India’s wearable marke is sizzling, rising 53.3 percent year on year (YoY) in the first half of 2023, according to IDC.
Brands shipped 57.8 million units during this period. Spurring the growth was new launches of several smartwatch models in different shapes, designs, materials, finishes and with new features, resulting in 128.6 percent YoY growth.
Smartwatch accounted for 40.0 percent market share, up from 26.8 percent a year ago, while the earwear category grew 27.3 percent.
The average selling price (ASPs) of smartwatches dropped by 44.9 percent from US$46.60 to US$25.60. The overall wearable ASP in Q2 decreased from US$26.70 to US$21.00.
“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 of Wearable Devices at IDC India.
Online channels such as e-tailers accounted for 73.9 percent share in Q2. However, leading brands are beginning to explore offline avenues to deepen their reach and expand their presence in Tier 3/4/5 towns.
“The first half of 2023 saw hundreds of smartwatch model launches with premium finishing, sporty appearances, rugged builds, and a variety of strap finishes like metal, silicon, leather, etc. The second half of 2023 will see aggressive festive offers and discounts, while brands remain cautious for supplies. Furthermore, we should expect more launches in the smart ring category at affordable pricing,” said Upasana Joshi, Research Manager of Client Devices at IDC India.
Entelechy Asia 