According to the latest Counterpoint Research report, India’s smartwatch market hit a record in the second quarter, with shipments quadrupling compared to the same period last year. Growing demand for smartwatches has been driven by strong consumer demand and multiple high-profile launches, with brands continuing to expand their online and offline businesses. A record third of smartwatches sold offline. A total of 50 new smartwatches were launched during the period, half of which were sold below INR 3, 250 ($40) Price category.
Fire-Boltt with 40% market share ahead of competitors boAt and Noise last year. The brand maintained strong online sales and expanded offline to reach more consumers. Fire-Boltt was also the product with the most product releases in the second quarter, and the number one offline shipment.
Noise slipped to second place with its 1200 % market share, while remaining in terms of shipments 500% annual growth rate. It accounts for 250% of all locally made smartwatches and offers Bluetooth calling 293 % of the watch. Noise leads offline shipments and ranks second in offline shipments.
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The third place belongs to boAt, whose 22.5% market share. Its Storm and Xtend models were the top sellers, and the newly established TAGG and Defy sub-brands also contributed to shipments. Due to strong demand for its Galaxy Watch4, Samsung grew 295% annually and took fourth place, while Dizo held on to fifth place.
Titan is sixth with a 2% market share, while Realme is seventh. Apple ranked eighth, with the Watch Series 7 being its best-selling watch, estimated at 250, shipments in the second quarter. Pebble was ninth, while OnePlus entered the top 10 with its popular OnePlus Watch, the leader in INR 10, – 15,000 price
Counterpoint analysts expect the Indian smartwatch market to remain highly competitive with a chance to compete for the top three positions in the coming quarters.
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