Smartwatches are a rage among buyers as many want to use wearables for various purposes. As there is a surge in the demand for smartwatches, several new players have entered this segment. Now, the smartwatch market has not only grown but has also turned highly competitive with several brands launching their offerings.
Growth Of Smartwatches
As per the research from Counterpoint’s IoT Service, there is a massive growth in smartwatch shipments in India. The smartwatch shipments in the country have tripled in the second quarter of this year as compared to the same period in 2020. Also, there is a year-on-year growth of 206 per cent and quarter-on-quarter growth of 18 per cent during this quarter.
The key factors that have contributed to the surge in smartwatch shipments include new players, affordable offerings, customer preferences, and post-COVID demand recovery.
Well, the smartwatch market is highly competitive as many players are entering the segment. Notably, traditional watches are ditched for smartwatches of late due to their feature-rich interface as well as compatibility with smartphones. Also, the availability of smartwatches at relatively affordable price points has contributed to this growth.
Indian Smartwatch Brands Top Charts
Talking about successful brands, homegrown brands dominate this market segment by capturing the top three slots. Also, these brands have over a three-fifth share of the wearable market in the country. Notably. Noise tops the chart for the fourth consecutive year and boAt Storm dominates the bestselling list in Q2 2021.
Furthermore, the market is projected to grow further with more brands gearing up to launch their products in the future. Nearly 10 brands have already forayed into this segment since the advent of 2021. The highlight is that the domestic production growth has also increased. Already, Samsung is producing smartwatches since June 2020 and brands such as Realme and Timex are exploring options to produce their offerings in the country. Eventually, this will rminimise the cost of wearables as there will be no imports.
Counterpoint Research goes on to state that the growth comes from smartwatches priced under Rs 5,000 and this has contributed to 83 per cent of the total sales in Q2 2021 while this was 67 per cent in the same period last year. Despite drop in the ASP of smartwatches dropped by 36 per cent in Q2 2021, there are features such as Google Assistant, Bluetooth Calling, SpO2 sensors, and blood pressure monitors.