Counterpoint: Smartwatch market in India grows 173% in Q1 2022
Counterpoint Research posted its latest IoT report, revealing an impressive growth of smartwatch users in India. According to the data, the market grew 173% yearly in Q1 2022, driven by multiple product launches and various discount offers.
Noise led the market with 23%, ahead of Fire-Boltt and boAt. The Realme brand Dizo came in fourth, while Samsung stuck to fifth thanks to its relatively expensive Galaxy Watch4 devices.
The price segment under INR5,000 (about $67) increased its share by 87%, while the particular segment of INR1,000-INR2,000 ($13-$27) reached its highest result of 14%, revealed Senior Research Analyst Anshika Jain.
According to the executive, many brands started to focus on this low price segment to attract first-time users and acquire the smart band user base. Brands also did their best to impress consumers with continuous efforts in marketing and promotions, both online and offline.
Research Analyst Harshit Rastogi said brands pushed for bigger displays, which drove the market forward. Now the greater part of the smartphone users has a device with a screen that’s at least 1.5”, a massive increase from just 11% last year. Also, some demanded features such as SpO2 measure are present at all price levels, as well as blood pressure monitoring and voice assistant.
Noise doubled its shipments yearly, with Colorfit Pulse being its best-selling device. Fire-Boltt climbed to second for the first time in the brand’s history, with 57% of its devices now having a Bluetooth calling function. Apple