The Indian wearable market grew 46.9 percent in 2022, and total shipments reached 100 million units for the year, according to a report. A study by International Data Corporation (IDC) concluded that while the earwear category remained flat in terms of shipments, smartwatches grew by 73.6 percent in Q4 2022.
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In terms of market share, smartwatches accounted for 30.7 percent in 2022 registering a growth of 17.9 percent from 2021. Annual shipments for smartwatches grew 151.3 percent with 30.7 million units being shipped in 2022.
Wrist bands continued the decline seen in 2021, losing 73.2 percent of total shipments compared to 2021.
“Vendors faced supply challenges throughout 2022, especially for smartwatches, which are not expected to ease off completely before early 2H23,” said Vikas Sharma, Senior market analyst, client devices at IDC India.
“Local manufacturing is expected to scale up to more than 80 percent by exit 2023, with more players opting for local sourcing of parts/components,” added Sharma.
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In terms of companies, Boat maintained its lead but not without some worries. Its overall market dropped to 23.9 percent witnessing a decline of 34.3 percent compared to 2021.
Noise took the second spot with a 11.2 percent market share, registering a 39.6 percent growth compared to 2021. OnePlus accounted for 8.7 percent of market share and a growth of 83 percent compared to 2021.
Bolt occupied 8.1 percent of the market showing an enormous growth of 250 percent year-on-year (YoY), while Realme registered a decline of 43.1 percent and ended up with a 4.2 percent share of the market in 2022.
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