The Indian smartwatch segment continues to defy global trends, displaying remarkable resilience and robust growth even amidst tighter macroeconomic conditions worldwide. While global smartwatch sales experienced a decline of 1.5% in the first quarter of 2023, India witnessed an impressive surge, with smartwatch shipments soaring by 121% year-on-year (YoY), as reported by Counterpoint Research.
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Counterpoint Research analyst Woojin Son noted that the global smartwatch market, which had been on a steady growth trajectory for several years, encountered a period of stagnation since the end of the previous year, marked by an 8% YoY decline in Q4 2022. This downturn was largely attributed to a seasonal dip in demand for products from major players like Apple and Samsung, coupled with dampened consumer sentiment influenced by global financial pressures.
In contrast, the Indian smartwatch industry continued its upward trajectory, showing impressive growth in Q1 2023. Following a doubling of domestic shipments in the last quarter of 2022, India replicated this feat by achieving a remarkable 121% YoY growth in smartwatch shipments in the first quarter of 2023. This growth can be attributed to various factors, including the availability of affordable smartwatches, rising consumer demand, and a wide range of options in the budget segment.
Counterpoint Research analyst Anshika Jain highlighted that India’s smartwatch market experienced a substantial 121% YoY growth in Q1 2023, driven by affordability, increasing customer demand, and a diverse range of options available in the budget segment. Notably, around 40% of smartwatches sold in India during this period were priced below ₹2,000, marking the first time that the share of smartwatches in this price range reached such levels.
Indian smartwatch manufacturers have captured the majority of the domestic market, with over 90% of smartwatches sold in Q1 2023 originating from Indian companies such as Fire Boltt, Noise, boAt, and others. Analyst Anshika Jain added that India-based players surpassed the 90% mark for the first time, attributing their success to their agility in upgrading product portfolios and adapting to customer needs at reasonable price points.
An Indian smartwatch maker, Fire Boltt, outperformed Samsung to secure the second position in global smartwatch shipments during Q1 2023. Fire Boltt’s affordable smartwatches enabled the company to achieve a threefold increase in shipments compared to the previous year. Apple maintained its market dominance, capturing a 26% share of global smartwatch shipments.
Furthermore, India emerged as the largest market for smartwatches in Q1 2023, accounting for 27% of global smartwatch sales. This indicates that over a quarter of smartwatches sold worldwide were purchased in India. North America closely followed with a 26% market share, while China secured the third position with an 18% market share.
The Indian smartwatch market’s impressive growth and its status as a global powerhouse highlight the country’s increasing influence in the consumer technology sector. With a continued focus on affordability, diverse options, and consumer-centric product offerings, India is poised to sustain its strong position in the smartwatch industry in the coming years.
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