India's Wearables Market Soars: Shipments Surge 80.9% Amid Fierce Competition

India’s wearables market saw shipments grow by 80.9% year-on-year (YoY) to 25.1 million units in Q1 2023, according to a report by market intelligence firm, International Data Corporation (IDC). This growth resulted from improved supplies, leaner inventory, multiple new launches, and faster portfolio refreshes.

What Happened? boAt, Fire-Boltt, and Noise dominated the wearables market in India, holding market shares of 25.6%, 12.4%, and 11.9%, respectively. Boult Audio and Oppo (incl. OnePlus) secured the fourth and fifth positions with 9.3% and 4.7% shares.

Boult Audio experienced the most substantial growth at 366.5% YoY, followed by Fire-Boltt, boAt, and Noise. Oppo was the only brand with a 5.8% decline in shipments.

Increased competition from India-based wearables brands, which hold over 15% market share, led to a drop in average selling prices (ASPs) to ₹1,860 from ₹2,410 the previous year.

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The smartwatch category showed the most significant growth, with a 178.9% YoY increase in Q1 2023 to 10.4 million shipments. Meanwhile, the earwear category grew by 48.5%, and the wristband category fell by 86.7%. The True Wireless Stereo (TWS) share within the earwear category now stands at 63.9%.

Vikas Sharma, Senior Market Analyst at IDC India, stated that incorporating health tracking technology would be essential for sustained growth in the wearables market. The smartwatch ASP declined by 42.0% YoY to $29.2 (₹2,387).

Upasana Joshi, Research Manager at IDC India, highlighted the importance of advanced communication features in attracting new smartwatch consumers. IDC expects the smartwatch market to exceed 50 million units in 2023, up from 30.7 million in 2022.

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Posted In: NewsRetail SalesTechIDCwearables