Led by local brands, highly affordable products and festive demand, India emerged as the biggest smartwatch market in the world, ahead of North America and China, in the third quarter of this year.
As opposed to the situation in smartphones, where Chinese companies predominate, the brands contributing to the surge are primarily local ones, giving the leadership significance. The major international brands Samsung and Apple are seeing healthy demand in India as well, but because of their high prices, they don't sell as many units overall.
In the quarter between July and September 2022, India's share of the global smartwatch market increased to 30%, surpassing China's 16% share and North America's 25% share. In the same quarter last year, India came in third with a 14% share, trailing only China's 22%. With a 27% share, North America took the lead.
Volumes in India have been led by brands, such as, Noise (leads the smart watches category) and Fire-Boltt. The growth in the quarter stood at 171%, even as China fell 28%, severely impacted by Covid restrictions and the economic downturn. China’s market size decreased for the fourth consecutive quarter. Anshika Jain, senior analyst at Counterpoint, said a number of factors contributed to the India surge. She added that “The main factor was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed. ”
