India’s wearable market grows 53% in 1st half of 2023: Report
Indian brands are acing the Chinese ones
Updated: Aug 11th, 2023
India’s wearable market registered a growth of 53.3% (year-over-over) in the first half of 2023 (1H23), shipping 57.8 million units, a new report has said.
According to the International Data Corporation (IDC), brands launched several smartwatch models in different shapes, designs, materials, finishes and with new features, resulting in 128.6% (year-over-over) growth.
Smartwatch share reached 40.0%, up from 26.8% a year ago, while the earwear category grew 27.3% in 1H23.
“The high-end capabilities that have been exclusive to premium products are now gradually making their way into affordable models. These include features like advanced ANC (active noise cancellation), multiple microphones, minimal delay or low latency, simultaneous dual device connection, and advanced sound chipsets,” said Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India.
Moreover, the report mentioned that 32.8 million wearables shipped in the second quarter of 2023 (2Q23), a growth of 37.2% (year-over-over) and 30.6% (quarter-on-quarter).
Smartwatch shipments almost doubled to 12.8 million in 2Q23, while the earwear shipments grew by 15.2% (year-over-over).
Indian brands ahead of the Chinese
boAt continued to lead the wearable space in India with a 26.6% share, growing by 6.5% (year-over-over). Earwear accounted for 77.7% of its shipments in 2Q23. The company also continued to lead the TWS segment with a 35.3% share, according to the report.
Noise stood second in overall wearables, growing by 61.6% (year-over-over) with a 13.5% market share.
OPPO (OPPO + OnePlus) stood third with a 10.7% share and growth of 42.4% (year-over-over) in 1Q23. The company also stood at third position in TWS with an 8.5% share, growing by 100.9% (year-over-over).
Fire-Boltt stood at fourth place with a 9.5% share in 2Q23 in the overall wearable category with 91.0% (year-over-over) growth while Boult Audio stood fifth with a 6.6% share and 176.9% (year-over-over) growth in 2Q23.
(Source: IANS)
-Edited for style
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