- Thursday, April 25, 2024
By: Shubham Ghosh
India’s smartwatch market has eclipsed China to become the world’s second-largest market, a new research report has said.
The Indian market has expanded by over 300 per cent year on year (YoY) to reach the goal.
According to the Global Smartwatch Model Tracker recently published by Counterpoint Research, the global market shipments of smartwatch went up by 13 per cent in Q2 2022. North America remained on the top with 26 per cent share of the world’s shipment. But now the gap has been narrowed considerably with India’s big rise in the segment and overtaking China with 22 per cent shipment share. China, which has seen a 10 per cent YoY fall, contributes 21 per cent in worldwide smartwatch shipment.
“The market performed relatively well in the second quarter compared to the downtrend we expected three months ago. However, as expected, China’s economic slowdown resulted in a YoY decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit seeing limited YoY growth or decline,” Sujeong Lim, associate director of Counterpoint, said.
She also said that the smartwatch market is undergoing a positive growth compared to the smartphone market with the latter’s market declining by nine per cent YoY during the same period.
The research said that India has emerged as the second-largest smartwatch market, thanks to the vigorous growth of local brands such as Fire-Boltt and Noise.
Fire-Boltt is a leader in the Indian market in terms of quarterly shipments with a significant increase in its shipments, the research said.
Noise is in the second spot in the Indian market with a growing popularity in both online and offline selling platforms. Its market has grown by a massive 298 per cent YoY.
Explaining India unprecedented growth in India’s smartwatch market, Lim said, “During the quarter, 30 per cent of models shipped in the Indian market sold for less than $50, and major local brands launched cost-effective models, lowering the entry barriers for consumers.”
