In January-March 2022, the Indian wearable market grew by 20.1 per cent year-on-year to 13.9 million units, according to data released by the International Data Corporation on Monday.
The International Data Corporation (IDC) said the increase could be attributed to new launches, discounts across channels and aggressive marketing of brands.
In the March 2022 quarter, watch shipments grew 173 percent year-over-year to 3.7 million units.
“Basic watches accounted for 95.1 percent of the total clock department shipments. Aggressive competition at entry-level price points helped basic watches grow 202.1 percent year-on-year, while smartwatch shipments declined 4.2 percent annually, ”the report said.
Overall wristware (including watches and wrist bands) grew 87.5 percent in the March quarter, with a total shipment of 4.0 million units, the report said.
The earwear department accounted for 71.3 percent of the overall wearable category. True Wireless Stereo (TWS) shares rose to 48.3 percent from 34.2 percent in the March 2021 quarter, registering a year-on-year growth rate of 48.2 percent, the report said.
Overall segment average sales prices fell 17.1 percent year-on-year, primarily due to a strong fall in watch ASP, which continues to be the fastest growing segment.
The watch’s ASP fell 41.5 percent to USD 50.3 in the same quarter compared to USD 86.0 in the same quarter last year.
“Aggressive discounts, new features and a strong push from brand and channel partners are encouraging consumers to upgrade and spend more on wearable watches. Although reliance on devices such as TWS and wearable watches is increasing, the supply industry remains a concern for Indie.” Says Anisha Dumbre, senior market analyst at Device.
Imagine Marketing (BoAt) led the quarter with 22.9 percent market share. This is followed by Nexxbase (Noise) with 10.9 percent market share, OnePlus with 7.4 percent, Fire-Boltt and Realme with 6.6 percent each.
“OnePlus ranked third but the only player in the top five who registered a 35.8 percent YoY fall. With 94.5 percent of its portfolio present in the earwear segment, its strong distribution across online and offline channels has helped the brand secure a place in the wearable market, ”the report said.
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