Smartwatch market in India grows strongest year-on-year in 2021, local brands beat Chinese counterparts: Report
According to two research firms, the smartwatch market in India marks its strongest year-on-year (YoY) growth in 2021, with Q4 recorded as the biggest quarter for watches smart, according to two research firms. Domestic brands continue to grow in the market and surpass their Chinese counterparts. Gurugram-based Noise retains its market lead, and Fire-Boltt has overtaken Chinese player Amazfit. The total number of smart watches shipped in the country increased by more than 9.6 million units during the year.
International data company (IDC) report that the watch market in India including smartwatches as well as connected watches grew by 364.1% YoY in 2021 to 12.2 million units, up from 2.63 million units in 2020. In In the fourth quarter, smartwatch suppliers in the country shipped 4.9 million units, resulting in a growth of 271.2% YoY. The market research firm said it was the biggest quarter for wristwatches in the country.
India-based brands have doubled their market share year-over-year and now account for three-quarters of the overall wristwatch market, IDC said.
Noise leads the wristwatch market, with a 27% market share in 2021 shipments. The brand grew 410.2% year-on-year and also maintained its lead for the seventh consecutive quarter for the fourth quarter. private, according to data shared by the research firm.
Noise Colorfit Pro 2, Colorfit Pro 3and Pulse have a 60.4% market share in the entire brand portfolio, IDC said.
After the noise, Boat took second place with 25.1% market share. Fire-Boltt emerged as the third largest player in the wristwatch market in the country with 11.6% market share in 2021. Followed by Chinese rivals Myself and Amazfit.
Top five watch companies in 2021 according to IDC
| Company | Market share in 2021 | Market share 2020 | Annual unit change (2021 vs. 2020) |
|---|---|---|---|
| Noise | 27.0 percent | 24.6 percent | 410.2 percent |
| Boat | 25.1 percent | 2.8 percent | 3983.6 percent |
| Fire-Boltt | 11.6 percent | 0.3 percent | 17646.0 percent |
| Myself | 5.6 percent | 15.7 percent | 64.8 percent |
| Amazfit | 5.1 percent | 15.0 percent | 57.3 percent |
| Is different | 25.7 percent | 41.6 percent | 186.6 percent |
| total | 100 percent | 100 percent | 100 percent |
The quarterly performance of Indian brands is in line with their growth for the whole of 2021. However, Realme had the lowest year-over-year growth in the quarter, while Amazfit posted negative growth.
Anisha Dumbre, Market Analyst, Consumer Appliances, IDC India said: “The Indian watch market is thriving with strong growth driven by growing health and fitness awareness. “As consumers look for the best combination of features, price and quality; Most brands are trying to meet the changing needs of consumers through product design and pricing strategies combined with partnerships and collaborations. ”
She added that competition at entry prices has reduced the average watch sale price to $61.3 (about Rs 4,600) in 2021 from $122.1 (about Rs 9,200) in 2020.
“This is putting great pressure on new entrants and other existing brands to differentiate themselves in the market,” she said.
Top five watch companies in Q4 2021 according to IDC
| Company | Market share in the fourth quarter of 2021 | Market share in the fourth quarter of 2020 | Annual unit change (2021 vs. 2020) |
|---|---|---|---|
| Noise | 27.5 percent | 24.1 percent | 322.5 percent |
| Boat | 26.9 percent | 5.6 percent | 1676.6 percent |
| Fire-Boltt | 12.7 percent | 0.6 percent | 7786.5 percent |
| Myself | 3.4 percent | 12.4 percent | 0.9 percent |
| Amazfit | 3.2 percent | 14.3 percent | -15.7 percent |
| Is different | 26.2 percent | 42.9 percent | 126.9 percent |
| total | 100 percent | 100 percent | 100 percent |
Other than the watch market, IDC said the domestic smart wearable device market continued to decline for the eighth consecutive quarter. According to the company, shipments of wearables fell 34% year-over-year in the fourth quarter.
Xiaomi maintained its leadership in the wearables market, but IDC said its shipments were down 43.7% year-over-year.
Overall, IDC says the Indian wearables market including smart wearables and connected watches grew 141.3% year-on-year in 2021, with 14.4 million units shipped in year.
It is important to emphasize that IDC considers both smart meters as Apple Watch and Samsung Galaxy watches plus basic connected watches offered by Noise, Fire-Boltt, and other emerging vendors.
Overall wearables market growth in 2021 according to IDC
| product portfolio | Year 2021 Shipment (in million) | Shipment 2020 (in millions) | Annual unit change (2021 vs. 2020) |
|---|---|---|---|
| Wrist strap | 2.21 | 3.35 | -34.0 percent |
| Watch (connected watch + smart watch) | 12.22 | 2.63 | 364.1 percent |
| total | 14.43 | 5.98 | 141.3 percent |
Similar to IDC, Confrontation speak in it report that the smart watch market in India grew to a record over 274% YoY in 2021. The market also grew more than 8% in the fourth quarter. The company also noted that domestic brands accounted for more than 75% of total exports in the market during the year.
According to Counterpoint, Noise has grown its market share to 27% in 2021 from 26% in 2020, while Boat manages 26% of the market for second place, the company said.
Same is the case with Fire-Boltt, which has surpassed the third place from Amazfit and becomes the third largest smartwatch maker in 2021 with 13% market share.
Realme and Amazfit dropped to fourth and fifth place, respectively.
According to Counterpoint data, while Realme managed a 6% market share in 2021, down from 17% in 2020, Amazfit fell to 5% on the year from 11% the year before.
Apple and Samsung also dropped from the list of the top five smartwatch brands in the country in 2021. Apple has a 10% market share and Samsung has a 6% market share in 2020, according to the company.
In the fourth quarter, Counterpoint data shows that Boat followed by Noise dominated the Indian market. Fire-Boltt came in third after overtaking Realme. The vendor increased its market share by 15% during the quarter, with more than 20 models across price ranges.
According to Counterpoint, Realme’s overall shipments grew 23% YoY in 2021, while Amazfit recorded a 65% YoY growth in shipments, according to Counterpoint.
Traditional smartwatch maker Apple still stands in 2021, with Apple Watch SE contributes about 44 percent of its total volume. The Apple Watch Series 7 Shipments, by contrast, surpassed the 100,000-unit mark in the fourth quarter, the analytics firm said.
In contrast, Samsung grew more than twice the year, thanks to the Galaxy Watch Active 2. Samsung Galaxy Watch 4 According to the report, the series also contributes more than 16% of the company’s total shipments in the country.
The smartwatch market in India is mainly driven online as 78% of the shipments come from online channels. Amazon and Flipkart Counterpoint said it contributed 43% and 48% market share, respectively.
“The market is estimated to grow by around 50% by 2022 based on high demand and dedicated efforts by brands to bring additional capabilities to their devices,” said Vice President of Research Counterpoint. , said Harshit Rastogi.
