India has become the largest smartwatch market in the world, having grown 167pc year-over-year in Q3 2022 according to an analysis report. Indian brands, Noise, Fireboltt, and boAt Lifestyle have performed remarkably this quarter due to their expanding product portfolios and emphasis on local manufacturing.
It is expected to register a CAGR of 23pc-30pc over the forecast period 2022 – 2027.
Key reasons for growth in smartwatch category in India
Low cost due to competitive market, making them accessible to a wide range of consumers, the average cost in early 2019 was around INR 6,000, but by the end of 2022, it has decreased to INR 2,000; Growing demand due to their ability to track health and fitness data, making them popular among fitness enthusiasts; Growing awareness using brand ambassadors, title-sponsoring e-commerce events, and implementing aggressive performance marketing strategies about the benefits, more people are turning towards using them as lifestyle accessories; and Growing accessibility due to online stores and offline availability.
Fireboltt is leading the offline market while driving more than 50pc of their sale from offline retail. Consumers still do research online and purchase offline so it is beneficial to have both presence.
In November, Fireboltt topped the list with a quantity of 5,89,820 from 4,04,049 in October and overtook Noise. Boat moved from third to second position with 3,59,237 from 2,01,849 and Noise dropped from first position to third position with 3,11,799 from 5,00,887 compared to last month. Pebble moved from fifth to fourth position with 73,825 from 68,859 followed by Titan from seventh to fifth position with 57,772 from 55,845.
