01.Market report

The smartwatch market still has room to grow and shipments are yet centered around advanced markets such as North America and Europe.

The Indian smartwatch market was similar in size to MEA or LATAM in 2020, but recorded explosive growth of four times in 2021, achieving share of close to 10%.

02.Brand market share

03.Shipments

India wristwear market that comprises smart wristbands and connected watches grew by 141.3 percent YoY in 2021, with 14.4 million units shipped in the year.

04.2021 market share

• India Smartwatch Market Sees Record 274% Growth in 2021
• Domestic brands captured over 75% of the total market shipments
• Noise led the market in 2021 with a 27% share, while boAt captured the top spot in Q4 2021.
• Around 80 brands are present in India’s smartwatch market. Over 10 brands entered the market in 2021.
• 78% of the shipment came from online channels, where Flipkart and Amazon contribute 48% and 43% shares respectively.
• Noise led the market in 2021 with a 27% share and over 278% YoY growth
• boAt captured the second spot in 2021 with a 26% share
• Fire Boltt quickly managed to capture the third position with more than 20 models across price bands.
• realme grew 23% YoY in 2021 to take the fourth position driven by a well-balanced portfolio and strong online partnerships
• Amazfit registered 65% YoY growth and captured the fifth position in the smartwatch market.
• Samsung grew more than 2x in 2021 driven by its most popular model, the Galaxy Watch Active 2
• Apple remained flat in 2021 with the Watch SE contributing around 44% of its total volume.

05.Why explosive growth

1.COVID-19

People has health conscious and is paying special attention to fitness and health

2.Local brands
The emergence of quality home-grown brands, offering smartwathes at affordable prices

3.Updatingmart watch

The smartwatches are becoming style statements

4.E-commerce platform

Online shopping is becoming more and more popular

06.Main popular products

07.Opportunity

India's total population： 1.4 billion

2021 Indian market shipments:  14.4 millions

Only 1% of people bought smart watches, has huge market potential

E-commerce

78% of the shipment came from online channels.
The development of e-commerce platform makes online shopping more and more popular

Affordable price

More than 86% of the total shipments were driven by the under-INR 5,000 price band
Many of the features which were earlier present in the INR 3,000 – INR 5,000 price band smartwatches are now found in the INR 2,000 – INR 3,000 segment

Future trends

The market is estimated to grow by around 50 percent in 2022 considering the high demand and brands' dedicated efforts to bring additional capabilities to their devices,” said Counterpoint Research Associate Harshit Rastogi.

Challenge

Components: The lack of availability of components locally

New brands: Dozens of brands jumping into the smartwatch segment

grey market: Sellers pay no taxes and could sell them at cheaper prices

Shipping

High import duties and shipment blues

08.2022’s New products