News from the Indian smartwatch market is exciting for two reasons. First, the market showed impressive year-on-year growth. Two, there is a new market leader.
According to the latest Counterpoint IoT Service survey, India’s smartwatch market grew 312% year-on-year in Q2 2022 – that’s nearly 4 times the growth of the previous number. Also, home player Fire-Boltt became the table champion for the first time as he overtook leader Noise.
Fire-Boltt led the market for the first time with 28% share, while Noise came in second with 26%. Fire Boltt and Noise captured more than half of the total smartwatch market. Boat, along with its sub-brands, retained third place with a 19% share.
The impressive growth in the overall market numbers is being attributed to growing consumer interest in smartwatches as a fitness accessory and tracker. Senior Research Analyst Anshika Jain said “the market is very dynamic and the top three positions will be fluid in the coming quarters.”
More than 300 models sold – the biggest ever
The Counterpoint report saw a steady increase in sales through offline channels. A third of smartwatches are sold offline, the highest share ever. In the online domain, Amazon led the market followed by Flipkart, with Noise, Boat and Fire-Boltt being the best-selling brands. The report said that more than 300 smartwatch models were sold this quarter, the largest ever.
“The top three brands combined offered 75 different models. The quarter saw more than 50 new launches from major brands. Low-cost smartwatches continue to attract more competition as half of the total models are in the below retail price range. Rs 3500”, research analyst Harshit Rastogi said.
Fire-Boltt had the most product launches in Q2 2022. Noise, which saw 293% annual growth, increased its domestic production this quarter and contributed 3/4 of smartwatches made locally. It introduced more models with Bluetooth calling capabilities and this feature was present in 40% of its shipments in the quarter. Boat’s Storm and Xtend models remained the most popular.
Samsung grew 295% YoY in Q2 2022. The Galaxy Watch 4 continued to be the top selling model thanks to frequent promotional offers. Dizo remained stable QoQ, ranking fifth. Titan, along with its sub-brand Fastrack, ranked 6th with 2% market share. Realme grew 76% YoY this quarter and ranked 7th. It also launched its first smartwatch with Bluetooth calling, the Watch R100. The brand maintained its presence almost equally across all channels.
Apple recorded 197% growth in Q2 2022. Watch Series 7 remained its best seller and reached nearly 250,000 shipments by the end of the quarter in India. OnePlus has retained its first position in the Rs 10,000 to Rs 15,000 retail price range due to the popularity of the OnePlus Watch.