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‘Indian smartwatch market grew fourfold in in Q2 2022’

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The smartwatch market in India grew more than fourfold in in Q2 2022, driven by growing consumer interest in smartwatches as an accessory and as a fitness tracker, according to a new research from Counterpoint Research.

The growth was also aided by new product launches throughout the quarter.

“We 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,” Research Analyst Harshit Rastogi said.

Mr. Rastogi added that low-end smartwatches continue to attract more competition as half of the total models are in the sub-₹3,500 ($44) retail price band. “Brands are pushing various models as consumers look for different options to choose from including dial size, display form etc. The colours and materials used continue to play a huge role in the purchase decision,” he added.

As per the report, Fire-Boltt led the market with 27.7% market share and had the most product launches in Q2 2022, followed by Noise with 26% market share, boAt with 19.5% market share and Samsung with 3.3% market share.

Senior Research Analyst Anshika Jain said, “India’s Smartwatch shipments grew by 4x annually in Q2 2022… Fire Boltt and Noise captured more than half of the total smartwatch market. The market is very dynamic and the top three positions will be fluid in the coming quarters.”

Ms. Jain added that in terms of channels, they are seeing a steady increase in sales through offline channels with brands launching offline exclusive models and extending their partnerships with distributors across the country.

“One-third of the smartwatches are sold offline, the highest ever share. In the online domain, Amazon led the market followed by Flipkart, and with Noise, boAt and Fire-Boltt being the best-selling brands,” she added.



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