Last Updated: February 08, 2023, 17:33 IST
Smartwatch demand grew previously 12 months
Wearable demand is prone to have spiked as a result of health-related issues of customers in India.
The India wearable market noticed a powerful 46.9 per cent (year-over-year) progress in 2022, as shipments reached 100 million items with boAT taking the pole place, a report confirmed on Wednesday.
Smartwatch (inclusive of primary and superior) shipments have been 30.7 million final yr, a progress of 151.3 per cent YoY. The smartwatch common promoting worth (ASPs) proceed to say no, at $42.5 (vs $61.2 a yr in the past), in line with an IDC report.
Basic smartwatches continued to dominate with a 95.5 per cent share, rising by 158 per cent yearly. Wristbands declined for one more yr with destructive 73.2 per cent YoY, with shipments dropping to half one million.
The vacation quarter (October-December 2022) noticed 25.2 million unit shipments, registering a 16.5 per cent YoY progress.
“Vendors confronted provide challenges all through 2022, particularly for smartwatches, which aren’t anticipated to ease off utterly earlier than early 2H23. Local manufacturing is predicted to scale as much as greater than 80 per cent by exit 2023, with extra gamers choosing native sourcing of components/parts,” stated Vikas Sharma, senior market analyst, shopper gadgets, IDC India.
Earwear category, with the lowest ASP globally at $19.8, accounted for 68.7 per cent of the overall wearables category with 28 per cent YoY shipment growth. Within earwear, Truly Wireless (TWS) dominated with a 55.3 per cent share growing by 87.1 per cent.
boAt maintained the lead but its share dropped to 23.9 per cent in the fourth quarter declining by 34.3 per cent YoY.
Imagine Marketing (boAt) is planning to increase its presence in the smartwatch category in 2023, which accounted for 19.7 per cent of its overall shipments in 2022.
Nexxbase (Noise) stood second at 11.2 per cent in 4Q22, with 2.8 million shipments and registered 39.6 per cent growth. It strengthened its smartwatch leadership with a 27.2 per cent share.
OnePlus climbed to third place in the overall wearable category, growing by 83 per cent YoY and 10.2 per cent share.
Fire-Boltt dropped to fourth place, but with a strong 250 YoY growth, shipping 2.2 million units. Boult Audio at fifth place witnessed gain with 1.9 million shipments.
“To maintain similar growth in 2023, smartwatch vendors would need to remain focused on the entry-level price segment with essentials like Bluetooth calling, higher display brightness (1000+Nits), etc. fresh designs and new segments, enhanced app integration and collaboration with fashion brands with wider presence across large format stores,” stated Upasana Joshi, Research Manager, Client Devices, IDC India.
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(This story has been edited by News18 workers and is revealed from a syndicated news company feed)
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