India smartwatch shipments grew 21% year-on-year YoY in the third quarter Q3 of 2023 (Q3 2023) with the market share of domestic manufacturing reaching the highest ever at 82% compared to 4% a year ago, a report said.
According to a report by Counterpoint Research, the growth in shipments was driven by high inventory build-up for the festive season sales in October. Furthermore, features like larger screens and OLED displays trickling down to the lower price bands helped in the growth of Rs 2,000-Rs 3,000 price band offerings.
Furthermore, the market’s overall average selling price (ASP) declined 41% YoY with smartwatches even available for less than Rs 1,000.
Domestic brands lead the market
Fire-Boltt led the market with a 28% share – a slight drop from 28.8% last year – and sported the widest portfolio. It also had the lowest ASP (average selling price) among the top three players.
Noise captured the second spot with a 24% share, which dropped from 29.7% a year ago. Boat, which also saw a decline of share from 20.5% a year ago, secured the third spot with a 16% share.
Titan sub-brand Fastrack registered the highest annual growth among the top five brands. It captured the fourth spot with an 8% market share. It had 0.3% share a year ago. Meanwhile, beatXP entered the top five for the first time and captured 4.7% market share.
Other brands, which also includes Apple, witnessed a cumulative decline from 20.6% a year ago to 18.6% in Q3 2023 .
According to the report, Apple shipments declined by 52% as its new series became available in late September. However, it remained the market leader in the more than Rs 20,000 retail price band.
