India's smartwatch market saw record growth of over 274% year-on-year in 2021 shipments, according to Counterpoint Research.
India’s smartwatch market saw record growth of over 274% year-on-year (YoY) in 2021 shipments, according to the latest research from Counterpoint Technology Market Research’s IoT Service. Further, with quarter-on-quarter (QoQ) growth of over 8%, Q4 2021 became the market’s biggest ever quarter.
“The smartwatch market is showing tremendous growth, which is attributed to increased health awareness, affordable prices, growth of new entrants, discount schemes and numerous launches of feature-packed products throughout the year,” Senior Research Analyst Anshika Jain said. “More than 86% of the total shipments were driven by the under-INR5,000 price band, compared to 59% in the previous year. Many of the features which were earlier present in the INR3,000–INR5,000 price band smartwatches are now found in the INR2,000–INR3,000 segment, like SPO2, blood pressure monitoring, voice assistance and larger display. Even features which were earlier prominent in premium smartwatches, like ECG and Bluetooth calling, can be seen in smartwatches priced under INR5,000.”
India Smartwatch Market Share of Top 5 Brands, 2021 vs 2020
Source: India Smartwatch Shipments Model Tracker, 2021
Commenting on domestic manufacturing, Jain said that although only 1% of the total smartwatches shipped were domestically assembled, this number is likely to jump many times due to duty structure changes and government push.
“Indian players led the market by capturing over 75% share. The top three brands captured two-thirds of the total smartwatch market in 2021, compared to just half in 2020. The market saw over 10 new entrants in 2021, intensifying the competition. The market is estimated to grow by around 50% in 2022 considering the high demand and brands’ dedicated efforts to bring additional capabilities to their devices,” said Research Associate Harshit Rastogi.
India Smartwatch Market Share of Top 5 Brands, Q4 2021 vs Q4 2020
Source: India Smartwatch Shipments Model Tracker, Q4 2021
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