Record Growth in India’s Wearable Device Market: Smartwatches Lead the Way

India’s wearable device market continues to surge, posting remarkable growth in the first half of 2023, according to the latest data from the International Data Corporation (IDC) India Monthly Wearable Device Tracker. The report highlights a robust year-over-year (YoY) growth of 53.3 percent, with a staggering 57.8 million units shipped during the first six months of the year.
boat wearablesThe smartwatch category stole the spotlight, achieving an extraordinary 128.6 percent growth, a testament to the increasing demand for these multifunctional accessories. With the introduction of various models boasting diverse designs, materials, and features, smartwatches have rapidly evolved into a must-have gadget for consumers. The smartwatch market share surged to 40 percent, up from 26.8 percent in the previous year.

Furthermore, the earwear segment maintained its upward trajectory, growing by 27.3 percent in the first half of 2023. Within this category, True Wireless Stereo (TWS) earbuds emerged as a clear winner, capturing a remarkable 65.5 percent share and experiencing a growth of 52.9 percent. This dominance came at the expense of traditional neckband earphones, which experienced a decline of -22.5 percent in 2Q23.

One of the most intriguing trends observed in the wearable market is the democratization of premium features. Features once reserved for high-end products, such as active noise cancellation, advanced sound chipsets, and low latency connectivity, have now found their way into more affordable models. This shift has contributed to the surge in popularity of wearables in Tier 3, 4, and 5 towns.

Online retail channels remain pivotal to the market’s growth, accounting for a substantial 73.9 percent share of shipments in 2Q23. However, leading brands are increasingly exploring offline avenues to expand their presence in untapped markets and enhance their reach.

As the year progresses, consumers can anticipate aggressive festive offers and discounts in the second half of 2023. The market is also set to witness an influx of new launches in the smart ring category, providing consumers with even more choices in wearable technology.

Top Players and Key Highlights

In the fiercely competitive landscape of wearable technology, a few standout players have managed to secure their positions as market leaders:

boAt (Imagine Marketing): Leading the wearable space with a 26.6 percent market share, boAt experienced a solid 6.5 percent growth. The brand’s focus on earwear is evident, with 77.7 percent of its shipments belonging to this category. boAt also dominates the TWS segment, claiming a 35.3 percent market share. Notable smartwatch models like the Storm Call, Wave Flex Connect, and Wave Stride contributed significantly to its success.

Noise (Nexxbase): Securing the second position with a 13.5 percent market share, Noise posted an impressive 61.6 percent growth. The brand excelled in the smartwatch market, reclaiming its top spot with a 27.6 percent share and a remarkable 93.2 percent growth. Noise also made significant strides in the TWS segment, clinching the fourth position with a 6.6 percent share and a 26.3 percent growth.

OPPO (OPPO + OnePlus): With a 10.7 percent market share and a 42.4 percent growth, OPPO secured the third position overall. The company continued its success in the TWS segment, claiming an 8.5 percent market share and experiencing a staggering 100.9 percent growth.

Fire – Boltt: Noteworthy for its exceptional growth of 91.0 percent, Fire – Boltt secured the fourth place with a 9.5 percent market share. The brand’s smartwatch category performance was particularly impressive, garnering a 23.8 percent share and a remarkable 91.1 percent growth.

Boult Audio: With an impressive growth of 176.9 percent, Boult Audio claimed the fifth position with a 6.6 percent market share. The brand maintained its strength in the TWS category, securing the second place with a 9.6 percent share and a 140.8 percent growth. Its entry into the smartwatch category was equally remarkable, achieving a 1922.1 percent growth and a 3.4 percent market share.

These top players and their remarkable growth underscore the dynamic nature of India’s wearable device market. As the industry continues to innovate and evolve, consumers can expect an even broader range of wearable options that cater to their diverse needs and preferences.