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
Noise led the market in 2021 with a 27% share and over 278% YoY growth. Portfolio expansion towards lower price points, emphasis on community building, designing products according to preferences backed by a strong consumer database, and new alliances and partnerships helped the brand become the market leader. Four out of the top 10 models in 2021 were from Noise. The ColorFit Pro 2 remained the brand’s most popular smartwatch.
boAt captured the second spot in 2021 with a 26% share. It was at the first position in Q4 2021. boAt completed a year in the smartwatch market in Q4 2021. It has launched over 10 models so far. Its Storm was the best-selling smartwatch in 2021.
Fire Boltt was one of the key new entrants in the smartwatch market. It quickly managed to capture the third position with more than 20 models across price bands. It has a presence in more than 600 cities, major large retail formats, and online The brand also entered the Middle East in 2021.
realme grew 23% YoY in 2021 to take the fourth position driven by a well-balanced portfolio and strong online partnerships. The Watch S contributed to around 30% of its total sales.
Amazfit registered 65% YoY growth and captured the fifth position in the smartwatch market. It led the market in the INR 10,000 – INR 15,000 price band with over one-third of the total shipments. The brand refreshed its portfolio in Q4 2021 with the launch of three new devices – GTR 3, GTR 3 Pro and GTS 3.
Samsung grew more than 2x in 2021 driven by its most popular model, the Galaxy Watch Active 2. The newly introduced Galaxy Watch 4 series contributed to over 16% of its total shipments.
Apple remained flat in 2021 with the Watch SE contributing around 44% of its total volume. The refreshed line-up of Series 7 saw a great start with shipments crossing 100,000 units in Q4 2021.
Dizo entered the smartwatch market in Q3 2021. With successful launches in the budget segment, the brand managed to capture a position in the top 10 The Watch 2 model drove most of its volume.
India’s smartwatch market is mostly online driven, with 78% of the shipment coming from online channels, where Flipkart and Amazon contribute 48% and 43% shares respectively.