IDC which keeps track of the wearable market including the market for wristbands, smartwatches and earphones said that India stood among the top 20 markets to register most growth in the wearable category.
India’s wearable market clocked a year-on-year growth of a whopping 144.3 percent in the year 2020 making India the sole country registering a triple digit growth in the market, according to a report by International Data Corporation (IDC). IDC which keeps track of the wearable market including the market for wristbands, smartwatches and earphones said that India stood among the top 20 markets to register most growth in the wearable category. In a year when the economy was battered by the Coronavirus lockdown and people saved more for the rainy day, the wearable industry in contrast achieved triple digit year-on-year growth.
Segment wise, the company data showed that the market for Truly Wireless Stereo (TWS) earphones registered a tenfold jump in its demand in the country and a total of 11.3 million units of TWS earphones were shipped in the country. The other segment which fuelled the overall growth of the wearable market was the shift in customers’ preference for a wristwatch over wristbands which resulted into its record shipments. Cumulatively, a total of 36.4-million-unit shipments were registered in the country in the year 2020 which included units of earwear, wristbands, basic watches and smartwatches, according to the IDC data. The firm also said that the huge jump in the market of wearables may have got to do with e-learning requirements and virtual talks, discussions that entailed during the Coronavirus restrictions.
Brand wise, Xiaomi emerged as the market leader in the wristband market with an overall share of 46.7 percent. Realme on the other hand had to settle with a market share of about 12.3 percent in the wristband market. As far as the watch segment is concerned, Noise led the market with a share of about 24.5 percent followed by Realme that had about 15.7 percent market share.
In case of smartwatches, the Apple Watch was the most sought-after with a whopping 51 percent market share. When it comes to the earphone segment, boAt led the race in both headphone and TWS segment with a market share of about 33 percent and 24.6 percent respectively.