boAt, one of the most popular consumer electronics startups, started out selling headphones and now sells multiple product lines. This also includes smartwatches. The company’s smartwatch shipment share fell in the first quarter of 2022 to 17.8% from 23.7% in the first quarter of 2021. Since the beginning of 2021, many new brands have entered the market, and in addition From this, there have been chipset shortages which have also contributed to manufacturing and shipping issues.
Regardless, boAt grew 106% YoY over the year and ranked third behind Fire-Boltt and Noise, occupying the second and first position respectively. Data is from Counterpoint’s India Smartwatch Shipment Tracking Model, Q1 2022. Note that all of this data is for the Indian market.
Apple and OnePlus have also made good progress
According to the report, Apple grew 104% year-on-year in the first quarter of 2022, with the Watch Series 7 contributing two-thirds of shipments in India. Apple maintained its lead in the high-end smartwatch segment in India with over 87% market share.
In the Rs 10,000 – Rs 15,000 segment, OnePlus took the top position. In the price range, OnePlus had a 45% market share.
During the quarter, Xiaomi also saw strong growth of 238%, with its Redmi Watch 2 Lite doing quite well in the market.
Amazfit didn’t have a good quarter, however. The company’s sales were down 35% year-on-year in the first quarter of 2022. The GTS 2 Mini contributed 30% of its shipments. Counterpoint expects the new GTS 2 Mini model to pick up some of the market share.
Fire-Boltt had a pretty good quarter, which helped the company take the second position in smartwatch shipment share during the quarter. Noise, as mentioned above, has maintained its lead in market share. Noise is one of India’s most recognized brands when it comes to affordable smartwatches and electronic accessories.
It will be interesting to see if another smartwatch player can fight Apple in the premium category.