Shipment company

Indian smartwatch market sees record shipment growth of over 274% in 2021; Noise, boat wires: report

India’s smartwatch market saw record shipment growth of over 274% (YoY) in 2021, and Noise-led domestic brands captured the market with over 75% market share, report says from Counterpoint Research published on Wednesday.

National brand boAt took the top spot in the fourth quarter of 2021, which became the biggest quarter ever for smartwatches with growth of more than 8%, according to Counterpoint’s IoT service.

“Over 86% of total shipments were driven by the sub-Rs 5,000 price range, compared to 59% in the previous year,” said senior research analyst Anshika Jain.

Many features that were previously present in smartwatches in the Rs 3,000-Rs 5,000 price range are now found in the Rs 2,000-Rs 3,000 segment, such as SPO2, blood pressure monitoring, support voice and a bigger screen.

“Even features that were previously prominent in high-end smartwatches like ECG and Bluetooth calling can be seen in smartwatches priced below Rs 5,000,” Jain added.

Although only 1% of the total smartwatches shipped were assembled domestically, this number is likely to climb many times over due to changes in duty structure and government pressure.

“Indian players dominated the market by capturing over 75% market share. The top three brands captured two-thirds of the total smartwatch market in 2021, compared to only half in 2020. The market saw more than 10 new entrants in 2021, intensifying the competition,” said research associate Harshit Rastogi.

The market is estimated to grow by around 50% in 2022 given the strong demand and dedicated efforts by brands to bring additional capabilities to their devices.

Noise led the market in 2021 with a 27% share and growth of over 278%. Four of the top 10 models in 2021 came from Noise.

boAt captured second place in 2021 with a 26% share. Its Storm was the best-selling smartwatch in 2021.

Fire Boltt was one of the major new entrants into the smartwatch market. It quickly managed to grab the third position with more than 20 models in all price ranges.

Samsung more than doubled in 2021 thanks to its most popular model, the Galaxy Watch Active 2. The new Galaxy Watch 4 series contributed more than 16% of its total shipments.

Apple was flat in 2021, with the Watch SE contributing around 44% of its total volume. The refreshed Series 7 lineup got off to a good start with shipments exceeding 100,000 units in the fourth quarter of 2021, according to the report.

(With IANS entries)

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Posted: Wednesday February 09 2022, 8:25 PM IST