As a result of growing consumer interest in smartwatches as an accessory and a fitness tracker, smartwatch shipments in India increased by 312% year over year in Q2 2022, according to the most recent statistics given by Counterpoint Research on Friday. Wearable-based watches, which saw shipments rise 298.4% to 6.4 million units in the June quarter, are still the category with the strongest rate of growth, according to IDC.
India Smartwatch Shipment Share, Q2 2021 Vs Q2 2022
Numerous product launches were reported during the quarter as firms sought to strengthen their offline presence. Over 300 different smartwatch models are available today, and 50 new models were launched in Q2, according to Counterpoint's data. The market leader with the most product launches during the quarter, Fire-Boltt, had a share of 27.7%. It gained ground by expanding its offline presence and offering inexpensive goods. According to Counterpoint, the brand was followed by Noise (26% share) and boAt (19.5% share).
The Galaxy Watch 4 was the main factor in Samsung's 295% year-on-year growth, which led the industry. According to statistics from the research firm, Noise was the second-fastest growing brand with year-over-year growth of 293%, followed by Pebble (267%), boAt (199%), Apple (197%), and Realme (76%).
Apple's Watch Series 7 has remained its best-selling model and has shipped close to 250,000 units in India as of the end of the third quarter, according to Counterpoint. Apple is anticipated to increase its market share with upcoming announcements in Q3 2022. On the other hand, due to the OnePlus Watch's success, the company continued to hold the top spot in the Rs 10,000–15,000 ($125–$190) retail pricing range.
In terms of channels, offline sales channels continued to expand and reached their highest-ever one-third proportion of total sales. According to research analyst Harshit Rastogi, the low-end wristwatch market is still seeing increased competition because half of all models fall into the sub-Rs 3500 ($44) retail price range.
