As customers have turn out to be extra watchful of their well being parameters submit the Covid-19 pandemic, India’s smartwatch market grew by greater than 347 per cent year-over-year (y-o-y) and has surpassed China to turn out to be the second largest smartwatch market in the second quarter of 2022.
According to a Counterpoint Research Report, Indian homegrown manufacturers akin to Fire-Boltt and Noise have additionally taken high positions in the worldwide market share. North America continues to occupy the highest spot as the most important smartwatch market.
China was second in the earlier quarter however was pushed to 3rd with a ten per cent y-o-y lower in its shipments as shopper demand contracted attributable to Covid-19 lockdowns and damaging financial development, as per the report. Further, Europe, which was third in the earlier quarter, was pushed to fourth with a 13 per cent y-o-y decline in opposition to the backdrop of the Russia-Ukraine struggle.
“During the quarter, 30 per cent of fashions shipped in the Indian market had been bought for lower than $50, and main native manufacturers launched cost-effective fashions, decreasing the entry limitations for customers,” stated Sujeong Lim, Associate Director, Counterpoint Research.
India’s development because the second-largest smartwatch market is pushed by homegrown manufacturers. Noise, for instance, grew 298 per cent y-o-y, contributing to a 26 per cent share of the Indian market, whereas Fire-Bolt had first place in phrases of quarterly shipments. Companies imagine that customers have gotten severe about well being after the Covid-19 pandemic.
“In the previous two years, people’ existence have certainly modified fully. Wearables akin to smartwatches have turn out to be an important commodity to assist detect important parameters and assist people self-monitor themselves throughout these unprecedented instances. The information these gadgets gather may present individuals with data on which to base selections to isolate or to hunt medical recommendation or therapy. Also, smartwatches have turn out to be reasonably priced. It’s no extra a high-end or a product for the elite,” stated Vishal Gondal, Founder & CEO, GOQii.
Further, the affordability of watches and vogue quotient are the most important drivers for the large demand and curiosity amongst Indian customers. “The smartwatch is turning into more and more reasonably priced. Affordability and vogue quotient are two greatest drivers of the large demand and curiosity for the smartwatch amongst Indian customers,” stated Vikas Jain, Co-Founder of Play.
”The previous couple of quarters have been transformative for the wearables market, with homegrown gamers taking the lead in the worldwide wearables business. After rising because the No. 1 smartwatch model as per IDC earlier this month, we are actually thrilled to see ourselves among the many high 5 smartwatch manufacturers globally,” stated Gaurav Khatri, Co-Founder of Noise.
According to Counterpoint Research’s not too long ago revealed Global Smartwatch Model Tracker, the worldwide smartwatch market’s shipments grew 13 per cent y-o-y in the second quarter of 2022 amid macro uncertainties akin to inflation and geopolitical conflicts.
Apple retained its high spot in the worldwide smartwatch market with a rise of 8 per cent y-o-y, taking it to the highest spot for the quarter and accounting for 29.3 per cent of all general shipments. Samsung maintained its second place with 40 per cent y-o-y development and 9.2 per cent of general shipments.