The Indian smartwatch market ended up setting quite some records last year, as it oversaw a 274% YoY growth in shipments. This was of course then paired by Q4 2021 becoming the market’s biggest ever quarter – with QoQ growth of more than 8%.
The figures of course came in thanks to Counterpoint research, which ended up stating then that the growth can indeed be attributed to increased health awareness, affordable prices, growth of new entrants, discount schemes and also a large number of launches throughout the year.
The majority of the shipments were driven by the sub-Rs 5000 segment – compared to the 59% we saw back in 2020. The main reason then behind this was the introduction of features such as SpO2 monitoring etc.
As far as the market trends are concerned then, an analyst is reported to have said : “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 expected to grow by around 50% in 2022 considering the high demand and brands’ dedicated efforts to being additional capabilities to their devices.”
Noise actually led the overall Indian smartwatch market last year as it recorded a share of 27% and over 278% YoY growth. Four out of the top ten models last year came courtesy of the company, with ColorFit Pro 2 coming in as its most popular offering. Portfolio expansion towards lower priced as well as emphasis being laid out on community building were then said to be the main drivers.
All in all then, it is indeed expected that more and more wearable will turn be manufactured in India this year – courtesy of the custom duty rates adjustments with Budget 2022.