India Wearables Market Reports Another Record Quarter in 3Q21

Article By : International Data Corp.

India's wearables market grew by 93.8% YoY in 3Q21, shipping 23.8 million units, according to IDC.

India’s wearables market grew by 93.8% year-over-year (YoY) in the third quarter (3Q21), shipping 23.8 million units, according to the recent data from the International Data Corp.’s (IDC) India Monthly Wearable Device Tracker. Despite the logistic challenges and increase in freight costs, vendors remained aggressive in their shipments and were able to manage the inventory for the upcoming month-long festival sales. Shipments in September surpassed 10 million, growing two-fold from the same month last year, resulting in a record quarter for wearable devices in India.

Watches continue to be the fastest-growing category with 4.3 million shipments in 3Q21, while wristbands saw a seventh consecutive quarter of annual decline. Overall wristwear (inclusive of watches and wristbands) crossed the 5 million shipments mark in a single quarter, further reinforcing the acceptance of watches in the country. Truly Wireless (TWS) devices reached a 39.5% share of earwear in 3Q21, but the market remains dominated by over-the-ear and tethered devices.

India Wearables Product Category Market Share, Year-over-Year Growth 2021Q3 (Shipments are in Thousands of Units)
Product Category 3Q21 Shipments 3Q20 Shipments 3Q19 Shipments Year-over-Year Unit Change (3Q21 vs 3Q20)
1. Earwear 18,738 10,532 2,787 77.9%
2. Wrist Band 738 966 1,206 -23.6%
3. Watch 4,308 774 354 456.3%
Total 23,783 12,272 4,447 93.8%
Source: IDC’s India Monthly Wearable Device Tracker, November 2021

 

India-based brands have captured over two-thirds of the watch market with their aggressive offerings and marketing spends on digital platforms. Noise maintained its lead for the sixth straight quarter with a 26% market share in 3Q21, followed by BoAt with a 23.1% market share. Fire-Boltt replaced Huami for the third position as its share jumped to 15.3% in 3Q21 from 5.5% from a quarter before. Realme entered the fourth position backed by its newly launched watches, and Amazfit settled at the fifth position.

Commenting on the growth in the watch segment, Anisha Dumbre, Market Analyst, Client Devices, IDC India, said, “While seasonality made 3Q21 the biggest quarter for wearables, the influx of devices at the entry-level was the key growth factor. Throughout the quarter, Indian vendors were aggressive with their launches and channel expansion. Aggressive intent to maintain their lead helped them to further reduce the average selling price of watches to $73, putting immense pressure on a struggling wrist band category.”

“So far, these new-age brands have been able to limit the incumbent smartphone brands’ ability to make any dent in their growth and continue to dominate the hearables and wristwear categories,” added Dumbre on the foray of smartphone companies in the wearables segment.

India Top 5 Watch Companies, Market Share, Year-over-Year Growth 2021Q3 (Shipments are in Thousands of Units)
Company 3Q21 Market Share 2Q21 Market Share Year-over-Year unit change (3Q21 vs 3Q20)
1. Nexxbase (Noise) 26.0% 28.6% 405.7%
2. Imagine Marketing (BoAt) 23.1% 26.9%
3. Fire-Boltt 15.3% 5.5%
4. Realme 7.3% 4.7% 66.7%
5. Zepp (Amazfit) 4.8% 9.3% 139.7%
Others 23.5% 25.0% 263.6%
Total 100% 100% 456.3%
Source: IDC’s India Monthly Wearable Device Tracker, November 2021

 

India Top 3 Wrist Band Companies, Market Share, Year-over-Year Growth 2021Q3 (Shipments are in Thousands of Units)
Company 3Q21 Market Share 2Q21 Market Share Year-over-Year unit change (3Q21 vs 3Q20)
1. Xiaomi 49.8% 38.9% -27.2%
2. Titan 16.7% 21.3% 37.7%
3. OnePlus 10.8% 21.7%
Others 22.7% 18.1% -54.9%
Total 100% 100% -23.6%
Source: IDC’s India Monthly Wearable Device Tracker, November 2021

 

The earwear category that includes TWS, neckbands, and wireless over-the-ear headphones, clocked 18.7 million units with an impressive 77.9% YoY growth in 3Q21. BoAt continued to lead the segment with a 48% share, recording 9 million units for the quarter. Realme replaced OnePlus for the second position, OnePlus moved to the third position, while Samsung settled at the fourth position. Ptron retained its fifth position as its shipments grew 81.9% during the quarter. A total of 7.4 million TWS devices in the earwear category were shipped, growing 70.5% YoY in 3Q21. As players continued to target entry-level price points, 86.4% of the TWS devices now fall under $50. BoAt also led the TWS category with a 37.3% share in the 3Q21.

India Top 5 Earwear Companies, Market Share, Year-over-Year Growth 2021Q3 (Shipments are in Thousands of Units)
Company 3Q21 Market Share 2Q21 Market Share Year-over-Year unit change (3Q21 vs 3Q20)
1.Imagine Marketing (BoAt) 48.0% 45.5% 176.7%
2. Realme 8.5% 5.5% 48.8%
3. OnePlus 7.2% 8.5% 4.6%
4. Samsung 5.3% 7.9% -33.6%
5. Palred (Ptron) 3.7% 5.1% 81.9%
Others 27.3% 27.5% 68.4%
Total 100% 100% 77.9%
Source: IDC’s India Monthly Wearable Device Tracker, November 2021

 

“The proliferation of new entrants in the mass market segment has increased competition, putting a lot of pressure on brands to differentiate in a market that is getting inundated with lookalike products,” said Jaipal Singh, Research Manager, Client Devices, IDC India.

Singh further adds, “Celebrity endorsements are a key tactic for brand recall. However, to maintain the growth momentum they must invest more in newer designs and aesthetics, as well as newer collaborations with existing franchises. This can help create unique product experiences that will not only help associate with new customers but can also open new avenues to sell these products.”

 

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