The Indian wearable market has done well in the first half of the year, shipping 57.8 million devices and reporting an increase of 53% over the same period last year. International Data Corporation (IDC) estimates that 32.8 million wearables were delivered in Q2 2023, representing a 37.2% year-over-year increase. 19.96 million of these were earpieces.In Q2 2023, the Indian Wearable market as a whole experienced growth of 37.2%, with smartwatches leading the way with a rise of 99.3% and virtually doubling shipments year-over-year.
The wrist band market experienced a 77.7% decrease in Q2 2023, with buyers likely switching to smartwatches now that they are more reasonably priced. Smartwatches’ average selling prices (ASPs) fell by 44.9%, from $46.6 in 2Q23 to $25.6.
With 19.96 million units sold in Q2 2023, earwear continued to dominate the Indian Wearable market. While neckbands saw a fall of 22.5%, truly wireless earphones (TWS) reached a record share of 65.5%, expanding by 52.9% year over year.
All companies saw an increase in shipments, even if some saw a reduction in their overall Indian Wearable marketshare. Shipments from Boult Audio saw the largest growth, with a 176.9% increase. Despite a small 6.5% increase in shipments, boat maintained its industry-leading position with a 26.6% market share.
With a market share of 27.6% and a 93.2% increase in sales volume, Noise became the Indian Wearable market leader in the smartwatch category. With a market share of 23.8% and an increase in shipments of 91.1%, Fire-Boltt comes in second. With a 15.2% market share and a 54.3% increase in shipments, boAt moves up to third place.
The company with the largest shipping growth, Boult Audio, saw a 1922.1% increase. In Q2 2023, it held a 3.4% market share for smartwatches. With a 35.4% market share in Q2 2023—down from 42.9% in Q2 2022—boAt maintained its dominance in the industry. Shipments increased by 25.7%, according to the business.
The company with the largest rise in shipments was Boult Audio, at 140.8%. Additionally, in Q2 2023, its market share rose from 6.1% to 9.6%. Oppo and OnePlus increased their Indian Wearable market share from 6.5% to 8.5% in Q2 2023 by doubling their shipments.
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