India’s wearable market registered a 56.4 per cent YoY growth with a record shipment of 37.2 million units in 3Q22, according to International Data Corporation (IDC).
Data from IDC’s India Monthly Wearable Device Tracker showed that the first nine months of the year (Jan-Sep) have seen 75 million unit shipments. Vendors continued to be aggressive in their shipments to build inventory for the festival season (August–October), supported by high-decibel marketing and promotional activities across channels, IDC said.
Heavy discounting and offers were also rolled out during online sales events, resulting in a 13.6 per cent year-on-year (YoY) decline in the average selling price (ASP) in 3Q22.
Fastest growing
Smartwatches (inclusive of basic and advanced) remained the fastest-growing category, crossing the 12 million shipment mark in a single quarter, a growth of 178.8 per cent YoY. The smartwatch ASP declined by 30.3 per cent YoY to reach $41.9, in contrast to $60 a year ago.
Earwear accounted for 67.3 per cent of the overall wearables category. Truly Wireless (TWS) is dominating with a 57.6 per cent share and growing by 94.4 per cent YoY, tethered grew by 2.5 per cent, while over-the-ear declined by more than 50 per cent in 3Q22.
Imagine Marketing (BoAt) continued to lead with a 32.1 per cent market share in 3Q22, growing 19.5 per cent YoY. Nexxbase (Noise) stood second with a 13.8 per cent market share. It cemented its leadership in smartwatches with a 29.5 per cent share. Fire – Boltt climbed to third place with 395.0 per cent YoY growth and 8.9 per cent share. OnePlus fell to fourth place in the overall wearable category, growing by 107.6 per cent YoY and capturing 8.2 per cent of the market share.