India’s smartwatch market grew 173 percent Year-on-Year (YoY) in Q1 2022 (January-March), according to research firm Counterpoint. The company says the growth can be attributed to growing consumer interest, multiple launches during the quarter, and the availability of various discount offers and promotions. As per data, Indian brand Noise retained the largest market share, followed by FireBoltt. On the other hand, boAt got the third spot, followed by Dizo – Realme’s budget-oriented sub-brand. Lastly, Samsung still holds the fifth spot despite producing smartwatches with a premium price tag.
Counterpoint did not share the exact shipment of units in the last quarter but it has provided some details on the market share. In Q1 2022, Noise had a share of 23 percent, followed by FireBoltt with 21 percent. BoAt, Dizo, and Samsung had a share of 17.8 percent, 4.4 percent, and 3.8 percent respectively. Other key highlights of Counterpoint research include:
- Noise shipments doubled YoY in Q1 2022 due to the good performance of its newly introduced devices. The Colorfit Pulse became the best-selling model for the brand.
- FireBoltt had multiple launches this quarter with the Ninja Pro Max being its most popular device. Further, 57 percent of its watches come with the Bluetooth calling function.
- boAt registered 106 percent YoY growth and captured the third position. The Xtend and Storm models captured almost two-thirds of its total portfolio. boAt launched the Wave Pro 47, its first made-in-India smartwatch, this quarter.
- Apple grew 104 percent YoY in Q1 2022 with its series 7 variants contributing two-thirds of the shipments. It continued to lead the premium segment (>INR 30,000, >$400) with over 87 percent share.
- Amazfit declined 35 percent YoY in Q1 2022. The GTS 2 Mini contributed over 30 percent of its shipments. With the newer GTS Mini 2, we expect it to gain back some of its market share in the coming quarter.
- OnePlus took the first spot in the INR 10,000-INR 15,000 ($133-$200) retail price band with around 45 percent share.
Xiaomi registered a strong growth of 238 percent QoQ in Q1 2022. Its newly introduced model Redmi Watch 2 Lite is performing well in the market.
Commenting on the market trends, Senior Research Analyst Anshika Jain said the contribution of the under Rs 5,000 band increased to 87 percent from 78 percent in Q1 2021. The segment under Rs 2,000 reached its highest ever share of 14 percent from just 2 percent a year ago. In a blog post, Jain added, “Many brands have started to focus on this low price tier to attract first-time users and acquire the smart band user base. Consumer awareness has also increased in this segment due to brands’ continuous efforts on marketing and promotions through online and offline channels”.
Read all the Latest Tech News here
Comments
0 comment