Indian smartwatch market saw a fourfold increase in shipments in Q2 2022. People now prefer smartwatches over traditional watches. Almost half of the smartwatches sold in the country were priced at less than Rs. 3500.
As per a new report from CounterPoint Research, the Indian smartwatch market grew by 312% year-on-year in Q2, 2022. Fire-Boltt and Noise account for more than 50% of the market share. Fire-Boltt led the Indian smartwatch market in Q2 2022 with 27.7% market share and Noise had 26% market share to rank 2nd. boAt is in third place with a 19% market share.
It is interesting to note that Fire-Boltt had a market share of 8.9% in Q2, 2021. In just one year, it managed to surpass boAt and Noise to become the top smartwatch seller in the country. boAt and Amazfit have lost a considerable market share even after posting strong growth.
Around 67% of smartwatches are sold online and Amazon leads the online sales. Now companies are focusing on the offline market as well. Some of the brands have launched offline exclusive models to increase their offline presence. This is the reason offline sales of smartwatches have grown.
Even if Fire-Boltt and Noise lead by a big margin, the top 3 places will be really competitive in the coming months. Realme, Dizo, and Amazfit can bounce back. With new models, boAt still has a chance to increase its market share.
