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India’s smartwatch shipments have witnessed 50 per cent (year-on-year) growth in 2023, with Fire-Boltt leading the market, a new report said on Wednesday.

According to Counterpoint Research, this growth was fueled by the rising penetration of smartwatches, proliferation of low-cost devices to target first-time users, and enhanced efforts by Indian brands through extensive marketing and distribution, promotions and local manufacturing.

"The market saw over 125 active smartwatch brands in 2023 even as it started moving towards consolidation. The combined share of the top five brands reached the highest ever at 81 per cent," said Research Analyst Harshit Rastogi.

Fire-Boltt led the market with a 30 per cent share. According to the report, the brand maintained its focus on offering a wide SKU portfolio and a strong offline presence.

Noise (along with sub-brand Alt) secured the second spot with a 26 per cent market share, while boAt (with sub-brands TAGG and Defy) maintained its third spot with a 17 per cent share and 40 per cent (year-on-year) growth.

Samsung declined by 3 per cent (year-on-year) last year but registered 17 per cent (year-on-year) growth in the fourth quarter (Q4) of 2023, whereas Apple’s shipments declined by 57 per cent (year-on-year) in 2023 owing to longer replacement cycles and higher ASP coupled with iPhone-only compatibility, the report said.

While the market continues to register high growth rates, the analysts said they are seeing some stabilization, signaling wider adoption.

"The quarterly growth rates have come down from triple to double digits. We expect the market to grow 23 per cent (year-on-year) in 2024. With the introduction of new features like cellular connectivity, high-level OS (HLOS) and better displays, the market is likely to sustain growth," Senior Research Analyst Anshika Jain said.