India smartwatch market grew 173 per cent YoY in Q1 2022: Report

India’s smartwatch market recorded a 173 per cent year-on-year progress in Q1 2022 (January-March), in line with the newest analysis from Counterpoint’s IoT Service.

As per the report, the expansion was pushed by rising client curiosity, a number of launches through the quarter and the provision of varied low cost provides and promotions.

According to Senior Research Analyst Anshika Jain, the contribution of the <₹5,000 ($67) retail worth band elevated to 87 per cent from 78 per cent in Q1 2021. The ₹1,000-₹2,000 ($13-$27) retail worth band reached its highest ever share of 14 per cent from simply 2 per cent a yr in the past.

“Many manufacturers have began to give attention to this low worth tier to draw first-time customers and purchase the good band consumer base. Consumer consciousness has additionally elevated in this phase on account of manufacturers’ steady efforts on advertising and marketing and promotions by on-line and offline channels,” stated Jain.

Top manufacturers

Noise led the market with a 23 per cent share, its shipments doubling YoY in Q1 2022 because of the good efficiency of its newly launched gadgets. The Colorfit Pulse was the model’s best-selling mannequin.

Fire-Boltt took the second place for the primary time with a 21 per cent share. It has a number of launches this quarter with the Ninja Pro Max being its hottest gadget

boAt recorded a 106 per cent YoY progress and captured the third place with a 17.8 per cent share. The Xtend and Storm fashions captured virtually two-thirds of its complete portfolio. The model additionally launched the Wave Pro 47, its first made-in-India smartwatch through the quarter.

Dizo made it to the highest 5 for the primary time with a 4.4 per cent market share in Q1 2022.

The firm launched OLED show with its lately launched mannequin Watch R. It additionally expanded its offline presence this quarter.

Samsung stood fifth with a 3.8 per cent market share, rising 78 per cent YoY in Q1 2022.

“The Galaxy Watch 4 collection had the very best contribution right here and better shipments this quarter owing to promotional provides together with the Galaxy S22 Ultra smartphone,” as per the report.

As per Jain, the highest three manufacturers captured 60 per cent share in Q1 2022.

“Noise led the general smartwatch market pushed by its value-for-money choices, the addition of related options to its product portfolio and emphasis on the Make-in-India scheme. Fire-Boltt emerged because the second-largest participant for the primary time on account of its give attention to affordability and the introduction of feature-packed merchandise. Fire-Boltt has a superb offline presence and targets a number of smartwatch segments like vogue, way of life, health and luxurious. boAt captured the third spot. It additionally refreshed its portfolio in Q1 2022 with 5 new fashions,” stated Jain.

Realme recorded a 3 per cent share in Q1 2022. The model launched its new Smartwatch S100, which was its main quantity driver.

“We count on to see a portfolio refresh quickly and an increase in shipments in the approaching future. It is a well-established model in each offline and on-line channels,” the report stated.

Apple witnessed a 104 per cent YoY progress in Q1 2022 with its collection 7 variants contributing two-thirds of the shipments. It continued to steer the premium phase (>₹30,000, >$400) with over 87 per cent share.

Amazfit declined 35 per cent YoY in Q1 2022. The GTS 2 Mini contributed greater than 30 per cent of its shipments.

“With the newer GTS Mini 2, we count on it to achieve again a few of its market share in the approaching quarter,” it stated.

Zebronics managed to stay in the highest ten, launching a number of inexpensive fashions on varied on-line and offline platforms.

OnePlus led in the ₹10,000-₹15,000 ($133-$200) retail worth band with round 45 per cent share.

Xiaomi recorded a powerful progress of 238 per cent QoQ in Q1 2022. Its newly launched mannequin Redmi Watch 2 Lite is performing properly in the market.

Research Analyst Harshit Rastogi stated, “The manufacturers are pushing bigger shows, which customers are readily accepting. By pushing bigger shows, the manufacturers are additionally attracting good band customers as these bands have restricted performance on account of smaller shows.”

“The contribution of the >1.5-inch smartwatches elevated to greater than half of the whole smartwatch market from simply 11 per cent final yr. In addition, among the most demanded options like SpO2 at the moment are current in any respect worth ranges. Blood strain monitoring in addition to voice assistant are trickling all the way down to lower cost bands to draw budget-conscious clients,” stated Rastogi.

Rastogi additional stated, “Multiple manufacturers have already began home manufacturing. We might see a serious leap in the contribution of domestically manufactured gadgets in the second half of 2022, particularly from manufacturers like Noise, boAt and Realme.”