Sales of smartwatches in India went from 12.22 million units in 2021 to 30.72 million units in 2022, according to IDC Research. The data tracks smartwatches inclusive of basic and advanced. Smartwatch ASPs continue to decline, at $42.5 (vs $61.2 a year ago) which is a reflection of the Indian market’s appetite for basic smartwatches which continue to dominate with a 95.5% share, growing by 158.0% annually in 2022.
| Company | CY22 Market Share | CY21 Market Share | CY22 vs CY21 Growth | 4Q22 Share | 4Q21 Share | 4Q22 vs 4Q21 Growth |
| Nexxbase (Noise) | 27.20% | 27.00% | 152.60% | 24.60% | 27.50% | 55.40% |
| Fire – Boltt | 24.80% | 11.60% | 439.00% | 23.00% | 12.70% | 214.40% |
| Imagine Marketing (boAt) | 18.80% | 25.10% | 88.70% | 18.20% | 26.90% | 17.50% |
| Samsung | 2.60% | 2.60% | 154.80% | 1.80% | 2.00% | 63.40% |
| Titan | 2.40% | 0.10% | 4018.20% | 3.10% | 0.10% | 4132.00% |
| Others | 24.20% | 33.60% | 80.90% | 29.30% | 30.80% | 64.60% |
| Total | 100.00% | 100.00% | 151.30% | 100.00% | 100.00% | 73.60% |
“To maintain similar growth in 2023, smartwatch vendors would need to remain focused on the entry-level price segment with essentials like Bluetooth calling, higher display brightness (1000+Nits), etc. fresh designs & new segments (like rugged sportswear, kids and elderly watches), enhanced app integration & collaboration with fashion brands with wider presence across large format stores.” Says Upasana Joshi, Research Manager, Client Devices, IDC India.
