The Indian wearables market grew 20.1 percent year-on-year to 13.9 million units in January-March 2022, according to data released by International Data Corporation on Monday.
International Data Corporation (IDC) said the growth can be attributed to new launches, discounts across channels, and aggressive marketing by brands.
Watches shipment jumped 173 percent year-on-year to 3.7 million units in March 2022 quarter.
“Basic watches accounted for 95.1 percent of the overall watch category shipments. Aggressive competition at entry-level price points helped the basic watches grow 202.1 percent YoY, whereas the smartwatch shipments declined 4.2 percent annually,” the report said.
Overall wristwear (which includes watches and wrist bands) rose 87.5 percent in the March quarter, with a total shipment of 4.0 million units, according to the report.
The earwear category accounted for 71.3 per cent of the overall wearables category. The truly wireless stereo (TWS) share increased to 48.3 percent from 34.2 percent in March 2021 quarter, registering a 48.2 percent year-on-year growth rate, the report said.
The average selling price of the overall category declined 17.1 per cent year-on-year primarily due to a stronger decline in the ASP of watches, which continued to be the fastest-growing category.
The ASP of the watches declined 41.5 percent year-on-year to reach USD 50.3 during the reported quarter compared to USD 86.0 in the same quarter last year.
“Aggressive discounts, new features, and a strong push from brands and channel partners are encouraging consumers to upgrade and spend more on wearable watches. While dependence on devices like TWS and wearable watches is increasing, supply remains a concern for the industry,” Anisha Dumbre, senior market analyst, Client Devices, IDC India said.
Imagine Marketing (BoAt) led the quarter with a 22.9 percent market share. It was followed by Nexxbase (Noise) with a 10.9 percent market share, OnePlus with 7.4 percent, Fire-Boltt and Realme with 6.6 percent each.
“OnePlus finished third but was the only player in the top five to register a decline of 35.8 percent YoY. With 94.5 percent of its portfolio present in the earwear category, along with its strong distribution across online and offline channels has helped the brand to preserve a place in the wearable market,” the report said.