India’s wearable market registers 53% growth, ASP declines: Report

Nearly, 32.8 million wearables shipped in 2Q23, a growth of 37.2% YoY and 30.6% QoQ (quarter-on-quarter). Smartwatch shipments almost doubled to 12.8 million in 2Q23, while the earwear shipments grew by 15.2% YoY

August 14, 2023 01:07 pm | Updated 01:59 pm IST

India’s wearable market registered 53.3% YoY (year-over-year) growth shipping 57.8 million units in the first half of 2023.

India’s wearable market registered 53.3% YoY (year-over-year) growth shipping 57.8 million units in the first half of 2023. | Photo Credit: Reuters

India’s wearable market registered 53.3% YoY (year-over-year) growth shipping 57.8 million units in the first half of 2023, claimed International Data Corporation (IDC). Smartwatches share reached 40% from 26.8% a year ago, while the earwear grew 27.3%.

Nearly, 32.8 million wearables shipped in 2Q23, a growth of 37.2% YoY and 30.6% QoQ (quarter-on-quarter). Smartwatch shipments almost doubled to 12.8 million in 2Q23, while the earwear shipments grew by 15.2% YoY.

Average selling price (ASPs) of smartwatches declined by 44.9%, dropping to $25.6 (nearly ₹2,100) from $46.6 (nearly ₹3,800) in 2Q23. The overall wearable ASP in 2Q23 dropped to $21 (nearly ₹1,700) from $26.7 (nearly ₹2,200) a year ago.

Within the earwear category, TWS now has a record share of 65.5%, growing by 52.9% YoY, while neckbands declined by -22.5% in 2Q23. The ASP for neckbands and TWS stood at $15 (nearly ₹1,200) and $18.7 (nearly ₹1,500) declining by 6.4% and 15.3% respectively.

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In terms of brands, boAt leads the wearable market with 26.6% share followed by Noise with 13.5% market share, and Oppo (including OnePlus) with 10.7% stake.

“The first half of 2023 saw hundreds of smartwatch model launches with premium finishing, sporty appearances, rugged builds, and a variety of strap finishes like metal, silicon, leather, etc. The second half of 2023 will see aggressive festive offers and discounts, while brands remain cautious for supplies. Furthermore, we should expect more launches in the smart ring category at affordable pricing,” said Upasana Joshi, Research Manager, Client Devices, IDC India.

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