A new report has revealed interesting details regarding the wearable market in India. In 2022, smartwatches and hearables have seen robust growth, while smart bands/wrist bands have seen a major decline. Here are all the details.
An IDC report found that India saw 30.72 million units of smartwatches being shipped in 2022, which marks a whopping 151.3 percent growth over the previous year which saw just 12.22 million units in sales. On a similar positive trend even the hearables category saw a 28 percent growth year on year, reaching 68.83 million units in shipments last year. However, the wrist band category saw a hefty 84.4 percent decline during this same period, shipping just around 592,000 units in the whole year, compared to 2.2 million units in 2021.
One of the reasons for the decline of smart bands is due to the falling price tags of smartwatches. The latter are generally more powerful and more capable in terms of functionality, so its not surprising that cheaper smartwatches have basically replaced these gadgets. Brands that took advantage of this includes boAt and Noise that took the two top spots in the wearable market in India, with a 29.3 percent and 12.2 percent market share respectively.
Notably, OnePlus also rounded up the top 3 list with an 8.7 percent market share. While most brands saw a rise in this time, boAt’s market share saw a decline but it still leads the market. The top three brands accounted for over half of the entire market primarily due to strong sales in the hearables category, which is worth more than half of the entire wearables market in the region.
RELATED:
- India’s EV Market Sees 223% Growth in 2022
- India Bans Over 200 Chinese Apps Over Data Privacy Concerns, Threatening Behaviors
- Ola Gears Up to Launch New Electric Bike Lineup in India
- The Best OnePlus 11 Alternatives in India
- Best Monitors For Work 2023
- Redmi Pad vs OnePlus Pad: Specs Comparison
(Source)
