The Indian wearables market grew 20.1 p.c year-on-year to 13.9 million items in January-March 2022, in line with knowledge launched by International Data Corporation on Monday.
International Data Corporation (IDC) mentioned the expansion may be attributed to new launches, reductions throughout channels, and aggressive advertising and marketing by manufacturers.
Watches cargo jumped 173 p.c year-on-year to three.7 million items in March 2022 quarter.
“Basic watches accounted for 95.1 percent of the overall watch category shipments. Aggressive competition at entry-level price points helped the basic watches grow 202.1 percent YoY, whereas the smartwatch shipments declined 4.2 percent annually,” the report mentioned.
Overall wristwear (which incorporates watches and wrist bands) rose 87.5 p.c within the March quarter, with a complete cargo of 4.0 million items, in line with the report.
The earwear class accounted for 71.3 per cent of the general wearables class. The actually wi-fi stereo (TWS) share elevated to 48.3 p.c from 34.2 p.c in March 2021 quarter, registering a 48.2 p.c year-on-year development price, the report mentioned.
The common promoting value of the general class declined 17.1 per cent year-on-year primarily as a result of a stronger decline within the ASP of watches, which continued to be the fastest-growing class.
The ASP of the watches declined 41.5 p.c year-on-year to achieve USD 50.3 through the reported quarter in comparison with USD 86.0 in the identical quarter final 12 months.
“Aggressive discounts, new features, and a strong push from brands and channel partners are encouraging consumers to upgrade and spend more on wearable watches. While dependence on devices like TWS and wearable watches is increasing, supply remains a concern for the industry,” Anisha Dumbre, senior market analyst, Client Devices, IDC India mentioned.
Imagine Marketing (BoAt) led the quarter with a 22.9 p.c market share. It was adopted by Nexxbase (Noise) with a ten.9 p.c market share, OnePlus with 7.4 p.c, Fire-Boltt and Realme with 6.6 p.c every.
“OnePlus finished third but was the only player in the top five to register a decline of 35.8 percent YoY. With 94.5 percent of its portfolio present in the earwear category, along with its strong distribution across online and offline channels has helped the brand to preserve a place in the wearable market,” the report mentioned.
Read Also: Television advert quantity rose 29% in Q1, 2022 in comparison with Q1, 2020: Report
Follow us on Twitter, Instagram, LinkedIn, Facebook
Source: www.financialexpress.com”