Riding on homegrown brands, India has piped China to become the second largest smartwatch market globally for the first time, growing 347 per cent (year-on-year), a new report claimed.
Indian brands such as Fire-Boltt and Noise took top spots in the global market share, as smartwatch market’s shipments grew 13 per cent in the June quarter (Q2) amid macro uncertainties such as inflation and geopolitical conflicts, according to Counterpoint Research.
“As expected, China’s economic slowdown resulted in a YoY decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit seeing limited YoY growth or decline,” said Associate Director Sujeong Lim.
Fire-Boltt recorded a remarkable increase in shipments, taking first place in India’s market in terms of quarterly shipments.
Noise grew 298 per cent YoY, gaining popularity in both online and offline markets of India. However, due to the rapid growth of Fire-Boltt, it lost the top position in the Indian market with a 26 per cent share in Q2.
“During the quarter, 30 per cent of models shipped in the Indian market sold for less than $50, and major local brands launched cost-effective models, lowering the entry barriers for consumers,” Lim said.
Apple’s shipments increased 8 per cent, taking the top spot in this quarter globally as well. However, as the effect of the new model launch gradually weakened, the decline in Apple Watch 7 series shipments became larger compared to the previous quarter.
Samsung maintained its second place with a 40 per cent YoY growth. The Galaxy Watch 4 series has maintained its popularity, especially in North America and India.
Huawei took the first position in the Chinese market for the third consecutive quarter and Xiaomi’s shipments increased 13 per cent YoY with no significant change in its market share.
“The brand needs to increase its presence in India to further expand its market share, but competition will not be easy due to strong local brands,” said the report.
China, which ranked second in the previous quarter, was pushed down to third place with a 10 per cent YoY decrease in its shipments as consumer demand contracted due to Covid-19 lockdowns and negative economic growth.