India’s smartwatch market recorded a 173% on-year development within the January-March quarter, as rising shopper curiosity, a number of launches, and reductions and promotions prompted shoppers to splash out.
Homegrown manufacturers Noise, Fire-Boltt, and BoAt dominated the smartwatch market in the course of the quarter, in accordance with the most recent Counterpoint knowledge. Noise took first place among the many three contenders with a market share of 23%, adopted by Fire-Boltt, which took second place for the primary time, with 21%, whereas boAt completed third with 18%.
Over 10 manufacturers entered the smartwatch market within the first quarter, together with Fastrack, Defy, Truke, and Reebok. The Rs 1,000-Rs 2,000 worth band reached its highest share of 14%.
Commenting on the developments, Counterpoint Senior Research Analyst Anshika Jain mentioned: “The contribution of the <Rs 5,000 retail price band increased to 87% from 78% in Q1 (January-March) 2021.”
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“The Rs 1,000-Rs 2,000 retail price band reached its highest ever share of 14% from just 2% a year ago. 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.”
Speaking on how the highest three manufacturers captured 60% of the home market, Jain mentioned: “Noise led the overall smartwatch market driven by its value-for-money offerings, the addition of relevant features to its product portfolio and emphasis on the Make-in-India scheme.”
“Fire-Boltt emerged as the second-largest player for the first time due to its focus on affordability and the introduction of feature-packed products. Fire-Boltt has a good offline presence and targets multiple smartwatch segments like fashion, lifestyle, fitness and luxury. boAt captured the third spot. It also refreshed its portfolio in Q1 2022 with five new models.”
According to Counterpoint knowledge, Noise doubled its shipments on-year as a result of efficiency of its new units, with the Colorfit Pulse turning into the best-selling mannequin. Fire-Boltt took the second place for the primary time with a 21% share (see Counterpoint graphic). It had a number of launches this quarter with the Ninja Pro Max being its hottest machine. Further, 57% of its watches include the Bluetooth calling perform.
boAt recorded 106% on-year development with the Xtend and the Storm fashions capturing two-thirds of its portfolio. boAt additionally launched the Wave Pro 47, its first Made-in-India smartwatch, in the course of the quarter.
Dizo, which broke into the highest 5 for the primary time, launched an OLED show with its new Watch R mannequin. It additionally expanded its offline presence.
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Samsung, alternatively, grew 78% on 12 months, with the Galaxy Watch 4 sequence the best contributor on the again of promotional provides.
Realme’s market share was at 3% share, adopted by Apple. The Cupertino-based tech big witnessed 104% on-year development because the Series 7 variants contributed two-thirds of the full shipments. It remained the chief within the premium phase (>Rs 30,000) with over 87% share.
Counterpoint Research Analyst Harshit Rastogi mentioned shoppers have been extremely receptive of the bigger shows that the manufacturers have been pushing. “By pushing larger displays, the brands are also attracting smart band users as these bands have limited functionality due to smaller displays.”
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“The contribution of the >1.5-inch smartwatches increased to more than half of the total smartwatch market from just 11% last year. In addition, some of the most demanded features like SpO2 are now present at all price levels. Blood pressure monitoring as well as voice assistant are trickling down to lower price bands to attract budget-conscious customers.”
Source: www.financialexpress.com”