India's smartwatch market grows highest ever at 312%, Fire-Boltt leads
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
India's smartwatch market grew an impressive 312 per cent (on-year) in the June quarter, and homegrown company Fire-Boltt led the market for the first time with a 28 per cent share, a new report said on Friday.
Noise was second with a 26 per cent share (best-selling brand in online channels) and boAt, together with its sub-brands, maintained the third place with a 19 per cent share, according to Counterpoint Research.
Online channels contributed 67 per cent to the total shipment volume with Amazon as the leader.
"India's Smartwatch shipments grew by 4 times annually in Q2 2022, with Fire-Boltt leading. Fire Boltt and Noise captured more than half of the total smartwatch market," said senior research analyst Anshika Jain.
Samsung grew 295 per cent (YoY) in Q2 as the Galaxy Watch 4 continued to be its top-selling model thanks to frequent promotional offers.
Dizo remained flat, taking the fifth spot. Dizo Watch 2 Sports was the top model for the brand for the quarter.
realme grew 76 per cent and also launched its first smartwatch with Bluetooth calling, the Watch R100.
"The market is very dynamic and the top three positions will be fluid in the coming quarters," said Jain.
The country saw over 300 smartwatch models selling this quarter, the highest-ever number.
"The top three brands combined offered 75 different models. The quarter saw over 50 new launches from major brands. Low-end smartwatches continue to attract more competition as half of the total models are in the sub-Rs 3,500 ($44) retail price band," said research analyst Harshit Rastogi.
