India saw 25.1 mn wearable unit shipments in Q1, boAt leads
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India saw the shipment of 25.1 million wearable units in the first quarter of 2023, registering a strong 80.9 per cent (year-over-year) growth but remained flat quarter-over-quarter, a report showed on Wednesday.
The share of smartwatches grew to 41.4 per cent from 26.8 per cent a year ago and the earwear category also witnessed a strong 48.5 per cent YoY growth, according to the International Data Corporation.
Imagine Marketing (boAt) maintained the top place with 25.6 per cent share, growing by 102.4 per cent.
Fire-Boltt stood second at 12.4 per cent share in Q1 in the overall wearable category. It lead the smartwatch category with 28.6 per cent share growing by 224.2 per cent YoY.
Nexxbase (Noise) stood third in overall wearables, growing by 97.3 per cent YoY and 11.9 per cent market share. Noise dropped to second place in the smartwatch category with 21.6 per cent share, growing by 157.6 per cent YoY.
The dominance of online channel remained with a share of 73.9 per cent in the overall wearable market.
"Enhancements in audio quality through ANC/ENC and aesthetically appealing designs will be key differentiators in 2023. Moving beyond audio capabilities by incorporating health-tracking technology will be essential for sustained growth," said Vikas Sharma, senior market analyst, Wearable Devices, IDC India.
Smartwatch (inclusive of basic and advanced) continued to be the fastest-growing wearable category with 10.4 million shipments, a growth of 178.9 per cent YoY.
"Clubbed with advanced communication features like LTE, digital payment options, and more accurate sensors/algorithms, brands are attracting new smartwatch consumers as well as fueling refresh buying. In 2023 smartwatch market will cross 50 million units, up from 30.7 million in 2022," said Upasana Joshi, Research Manager, Client Devices, IDC India.
Boult Audio stood fourth with a healthy 366.5 per cent YoY growth and 9.3 per cent market share in Q1. OPPO (includes OnePlus) stood fifth with 4.7 per cent share.
Palred (pTron) and Seminole were at third and sixth position in TWS category with 7.3 per cent and 5 per cent share, respectively, said the report.
