Indian Wearable Market Grew in 1H22
The overall wearable market’s growth can be accredited to boAt, with it leading the market in the first half of 2022. It recorded a market share of 34.3%. This was followed by Noise (11.5%), OnePlus (8.7%), Fire Boltt (6.8%), and Realme (4.6%) as the top five contenders.
As for the watch segment, Noise made its way to the first position with a market share of 28.5%. The second position was taken by Fire Boltt with a 24.8% share, while boAt stood in the third spot with a share of 19.7%. The fourth and the fifth positions were taken by Samsung (3%) and Titan (2.6%), respectively.
Hearables accounted for 72.6% of the overall wearables category, with TWS taking up half of the share and seeing growth of 187.4% YoY. Yet again, boAt led this segment with a market share of 42.8%, followed by Noise in the second position (8%), Boult Audio in the third place (6.1%), Mivi in the fourth spot (5.4%), and OnePlus in the fifth position (4.5%).
IDC’s Associate Vice President, Devices Research, Navkendar Singh, stated, “Demand for wearables has moved beyond urban centers by appealing to the aspirational consumers in smaller cities and towns. This has been driven by marketing and pricing efforts by key brands and supported by aggressive e-tailer sales events since the overall category remains online heavy. IDC forecasts record shipments of more than 90 million in 2022.“
The report reveals that 38 million units of wearables were shipped in India in the first half of this year, mostly fueled by new launches, discounts, and marketing. Affordability remained a key factor. Around 23.9 million units were shipped in the second quarter of 2022.
Additionally, the overall watch market grew by 298.4% YoY, while the fitness band market saw a decline in growth by 63% YoY.
