IDC: India's wearable market shipments to reach 57.8 million units in the first half of 2023, up 53.3% year-on-year

According to the International Data Corporation (IDC) India Monthly Wearable Device Market Tracking Report, India's wearable market grew strongly year-on-year in the first half of 2023, with shipments of 57.8 million units, a year-on-year increase of 53.3%. Among them, major smartwatch brands launched a variety of styles with different shapes, designs, materials, finishes and new functions, with shipments increasing by 128.6% year-on-year, and market share rising from 26.8% a year ago to 40.0%; the market share of ear-worn products increased by 27.3% in the first half of the year.

In the second quarter of 2023, shipments of wearable devices were 32.8 million units, up 37.2% year-on-year and 30.6% month-on-month; shipments of smartwatches almost doubled to 12.8 million units; and shipments of earwear products increased by 15.2% year-on-year. It is worth noting that the average selling price (ASP) of smartwatches in the second quarter fell by 44.9% from $46.6 to $25.6. The overall average selling price of wearable devices in the second quarter fell from $26.7 a year ago to $21.0.

In the ear-worn category, TWS currently has a record share of 65.5%, up 52.9% year-on-year, while neck-worn fell 22.5% in the second quarter. The average selling prices of neck-worn and TWS were $15.0 and $18.7, down 6.4% and 15.3%, respectively.

Vikas Sharma, Senior Market Analyst, Wearables, IDC India , said that high-end features that were exclusive to premium products are now trickling down to more affordable models. These include features like advanced ANC (active noise cancellation), multiple microphones, minimal or low latency, simultaneous dual device connectivity and advanced audio chip platforms.

Online channels such as online retailers remain the main driving force, contributing 73.9% of the market share in the second quarter. At the same time, leading brands have begun to explore offline channels to deepen their influence and expand their business in tier 3/4/5 towns.

Upasana Joshi, research manager, client devices, IDC India , said that in the first half of 2023, manufacturers launched hundreds of new models of smartwatches with premium finishes, sporty looks, sturdy construction, and various strap decorations such as metal, silicon, leather, etc. The second half of the year will see more festive offers and discounts, while brands remain cautious about supply. In addition, we expect manufacturers to launch more affordable smart ring categories.

Highlights of the top five wearable manufacturers in the second quarter of 2023:

boAt (Imagine Marketing)

boAt (Imagine Marketing) continues to lead the Indian wearable market with a 26.6% share, up 6.5% year-on-year. Earwear accounted for 77.7% of its shipments in the second quarter. The company also continued to lead the TWS category with a 35.3% share. Storm Call, Wave Flex Connect and Wave Stride contributed more than a quarter of its smartwatch shipments. It recently launched a neckwear product with integrated Dolby audio and entered the smart ring field.

Noise (Nexxbase)

Noise (Nexxbase) ranked second in the overall wearables market, up 61.6% year-on-year, with a market share of 13.5%. Noise regained the first place in smartwatches with a share of 27.6%, up 93.2% year-on-year. In the TWS category, it further rose to fourth place with a share of 6.6%, up 26.3% year-on-year. Noise Colorfit Icon 2, Colorfit Icon Buzz and Colorfit Pulse Go Buzz contributed 39.0% of its shipments.

OPPO (OPPO + OnePlus)

OPPO (OPPO + OnePlus) ranked third in the second quarter with a share of 10.7%, a year-on-year increase of 42.4%. The company also ranked third in TWS with a share of 8.5%, a year-on-year increase of 100.9%. Its neckwear products Bullet Wireless Z2 and TWS Nord Buds 2 accounted for more than 75% of its shipments.

Fire – Boltt

Fire – Boltt ranked fourth in the overall wearable category with a share of 9.5%, up 91.0% year-on-year. It fell to second place in the smartwatch category with a share of 23.8%, up 91.1% year-on-year. It differentiates its product portfolio into different series such as metal and rugged series and premium series smartwatches.

Boult Audio

Boult Audio ranked fifth with a 6.6% share and a year-on-year growth of 176.9%. It ranked second in the TWS category with a share of 9.6% and a year-on-year growth of 140.8%. It ranked fourth in the smartwatch category with a high growth rate of 1922.1% and a share of 3.4%. Its Drift, Drift Plus and Striker contributed 59.4% to its smartwatch shipments.

other

pTron (Palred Electronics) and Mivi (Seminole) ranked fifth and sixth in the TWS category with 5.9% and 4.5% shares respectively. Pebble (SRK Powertech) rose to sixth place in the smartwatch field with a 2.4% share, a year-on-year increase of 247.5%. Ambrane and Beat XP ranked seventh and eighth in smartwatches respectively.

Remark:

• Wearable devices that can process data digitally and are in the form of a bracelet or watch belong to the wrist-worn category, excluding traditional analog and digital watches.

• The smartwatch category includes advanced smartwatches (e.g. Apple Watch, Wear OS watches) and basic smartwatches (e.g. Noise watches, BoAt watches).

<<: Several common misunderstandings and prevention knowledge about respiratory infectious diseases in autumn and winter

>>: Want your child to grow taller? Huaxi experts teach you how to do this...