The smartwatch market in India saw a record-breaking Q2 with a fourfold increase in shipments compared to the same time last year as per the latest Counterpoint Research report. The increasing demand for smartwatches is driven by strong consumer demand and multiple high-profile launches with brands continuing to grow their online and offline presence. A record one-third of all smartwatches were sold offline. A total of 50 new smartwatch models were launched during the period and half of all sales were in the sub-INR 3,500 ($44) price category.
Fire-Boltt was the leader in terms of market share with 28%, overtaking rivals boAt and Noise in the span of the last year. The brand maintained strong online sales and also expanded its offline presence to reach more consumers. Fire-Boltt also had the most product launches in Q2 and was first in terms of offline shipments.
Noise slipped to second place with its 26% market share while still racking in 293% yearly growth in terms of shipments. It accounted for 75% of all locally manufactured smartwatches and offered Bluetooth calling on 40% of its watches. Noise led the online shipments category and came in second in terms of offline shipments.
Third place belongs to boAt with its 19.5% market share. Its Storm and Xtend models were the best sellers and the newly formed TAGG and Defy sub-brands are also contributing to shipments. Samsung grew 295% on the yearly basis with strong demand for its Galaxy Watch4 and earned the fourth spot while Dizo remained in fifth place.
Titan is in sixth place with a 2% market share while Realme came in seventh. Apple is eighth with the Watch Series 7 being its most sold watch with an estimated 250,000 shipments in Q2. Pebble comes in ninth place while OnePlus rounds out the top-ten list thanks to its popular OnePlus Watch which was the leader in the INR 10,000 – 15,000 price bracket.
Counterpoint analysts expect the Indian smartwatch market to remain highly competitive with the top-three positions open for grabs in the coming quarters.