According to an IDC report, the wearables market in India, which includes smartwatches, earbuds and wristbands, grew 20.1 per cent year-on-year (YoY) in the first quarter of 2022. While watches remained the fastest-growing category in the quarter from January to March, wristbands continued to decline year-on-year for the ninth consecutive quarter, shipping 3.7 million units, up 173 percent. In addition, Boat, Noise, OnePlus, Fire-Bolt, and Realme joined the top five brands in the wearables market in the first quarter.
Market Research Firm International Data Corporation (IDC) Latest report good says that the average selling price (ASP) of the overall wearables category declined by 17.1 percent mainly due to a strong decline in the ASP of watches.
In terms of segments, as mentioned, watches have maintained their fastest growth in the Indian wearables market with 3.7 million shipments and a growth of 173 percent in the first quarter of 2022. While original watches accounted for 95.1 percent of the total watch category shipments. According to the report, smartwatch shipments declined by 4.2 percent year-on-year, with a growth of 202.1 percent.
In addition, the overall wrist wear segment (which includes watches and wrist bands) has witnessed a growth of 87.5 percent in Q122 with total shipments of 4 million units.
The earwear segment, on the other hand, grew at 48.3 per cent year-on-year and accounted for 71.3 per cent of the overall wearables segment in the first quarter.
photo credit: screenshot/idc
Anisha Dumbrey, Senior Market Analyst, Client Devices, IDC India says, “Aggressive discounts, new features, and a strong push from brand and channel partners are encouraging consumers to upgrade and spend more on wearable watches. ” “While reliance on devices such as TWS and wearable watches is increasing, supply remains a concern for the industry. Intense competition in the less than $50 category (approximately 3,880) is pushing all brands to offer competitive offerings in terms of pricing, features and device design,” said Dumbre.
Indian brand boat 5.2 percent year-on-year growth with 22.9 percent market share and noise Occupied the top two positions among the top five emerging wearable brands in the first quarter of 2022 with 10.9 percent market share with 150.1 percent year-on-year growth.
oneplusOn the other hand, it ranked third with 13.8 per cent market share but was the only player in the top five to register a decline of 35.8 per cent in the quarter, the report said.
indian brands, fire-bolt entered the fourth position with a market share of 6.6 percent, while my true form It managed to occupy the fifth position with a growth of 26.6 per cent in Q1 2022.
photo credit: screenshot/idc
“The outlook for 2022 remains strong as wearables strive to attract users in Tier 2 and Tier 3 cities. The healthy growth is attracting new players in the market, as brands enter the other appliances and accessory space,” says Upasana Joshi, Research Manager, IDC India. With continued push from brands, 2Q22 (April-June) is expected to witness healthy YoY growth. Aggressive offers, sales and marketing around the festive season in 2H22 (July-December) for wearable device categories is expected to continue this growth momentum during the year.
She further adds, “With the PLI scheme for wearables announced by the government, major players in the ecosystem have started entering into local manufacturing of these devices and have launched ‘Made in India’ products, potentially leading to ASP has decreased further.”