February 9, 2023
The growth was due to festive season sales and new product launches
The share of smartwatches grew from 17.9% in 2021 to 30.7% in 2022
Earware sales accounted for 68.7% of the wearables category with 28% year-over-year (YoY) export growth in 2022
The wearables market in 2022 was led by Boat with a 23.9% market share, Noise with a 12.2% share, and OnePlus with an 8.7% share
The wearable market in India saw a YoY increase of 47% in 2022, with a total of 100 million units exported in the same time period, according to a report from IDC India. The growth was due to festive season sales and new product launches.
Among wearables, the share of smartwatches grew from 17.9% in 2021 to 30.7% in 2022. Additionally, 30.7 million basic and advanced smartwatches were shipped in 2022, witnessing a growth of 151.3% YoY, on the back of reduced average selling prices (ASP).
Earware sales accounted for 68.7% of the wearables category with a 28% YoY export growth in 2022, and saw the lowest ASP globally at US$ 19.8, according to the report.
Experts said that local manufacturing is expected to scale up to more than 80% by the end of this year as a larger number of players are willing to source electronic parts and components locally.
The wearables market in 2022 was led by Boat with a 23.9% market share, Noise with a 12.2% share, and OnePlus with an 8.7% share. Noise grew the fastest with a YoY growth of 135.4%.
According to the report, smartwatch brands will work on maintaining similar growth this year, by focusing on the entry-level price segment with essentials like Bluetooth calling, higher display brightness, fresh designs and enhanced app integration.
Source: Economic Times