According to research released on Friday, India’s wearable market surged 53.3 percent year on year, aided by “hundreds of” wristwatch model introductions in the first half of the calendar year 2023.
According to the ‘India Monthly Wearable Device Tracker’ of International Data Corporation, companies shipped 57.8 million pieces of wearables such as smartwatches, earwear, and eyeglasses in the first half of fiscal year 2023. IDC predicted that growth would continue in the second half of the year as a result of holiday promotions and discounts.
In the first half of CY 2023, brands debuted new smartwatches of various sorts, resulting in a 128.6 percent YoY increase in sales. The earwear category increased by 27.3%.
In the second quarter of 2023, 32.8 million wearables were delivered, representing a 37.2 percent year-on-year increase and a 30.6 percent quarter-on-quarter increase.
The average selling price (ASP) of smartwatches fell 44.9% to $25.6 in 2Q23, from $46.6. In the second quarter of 2023, the total wearable ASP fell to $21.0 from $26.7 the previous year.
TWS (true wireless stereo) earwear sales increased 52.9 percent year on year in 2Q23, while neckbands decreased by -22.5 percent. The ASP for neckbands and TWS was $15.0 and $18.7, respectively, down 6.4 and 15.3 percent.
In the second quarter of 2023, online channels accounted for 73.9 percent of total sales. According to IDC, prominent brands are now exploring offline methods to broaden their reach and increase their presence in Tier 3/4/5 towns.
The wearable market in India is led by home-grown brand boAt, which has a 26.6 percent market share and is increasing at a 6.5 percent year on year. In the second quarter of this year, earwear accounted for 77.7 percent of its exports. The corporation also maintained its advantage in the TWS market (35.3%).
Noise came in second, rising 61.6 percent year on year and holding a 13.5% market share. Noise reclaimed top place in the smartwatch market, with a 27.6 percent share and a 93.2 percent YoY growth.
OPPO came in third place with a 10.7 percent market share and a 42.4 percent year-on-year growth. The company ranks third in the TWS market, with an 8.5 percent market share that is increasing at a rate of 100.9 percent year on year.
Fire-Boltt is ranked fourth in the overall wearable category in the second quarter of 2023, with a 9.5 percent market share and a 91.0 percent year-on-year growth rate.
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