Smartwatch player Fire-Boltt had a 5.5 percent market share this quarter. (Express Photo) Despite challenges such as supply delays, COVID lockdowns, India’s wristwear market (inclusive of wrist band and watches) grew by a 141.3 per cent year-over-year (YoY) in 2021, recording 14.4 million unit shipments in sale, according to the recent data from the International Data Corporation’s (IDC) India Monthly Wearable Device Tracker.
Players such as Noise, BoAt, and Fire-Boltt led the Indian market in the wearable watch category, few other homegrown brands such as Pebble and Zebronics had significant sales. According to IDC, India-based brands now account for a quarter of the overall wearable watch market. “Aggressive discounts, strong marketing promotions, and multiple launches helped these brands dominate the segment,” the report from IDC said.
Meanwhile, wrist bands declined by 34 per cent annually, with Xiaomi maintaining its lead in wrist bands with a decline of 43.7 per cent YoY in 2021.
Watches have shown the strongest YoY increase, growing by 364.1 per cent in 2021. Nexxbase (Noise) led the year with a 27.0 per cent share maintaining its lead for the seventh quarter in a row. IDC notes that the company’s diversified product portfolio coupled with multiple launches and aggressive marketing spend helped the brand to retain its competitive position. Colorfit Pro 2, Pro 3, and Pulse accounted for a 60.4 per cent share of the brand portfolio.
BoAt took the second place with a 25.1 per cent market share. And Fire-Boltt emerged as the third biggest player in the watch market with an 11.6 per cent market share in 2021. “Its omnichannel approach, onboarding new brand ambassadors, and multiple launches across price points helped the brand to gain much-needed visibility in the market,” the report said.
Meanwhile, Realme finished fourth with a 5.6 per cent, (Amazfit) grew 57.3 per cent. “The Indian watch market is thriving with a sharp increase in adoption due to increasing awareness around health and fitness. As consumers seek the best combination of features, price, and quality; most brands are trying to step up in meeting the changing consumer needs via product design and pricing strategies combined with partnerships and collaborations,” said Anisha Dumbre, Market Analyst, Client Devices, IDC India.
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