The growth of India’s wearable market by 53.3% YoY in the first half of 2023 was significantly fueled by the launch of numerous smartwatch models, as stated in the ‘India Monthly Wearable Device Tracker’ report from the International Data Corporation (IDC).
In the initial half of the calendar year, brands collectively shipped 57.8 million wearable units encompassing smartwatches, earwear, and eyeglasses. The report projected the growth momentum to persist in the latter half of the year, aided by holiday promotions and discounts.
The introduction of diverse smartwatch options in the first half resulted in a remarkable 128.6% YoY surge in smartwatch sales. The earwear sector also exhibited growth, expanding by 27.3%.
Quarterly shipments in Q2 2023 recorded a substantial rise, with 32.8 million wearables dispatched, reflecting a 37.2% QoQ increase. Notably, sales of true wireless stereo (TWS) earwear witnessed a remarkable 52.9% growth.
Online channels maintained a dominant position in sales, claiming a 73.9% share in Q2 2023. While top brands capitalized on this, they are now also exploring offline opportunities to extend their reach, particularly in Tier 3/4/5 towns.
Leading the wearable market in India, boAt secured a 26.6% share and witnessed a 6.5% YoY growth. A substantial portion of boAt’s shipments in Q2 2023, 77.7%, was attributed to earwear. Noise (Nexxbase), claiming a market share of 13.5%, ranked second with a noteworthy 61.6% YoY growth. In the smartwatch category, Noise reclaimed the top position, holding a 27.6% market share and achieving a remarkable 93.2% YoY growth. OPPO, a smartphone manufacturer, held the third position with a 10.7% share and growth of 42.4%.
