India’s wearables segment posts 56% year-on-year growth, BoAt maintains lead: report

Company-wise, BoAt continues to dominate the wearables segment with over 32% of the market share in Q3, 2022

November 11, 2022 04:17 pm | Updated 04:18 pm IST

A file photo of a BoAt watch, from the BoAt website

A file photo of a BoAt watch, from the BoAt website | Photo Credit: Special Arrangement

The Indian wearable market registered over 56% growth, year-on-year, to reach 37.2 million units by the end of Q3, 2022, noted the International Data Corporation (IDC). According to the research firm, 75 million units of wearables have shipped between January and September 2022 in the country.

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The aggressive shipments were a result of the festive season between August and October 2022, as well as a push by the vendors to maintain the inventory.

Heavy discounts and offers were also rolled out during online sales events, resulting in a 13.6% year-on-year decline in average selling price (ASP) in Q3 of 2022, said IDC.

Company-wise, BoAt continues to dominate the wearables segment with over 32% of the market share in Q3, 2022. The brand grew 19.5% year-on-year.

Similarly, Noise came second with nearly 14% of the market share. It cemented its smartwatch leadership with a 29.5% share, growing 216.5% annually. Noise also ranked second in the TWS category with a 9.3% share. Fire-Boltt stood third with 395% year-on-year growth and an 8.9% share.

OnePlus dropped to the fourth spot with 107.6% year-on-year growth and an 8.2% share. Heavily focused on the ear wear category, OnePlus ranked second, with a 12.1% share, and finished third in the TWS category. Bullets Wireless Z2 contributed as the key model.

Realme came fifth but with declining shipments at -18.5% year-on-year in Q3 2022. The low shipments were attributed to fewer launches and lower focus in the wearable category.

Smartwatches (inclusive of basic and advanced) remained the fastest-growing category, crossing the 12.0 million shipments mark in a single quarter - a growth of 178.8% year-on-year. The smartwatch ASP declined by 30.3% year-on-year to reach $41.9 (vs $60.0 in 2021). Basic smartwatches continue to dominate with a 95.5% share, growing by 187.1% annually in Q3 2022.

Ear wear accounted for 67.3% of the overall wearables category. Truly wireless dominated with a 57.6% share, growing by 94.4% year-on-year, and tethered grew by 2.5% while over-the-ear declined by more than 50% in Q3 2022.

“The rapid proliferation of wearable devices can be attributed to the aggressive marketing and price points by India-base vendors, well supported by e-tailers. As we exit 2022, IDC estimates India to surpass the USA, to become the second-largest wearables market globally behind only PRC,” says Upasana Joshi, Research Manager, Client Devices, IDC India.

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