India is on its way to becoming the world’s largest market for wearables by the end of 2023, likely to fuel global demand for smartwatches and earphones, reveals analysts.
What Happened? Per an ET report, research analysts claim North America and China are experiencing market saturation, while India continues to flourish despite global economic challenges.
In 2023, analysts predict that India will contribute about 26% to the global sales of an estimated 504.1 million wearables, accounting for 130-135 million units. This information comes from IDC India, a market research firm. In the first quarter of 2023, India became the leading global market for wearables, responsible for 26% of worldwide shipments.
The Indian market’s growth is due to its lower saturation level and the number of smartphone users who also own wearable devices. Counterpoint Research noted that currently, for every smartphone sold in India, a smartwatch is also sold.
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The Growth Story: Market analysts anticipate India maintaining this growth trend through 2023. “India has already overtaken the United States and China in terms of market size and will continue to be the largest market thanks to the range of low-cost, feature-rich devices from local vendors,” says Jitesh Ubrani, IDC Research Manager.
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India’s rapid growth, estimated at up to 35% by IDC and around 56% by Counterpoint, will revive global shipments of wearables after a decline in 2022. As such, IDC expects the global market to see steady single-digit growth, with shipments reaching 629.4 million units by 2027.
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