JOIN USWearable market sees record 66% YoY growth in India: IDC
For the last five-six years, smart wearables such as earphones, fitness bands, and smartwatches saw moderate growth compared to smartphones, but after post period of Covid-19 pandemic-induced lockdowns, the demand has skyrocketed.
International Data Corporation released the half (H1) yearly report for the month ending June 2022. It says 23.9 million wearable devices were shipped in 2Q22 (April-June), that's 113% year-over-year (YoY) growth over the previous year's same period.
And, thanks to discounts and marketing, the companies were able to ship 38 million units in 1H22 (Jan-Jun) growing at 65.8 per cent YoY.
Interestingly, the basic fitness bands did not do well in the market. It saw negative - 66 per cent growth. The companies were able to ship 137.7 thousand units in the April-June quarter of 2022, compared to 372.2 thousand shipments in the previous year, same period.
However, pricier Watches saw phenomenal growth. The companies were able to 6.5 millions units in the second quarter, registering 298.4 per cent growth compared to previous shipments of 1.6 million units last year (April-June quarter).
Earwear segment also witness good growth of 87 per cent. The companies were able to 17.3 millions units in the second quarter, compared to previous shipments of 9.23 million units last year (April-June quarter).
Imagine Marketing and Nexxbase, the parent companies of popular brands boAT and Noise, respectively, raked in a major share in the Indian wearable market.
“Brands continue to compete on lowering the price points which ensured a healthy growth in 1H22. In addition to the affordability, the features earlier available at mid/high price points such as Bluetooth calling, bigger screen sizes, and AMOLED displays are getting introduced at lower price points. This is attracting both first-time users and upgraders,“ said Upasana Joshi, Research Manager, Client Devices, IDC India.
Imagine Marketing grew 76.6 per cent over the previous quarter and has lion's share of 34.3 per cent of the Indian market. Nexxbase, though it grew by a whopping 296.6 per cent annually, comes in the second slot with 11.5 per cent market share.
"It is a proud moment for us, yet again, as we continue to assert leadership in the watch-based wearables category with a 28.5% share, to become the No. 1 smartwatch player in the space. It is a testament to the consumers’ trust in the brand and we are elated to have stood true to understanding the pulse of the nation. The announcement comes at the perfect time, right when we bolstered our commitment to ramp up smartwatch manufacturing in India, under the Make in India initiative. We will continue to strengthen our leadership in the segment and keep contributing to the growing ecosystem," said Amit Khatri, co-founder, Noise (owned by Nexxbase).
OnePlus came in at third with 11.9 per cent market share and grew 129.7 per cent YoY in India.
Emerging player Fire – Boltt, backed by watch shipments, witnessed massive growth of 1,432 per cent and managed to secured the fourth position with 6.8 per cent market share. And, Realmed rounded off the top five with 4.6 per cent market share.
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