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Indian Wearable device market sees 80.9% YoY increase in shipment during Q123

According to the recent report from the International Data Corporation (IDC) India Monthly Wearable Device Tracker, the wearable device market in India experienced remarkable growth in the first quarter of 2023. With an impressive year-over-year (YoY) growth of 80.9%, a total of 25.1 million wearable units were shipped during this period. However, the market remained relatively steady quarter-over-quarter (QoQ) following a strong performance in the fourth quarter of 2022.

Notably, the share of smartwatches in the market witnessed a significant increase, reaching 41.4% compared to 26.8% a year ago. The earwear category also showed robust growth, with a YoY growth rate of 48.5%.

This impressive growth can be attributed to various factors, including improved supplies, optimized inventory management, multiple new product launches, and quicker portfolio refreshes by manufacturers.

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Furthermore, the market competition has intensified due to the presence of several small Indian players collectively holding over 15% market share. This heightened competition has resulted in a decline in the average selling prices (ASPs) of wearable devices. In the first quarter of 2023, the overall ASP dropped to US$22.7 from US$29.5 a year ago.

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Additionally, the online channel continues to dominate the wearable devices market, accounting for 73.9% of the total market share.

Within the earwear category, True Wireless Stereo (TWS) devices now hold a dominant share of 63.9%, up from 48.1% a year ago. The transition from neckbands to TWS devices, which commenced in 2022, has continued into the first quarter of 2023. During this period, the average selling prices for TWS and neckbands were recorded at US$12.2 and US$20.4, respectively.

Market analysts emphasize that key differentiators for wearable devices in 2023 will be enhancements in audio quality through features like active noise cancellation (ANC) and environmental noise cancellation (ENC), as well as aesthetically appealing designs. They also highlight the importance of incorporating health tracking technology to ensure sustained growth in the market.

wearable device
credit: idc

The smartwatch category, encompassing both basic and advanced models, remains the fastest-growing segment in the wearable device market. It achieved a remarkable YoY growth rate of 178.9%, with 10.4 million shipments in the first quarter of 2023.

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During the same period, the average selling price of smartwatches experienced a YoY decline of 42.0%, reaching US$29.2 compared to US$50.4 a year ago. Basic smartwatches captured the majority of the market, representing 98.0% of total shipments and growing by 187.4% annually.

“Brands are bringing a variety of smartwatch models with metal straps/casing, circular dials, rugged finish, and premium designs. Clubbed with advanced communication features like LTE, digital payment options, and more accurate sensors/algorithms, brands are attracting new smartwatch consumers as well as fueling refresh buying. In 2023 smartwatch market will cross 50 million units, up from 30.7 million in 2022,” says Upasana Joshi, Research Manager, Client Devices, IDC India. 

Among the top players in the market, Imagine Marketing (boAt) maintained its leading position with a 25.6% market share, reflecting a YoY growth rate of 102.4%. boAt also continued to lead the TWS segment, commanding a 30.6% market share and experiencing a YoY growth of 81.9%.

Other notable players include Fire – Boltt with a 12.4% market share, Nexxbase (Noise) with an 11.9% market share, and Boult Audio with a 9.3% market share. OPPO (including OnePlus) secured the fifth position with a 4.7% market share, primarily driven by the popularity of its neckband “Bullets Wireless Z2” and TWS “Enco Buds 2” products.

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Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.
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