The Indian smartwatch market has seen a tremendous surge in demand within the past few quarters. The latest Counterpoint research indicates that the smartwatch market in India grew by 173% YoY at the end of Q1 2022. The Indian company, Noise with a 23% market share, is the market leader in the segment.
Noise is riding on the crest of a very strong performance of its array of impressive smartwatches that have berthed in India. Furthermore, the company is leveraging on its identity as an Indian manufacturer offering lots of budget smart wearables. The Noise Colorfit Pulse was a best-selling product by the company.
The Q1 2022 performance of Noise has drawn some remarks from its co-founder, Gaurav Khatri. Khatri says that the company’s record of leadership in the smartwatch market for 8 consecutive quarters is a validation of its credentials. He notes that Noise is firmly on the path to becoming a global player in the market.
The Indian smartwatch market has an array of very affordable and feature-efficient smartwatches that are under $30. These smartwatches accounted for 14% of numbers in Q1 2022, which was 2% in 2021. Smartwatches that were less than $67 accounted for 87% of the market. India is a demographically rich country smartwatch manufacturers are also leveraging this.
The demand for cheaper smartwatches has been on the increase, thus putting a positive spin on the market. Consumer awareness and aggressive marketing campaigns continue to drive sales of smartwatches in the subcontinent, according to the report.
Noise, Fire-Boltt, and boAt were the top three players in the Indian smartwatch market, and they have a combined market share of 60%. The three brands have continued to deliver excellent devices that have enthralled the market. The three companies have their tentacles in several sub-segments of the market including fashion, lifestyle, and fitness. The Indian market has also seen a flurry of new entrants in the market. The outlook remains bright for the smartwatch market in India for 2022.
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