India’s smartwatch market noticed a report development of over 274 per cent year-on-year (YoY) in 2021 shipments, as demand for sub-$100 smartwatches grew extra, in keeping with the most recent analysis from Counterpoint’s Internet of issues (IoT) Service.
Further, with quarter-on-quarter (QoQ) development of over 8 per cent in the fourth quarter 2021 and have become the market’s largest ever quarter, the Counterpoint Research’s lately printed ‘Global Smartwatch Model Tracker’, stated.
Around 80 manufacturers are current in India’s smartwatch market and over ten manufacturers entered the market in 2021, the report stated, including that 78 per cent of the cargo got here from on-line channels, the place Flipkart and Amazon contribute 48 per cent and 43 per cent, respectively.
“The smartwatch market is displaying great development, which is attributed to elevated well being consciousness, reasonably priced costs, development of latest entrants, low cost schemes and quite a few launches of feature-packed merchandise all year long. More than 86 per cent of the entire shipments have been pushed by the under-₹5,000 value band, in comparison with 59 per cent in the earlier 12 months,” Anshika Jain, Senior Research Analyst, Counterpoint Technology Market Research (India) stated.
Many of the options which have been earlier current in the ₹3,000 – 5,000 value band smartwatches are actually discovered in the ₹2,000–3,000 phase, like SPO2, blood stress monitoring, voice help and bigger show. Even options of premium smartwatches like ECG and Bluetooth calling, may be seen in smartwatches priced beneath ₹5,000, she stated.
Noise was the fastest-growing model among the many world prime 9 manufacturers and it was main the expansion of the Indian smartwatch market. It was was India’s number-one model in 2021 and 2020.
“Noise is the primary Indian smartwatch model and leads the expansion of the native market. It captured the highest place in 2021 as a consequence of its numerous product portfolio concentrating on the funds and mid segments, in addition to robust partnerships with e-commerce gamers, monetary establishments and celebrities,” Jain stated.
Noise additionally targeted on group constructing and barely shifted its value base in the direction of the decrease facet to make its smartwatches accessible to a bigger group, a technique that proved to be efficient. All this resulted in Noise rating third in phrases of shipments after Apple and Samsung in the APAC area besides China in 2021, she added.
One of the driving forces behind the worldwide smartwatch market development in 2021 was as a result of growth of the Indian market, the report stated, including that this market accounted for less than three per cent of the worldwide share in 2020. However, it grew 4 instances in 2021 to boost its world market share near 10 per cent.
After Noise, different manufacturers to comply with the rankings embrace boAT, Fire Bolt (one other native firm), Realme, Amazfit, Samsung and Apple, the report added.