cent in the quarter, with over 20 models in the price band.
According to Counterpoint, Realme’s total shipments grew 23 percent year-on-year in 2021, while Amazfit reported a 65 percent year-on-year growth in shipments.
Traditional smartwatch maker Apple remained flat in 2021, with Apple Watch SE It contributes about 44 percent of its total volume. apple watch series 7 Shipments, on the other hand, crossed 100,000 units in the fourth quarter, the analyst firm said.
In contrast, the Samsung Galaxy Watch Active 2 grew more than twice in a year samsung galaxy watch 4 As per the report, the series contributed over 16 per cent of the company’s total shipments in the country.
The smartwatch market in India is mostly driven online as 78 per cent of shipments come from online channels. heroine And Flipkart Counterpoint said, contributed 43 percent and 48 percent stake, respectively.
Counterpoint Research Associate Harshit Rastogi said, “Given the high demand and dedicated efforts of brands to bring in additional capabilities in their devices, the market is expected to grow by around 50 per cent in 2022.”
,