Wearable Devices Market in India Grows 93.8% YoY in Q3 2021, Local Brands Take Big Market Share: IDC
According to a report, the wearables market in India including smartwatches, headsets and wearables grew by 93.8% year-on-year (YoY) in the third quarter of 2021. While smartwatches continued to be the fastest-growing category in the July-September quarter, true wireless stereo (TWS) headphones helped drive the growth of the under-ear underwear category. Indian brands such as Noise, Boat, Fire-Boltt, Ptron and Titan have emerged among the leading players in the wearables market – along with their global partners Amazfit, OnePlus, Realme , Samsung and Xiaomi.
Market research company International data company (IDC) report Wearable device shipments in India reached 23.8 million units in the third quarter. In September alone, the company said shipments had surpassed 10 million units, showing a growth rate of more than twice that of the same month last year.
In terms of segments, smartwatches are still the fastest growing in the Indian wearables market with 4.3 million shipments and a whopping 456.3 percent year-over-year change recorded in third quarter. On the other hand, the hat segment, increased by 77.9% year-on-year with 39.5% market share.
Indian brands include Noise, Boat, and Fire-Boltt The company said in its report it captured more than two-thirds of the total smartwatch market.
Gurugram-headquartered Noise maintained its lead for the sixth straight quarter, with a 26% market share in the quarter ended September 30. Boat was followed with 23.1%. After Boat, it’s Fire-Boltt’s turn to replace Xiaomi backed Huami for third place and captured a market share of 15.3% in the third quarter – up from 5.5% in the previous quarter, IDC said.
Along with Indian brands, Myself into fourth place, while Amazfit maintains its fifth position.
Top five smartwatch vendors in India in Q3 2021 (according to IDC)
| The company | Market share 3Q21 | Market share 2Q21 | Annual unit change (3Q21 vs 3Q20) |
|---|---|---|---|
| Noise (Nexxbase) | 26.0% | 28.6% | 405.7 % |
| Boat (Fantasy Marketing) | 23.1% | 26.9% | – |
| Fire-Boltt | 15.3% | 5.5% | – |
| Myself | 7.3% | 4.7% | 66.7% |
| Amazfit (Zepp) | 4.8% | 9.3% | 139.7% |
| Is different | 23.5% | 25.0% | 263.6 % |
Anisha Dumbre, Consumer Devices Market Analyst, IDC India said: “The positive intention to maintain the lead has helped them further reduce the average selling price of their watches to $73 (approx. Rs 5,400), putting great pressure on the struggling wristband category.” .
Unlike smartwatches, wearables saw a year-over-year decline for the seventh straight quarter. The overall wearables segment including smartwatches and wearables surpassed five million shipments in a single quarter, the company said.
Xiaomi maintained its leading position in the wearables market segment, with 49.9% market share. However, it saw year-over-year growth drop by 27.2% in the third quarter. After Xiaomi, Titan ranks second with 16.7% market share. OnePlusOn the other hand, ranked third with 10.8% market share in the quarter.
Top five wearable device vendors in India in Q3 2021 (according to IDC)
| The company | Market share 3Q21 | Market share 2Q21 | Annual unit change (3Q21 vs 3Q20) |
|---|---|---|---|
| Xiaomi | 49.8% | 38.9% | -27.2% |
| Titan | 16.7% | 21.3% | 37.7% |
| OnePlus | 10.8% | 21.7% | – |
| Is different | 22.7% | 18.1% | -54.9% |
In the earmuffs segment, TWS earbuds, neckbands and wireless over-the-ear headphones reached 18.7 million units in the third quarter. Boat led the segment with 48% market share, followed by Myself and OnePlus. Samsung consists of JBL, Harman Kardon, and Infinity, on the other front, ranked fourth and Ptron still holds the fifth place.
IDC said a total of 7.4 million TWS headsets were shipped in the market, up 70.5% year-on-year in the third quarter. Up to 86.4% of total TWS earbuds shipments are below the $50 valuation (about Rs 3,700).
The total number of TWS earbuds shipped in the market accounted for 39.5% market share of the overall headphone segment in the third quarter, the company said. Boat leads the TWS category, with a 37.3% market share.
Top five earmuffs suppliers in India in Q3 2021 (according to IDC)
| The company | Market share 3Q21 | Market share 2Q21 | Annual unit change (3Q21 vs 3Q20) |
|---|---|---|---|
| Boat (Fantasy Marketing) | 48.0% | 45.5% | 176.7% |
| Myself | 8.5% | 5.5% | 48.8% |
| OnePlus | 7.2% | 8.5% | 4.6% |
| Samsung | 22.7% | 18.1% | -54.9% |
| Ptron (Palred) | 3.7% | 5.1% | 81.9% |
| Is different | 27.3% | 27.5% | 68.4% |
“Celebrity endorsement is an important tactic for brand recall. However, to sustain their growth momentum, they must invest more in newer designs and aesthetics, as well as newer partnerships with existing franchises. This can help create unique product experiences that not only help connect with new customers, but can also open up new avenues to sell these products,” said Jaipal Singh, Research Director at Devices. by Customer, IDC India said.
