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India’s smartwatch market noticed a file development of over 274 per cent year-on-year (YoY) in 2021 shipments, as demand for sub-$100 smartwatches grew extra, in accordance with the newest analysis from Counterpoint’s Web of issues (IoT) Service.
Additional, with quarter-on-quarter (QoQ) development of over 8 per cent within the fourth quarter 2021 and have become the market’s greatest ever quarter, the Counterpoint Analysis’s lately revealed ‘International Smartwatch Mannequin Tracker’, stated.
Round 80 manufacturers are current in India’s smartwatch market and over ten manufacturers entered the market in 2021, the report stated, including that 78 per cent of the cargo got here from on-line channels, the place Flipkart and Amazon contribute 48 per cent and 43 per cent, respectively.
Characteristic-packed merchandise
“The smartwatch market is exhibiting super development, which is attributed to elevated well being consciousness, inexpensive costs, development of latest entrants, low cost schemes and quite a few launches of feature-packed merchandise all year long. Greater than 86 per cent of the entire shipments have been pushed by the under-₹5,000 value band, in comparison with 59 per cent within the earlier 12 months,” Anshika Jain, Senior Analysis Analyst, Counterpoint Know-how Market Analysis (India) stated.
Lots of the options which have been earlier current within the ₹3,000 – 5,000 value band smartwatches at the moment are discovered within the ₹2,000–3,000 section, like SPO2, blood stress monitoring, voice help and bigger show. Even options of premium smartwatches like ECG and Bluetooth calling, could be seen in smartwatches priced below ₹5,000, she stated.
Quickest-growing model
Noise was the fastest-growing model among the many world high 9 manufacturers and it was main the expansion of the Indian smartwatch market. It was was India’s number-one model in 2021 and 2020.
“Noise is the primary Indian smartwatch model and leads the expansion of the native market. It captured the highest place in 2021 because of its numerous product portfolio focusing on the price range and mid segments, in addition to sturdy partnerships with e-commerce gamers, monetary establishments and celebrities,” Jain stated.
Noise additionally centered on neighborhood constructing and barely shifted its value base in the direction of the decrease facet to make its smartwatches accessible to a bigger group, a technique that proved to be efficient. All this resulted in Noise rating third when it comes to shipments after Apple and Samsung within the APAC area besides China in 2021, she added.
One of many driving forces behind the worldwide smartwatch market development in 2021 was as a result of growth of the Indian market, the report stated, including that this market accounted for less than three per cent of the worldwide share in 2020. Nevertheless, it grew 4 occasions in 2021 to lift its world market share near 10 per cent.
After Noise, different manufacturers to comply with the rankings embrace boAT, Hearth Bolt (one other native firm), Realme, Amazfit, Samsung and Apple, the report added.
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Revealed on
March 14, 2022
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