- India has emerged as the biggest smartwatch market in the world in Q3 2022.
- The Indian smartwatch market reported a 171% growth in the third quarter.
- Noise, Fire Boltt, and boAt have emerged as the top three players in the domestic market.
The Indian smartwatch market emerged as the biggest in Q3 2022. The global smartwatch market has registered a year-on-year growth of 30%, driven by the basic smartwatch segment.
According to a report by Counterpoint, the Indian smartwatch market reported the highest growth and occupied the top spot for the first time, up from the third position last year. While the rest of the global markets reported growth, China and Europe reported a decline.
India registers a 171% growth
The Indian smartwatch market has reported a 171% year-on-year growth, occupying nearly a third of the global market with a 30% market share. At the same time, North America reported a 21% growth, and China reported a 6% decline.
Domestic companies dominate the market
Indian companies may not have a huge market share when it comes to smartphones, but domestic companies are thriving in other markets. After dominating the TWS segment, domestic companies have occupied nearly 80% of the Indian smartwatch market.
India’s top domestic companies, Noise, Fire Boltt, and boAt alone, have occupied 79% of the Indian smartwatch market, taking the top three positions. Noise has also occupied the third position globally, just behind Apple and Samsung.
Noise reported a 30% market share in Q3 2022, and Fire Boltt is a close second with a 29% market share. boAt has come in third with a 20% market share.
This means that four of five smartwatches sold in the country are Indian.
Experts credit the festive season and affordable devices to India’s growth
The 42-day-long festive season is one of the reasons behind the growth of the Indian market. Additionally, the affordable prices of watches being launched in the country and the push for domestic production have also been credited for the growth.
“The main factor behind the record quarter was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth,” said Anshika Jain, Senior Analyst, Counterpoint Research.
Customers prefer watches with Bluetooth calling
The analyst added that Bluetooth calling has emerged as an important feature in the Indian market. Over 58% of smartwatches sold in the country offer Bluetooth calling, the highest ever share for the feature. Additionally, over half of the shipments feature big displays, ranging from 1.5 inches to 1.69 inches.
Noise reports over 200% growth
Noise reported year-on-year growth of 218% to regain the top spot in the Indian market. Fire Boltt claimed the second spot in the Indian market; despite flat growth, it retained the fourth spot globally. India’s third smartwatch brand boAt occupied the sixth spot globally, behind Huawei, which recorded zero shipments in India for the first time since 2018.
