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

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.