India’s smartwatch market recorded a staggering 70% growth year-on-year in the second quarter of 2023. Meanwhile, global smartwatch shipments bounced back with an 11% increase during the same period, reversing the declines we saw in Q4 2022 and Q1 2023, reveals a fresh report from Counterpoint Research.
What Happened? Counterpoint’s Global Smartwatch Model Tracker highlights India as the star performer, propelling the global market’s resurgence. And it’s not just the global tech giants making headlines. Homegrown brands like Noise and Fire-Boltt are stealing the show, boasting growth rates of 86% and 70%, respectively.
A massive 88% of India’s smartwatch shipments in Q2 2023 were products priced below $50 or approximately ₹4,135. Leading this charge were Noise, Fire-Boltt, and boAt, together contributing to a staggering 72% of India’s total shipments.
“In terms of regional shipment shares, India's market stood at 34%, a 12% points surge compared to the year-ago period,” notes Counterpoint Research.
Fun fact to wrap things up: Noise has ascended the global ranks, securing its position as the third-largest smartwatch brand by shipment share for the quarter. This comes right after Fire-Boltt’s impressive leap to the second spot in Q1 2023.
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