India emerged as the world's biggest smartwatch market in the third quarter of calendar year 2022, according to Counterpoint Research’s latest 'global smartwatch model tracker'.
The Indian market grew by 171 percent year-on-year, with the local brands playing a key role in the surge, the report said. This is also the first time when the country's smartwatch market has taken the top spot, it added.
"The main factor behind the record quarter was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth," senior analyst Anshika Jain was quoted as saying in a release issued by Counterpoint Research.
The global market during the same three-month period accelerated by 30 percent, with all major markets except China and Europe recording a growth.