According to a report ‘India Monthly Wearable Device Tracker’ by International Data Corporation (IDC), “hundreds” of” smartwatch model launches in the first half of the calendar year 2023 contributed to India’s wearable market’s growth of 53.3% year-over-year (YoY).
As per the report, companies shipped 57.8 million units of wearables like smartwatches, earwear, and eyeglasses to the market in the first half of CY23. Due to holiday deals and discounts, IDC anticipated that the growth would continue in the second half of the year.
In the first half of CY23, brands introduced new smartwatches of various varieties, which led to the devices showing a 128.6% YoY increase in sales. The earwear industry expanded by 27.3%.
In the second quarter of 2023, 32.8 million wearables were shipped, representing an increase of 37.2% and 30.6% from quarter-on-quarter (QoQ). Moreover, the sales of true wireless stereo (TWS), in the earwear category, grew by 52.9%.
With a share of 73.9% in the second quarter of 2023, online channels were the primary driver of sales. According to IDC, top brands are now looking into offline opportunities to broaden their reach and increase their presence in Tier 3/4/5 towns.
boAt leads the wearable market in India with a 26.6% share and growing 6.5% YoY. Earwear accounted for 77.7% of its shipments in 2Q23. Further, with a market share of 13.5% and growth of 61.6% YoY, Noise (Nexxbase) came in second. With a 27.6% market share and a growth of 93.2% YoY, Noise has reclaimed the top spot in the smartwatch industry. Smartphone manufacturer, OPPO, stood third with a 10.7% share and growth of 42.4%.
