The Indian smartwatch market grew by 171 percent year-on-year

India emerged as the world's biggest smartwatch market in the third quarter of calendar year 2022, as per the report from Counterpoint Research. The Indian market grew by 171 percent year-on-year, with the local brands playing a key role in the surge, the report said. This is also the first time when the country's smartwatch market has taken the top spot, it says.

Most of the smartwatches that many people might have bought are for the fitness-tracking features that have become more and more popular in the country. Despite inflation and geopolitical crises that have continued since the beginning of this year, the global smartwatch market shipments have increased 30 per cent (year-over-year) in Q3 2022.

The main factor behind the record quarter was India's festive season. Indian brands are expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth.

The growth is further spiked by the strong sales of its newly released Apple Watch 8 series, Apple grew 48 per cent (year-over-year). Noise grew 218 per cent (year-over-year) to regain the top spot in the Indian market. However, Fire-Boltt lost market share to Noise in India, falling to second place behind Fire-Boltt. Moreover, Samsung increased its shipments by 62 per cent (quarter-over-quarter) by launching the new Galaxy Watch 5 series, said the report.

“Among the types of smartwatches, the basic smartwatch, with relatively lighter versions of operating systems (OSs) and more affordable prices, has been the key driver in sharply boosting the global market recently. While HLOS smartwatch shipments grew 23 per cent (year-over-year) in Q3 2022, basic smartwatch shipments more than doubled (year-over-year), accounting for 35 per cent of the total market,” said a research analyst.

The main factor behind the record quarter was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth. India has been positioned to the second place globally.

Among smartwatch makers, Apple grew 48 percent YoY, globally, due to strong sales of its newly released Apple Watch 8 series and Noise grew 218 percent to regain the top spot in the Indian market. The major 'home-grown' brands have been making more of an effort to move away from the sector's online roots to grow off-line sales as well, a move that seems to be working out for them thus far.

The global market during the same three-month period accelerated by 30 percent, with all major markets except China and Europe recording a growth. Among the types of smartwatches, the basic smartwatch, with relatively lighter versions of operating systems (OS) and more affordable prices, has been the key driver in sharply boosting the global market recently, the research said.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA