Indian wearables market up by 47% in ‘22

About 100 million wearable units were shipped from India in 2022

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

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