India world’s top smartwatch market

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New Delhi: Led by local brands, highly affordable products and festive demand, India emerged as the biggest smartwatch market in the world, ahead of North America and China, in the third quarter of this year.
The leadership assumes significance as the brands contributing to the surge are mostly local ones, quite unlike the situation in smartphones where Chinese companies dominate. Samsung and Apple, the key global brands, are also witnessing healthy demand in India, though they lack in absolute volumes due to premium pricing.
According to data from research firm Counterpoint, India’s share in the global smartwatch market grew to 30% in the July-September 2022 quarter, higher than 25% share of North America and 16% of China. India ranked third at 14% share in the same quarter last year after China at 22%. North America led with 27% share.
Volumes in India have been led by brands, such as, Noise (leads the smartwatches category) and Fire-Boltt. The growth in the quarter stood at 171%, even as China fell 28%, severely impacted by Covid restrictions and the economic downturn. China’s market size decreased for the fourth consecutive quarter.
Anshika Jain, senior analyst at Counterpoint, said a number of factors contributed to the India surge. “The main factor was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed.”
In case of North America, which was the largest market from Q4 2020 to Q2 2022, the growth was relatively moderate at 21%.
Local contract manufacturers in smartwatch segment say the trend is only going to get stronger. “The government has provided an enabling policy framework,” said Ashok Gupta, chairman of Optiemus Electronics that manufactures smartwatches for Noise and other brands.

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