Noise leads as Indian smartwatch market grows 173 percent yoy in Q1 2022: Counterpoint Research

According to the latest data from Counterpoint, India’s smartwatch market grew 173 percent year-on-year in the first quarter of 2022. Smartwatch maker Noise led the market in the first quarter with a 23 percent market share. Fire-Boltt came second for the first time with 21 percent market share. Boat took third place with a market share of 16 percent. Dizo entered the top five list for the first time in Q1 2022. It’s worth noting that more than ten brands launched in the first quarter, including Defy, Fastrack, Truke, and Reebok. Amazfit fell 35 percent year-on-year in the first quarter of 2022.

The top three brands – Noise, Fire-Boltt and Boat – had a 60 percent market share. According to Counterpoint data, Noise’s value for money, emphasis on the Make-in-India program and addition of relevant features to its product portfolio allowed it to capture the first position with a 23 percent market share. The Colorfit Pulse was Noise’s best-selling model.

Fire-Boltt took second place for the first time by releasing affordable and feature-rich products. The smartwatch brand targeted various smartwatch segments such as fashion, lifestyle, fitness and luxury to capture 21 percent of the market share, with Ninja Pro Max being the company’s most popular device. Boat, which came third with a 16 percent market share, added five new smartwatch models to its portfolio in the first quarter of the year. Almost two-thirds of Boat’s total portfolio was captured by the Xtend and Storm models.

Dizo finished in the top five for the first time. Dizo increased its offline presence in the first quarter along with the introduction of the OLED display with its Watch R.

The Rs. 1,000 – Rs. 2,000 retail price bracket also achieved a larger market share of 14 per cent compared to 2 per cent a year ago. The market share of wearables below Rs. 5,000 retail price band increased from 78 per cent to 87 per cent. First place in the Rs. 10,000 – Rs. 15,000 price bracket was taken by OnePlus with 45 percent market share. Apple’s wearables continue to lead the premium smartwatch segment, that is, wearables that cost more than Rs. 30,000 with over 87 percent market share.

Speaking about the features of the wearables, research analyst Harshit Rastogi said: “Brands are pushing for larger displays, which consumers are readily embracing. By pushing larger displays, brands are also attracting smartband users as these bands have limited functionality due to smaller displays. The >1.5-inch smartwatch share has grown from just 11 percent last year to more than half of the total smartwatch market. In addition, some of the most requested features like SpO2 are now present in all price tiers. Both blood pressure monitors and voice assistants are entering lower price segments to attract price-conscious customers.”

More than ten brands entered the Indian smartwatch market in the first quarter, including Defy, Fastrack, Truke and Reebok.

Other major smartwatch makers like Samsung, Apple, Xiaomi, and Realme also saw growth in the first quarter. Samsung grew 78 percent year-over-year. The Galaxy Watch 4 series turned out to be Samsung’s best-selling wearable. Apple grew 104 percent, with Series 7 variants being the key volume driver.

Xiaomi posted 238 percent growth in the first quarter of 2022. The Redmi Watch 2 Lite is selling fast in the market. Realme also had a 3 percent market share. The S100 smartwatch became the best-selling smartwatch from Realme’s Techlife brand.

While Zebronics maintained a position in the top ten, Amazfit’s market share fell 35 percent year-on-year in the first quarter. The GTS Mini 2 drove over 30 percent of the company’s shipments. Noise leads as Indian smartwatch market grows 173 percent yoy in Q1 2022: Counterpoint Research

Ryan Sederquist

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