India's smartwatch market soars 21% YoY, domestic manufacturing hits all-time high

Commenting on the price analysts noted the emphasis on budget-friendly options has led to a significant 41 percent year-on-year decline in India's smartwatch average selling price (ASP), reaching its all-time low

India witnessed a remarkable 21 percent year-on-year (YoY) growth in smartwatch shipments during the third quarter of 2023 (July-September), according to the latest research from Counterpoint's IoT Service. The surge was attributed to a significant inventory build-up in anticipation of robust sales during the festive season in October.

While existing top players continued to drive the market, new players like Fastrack and beatXP shipped high volumes and chipped away market share from the top three. The share of domestic manufacturing reached the highest ever at 82 percent compared to 4 percent a year ago, the report added.

While existing top players continued to drive the market, new players like Fastrack and beatXP shipped high volumes and chipped away market share from the top three.

“In the coming years, the market will continue to grow in double digits due to the brands’ efforts to expand their portfolios, offline partnerships with several large-format retailers (LFRs) and growing emphasis on local manufacturing,” said Anshika Jain, senior research analyst.

Fire-Boltt emerged as the market leader, capturing an impressive 28 percent share, closely trailed by Noise and boAt. Notably, Fastrack, a sub-brand of Titan, achieved the highest annual growth among the top five brands, showcasing its increasing prominence in the sector. Additionally, beatXP made its debut in the top five, marking a notable entry into the competitive smartwatch market.

Commenting on the price analysts noted the emphasis on budget-friendly options has led to a significant 41 percent YoY decline in India's smartwatch average selling price (ASP), reaching its all-time low. Consequently, more than three-fifths of the market now falls within the less than Rs 2,000 price range.

“This quarter, smartwatches were even available for less than Rs 1,000 to target first-time users. The shorter replacement cycles for the basic smartwatches and the maximum number of new launches being in this price segment further accelerated the trend,” said Harshit Rastogi, Research Analyst.