Over 125 active smartwatch brands were observed in 2023, with the top five brands having the highest collective market share of 81%, till now.
India’s smartwatch shipments experienced 50% year-over-year (YoY) growth in 2023. This is attributed to the increasing adoption of smartwatches, the introduction of affordable devices aimed at first-time users, and the intensified marketing, distribution, and local manufacturing efforts by Indian brands. The growing consumer interest in monitoring health vitals, using these devices as fashion accessories, or as gifting options has also contributed to the market’s expansion.
Over 125 active smartwatch brands were observed in 2023, indicating a move towards market consolidation. The top five brands collectively achieved a market share of 81%. The rise of emerging players like Fastrack, Boult, and BeatXP further consolidated the market. Compared to 2022, the product range of leading brands expanded significantly to cater to diverse customer needs. The market also witnessed a shift towards more affordable price segments, with 54% of the shipments in 2023 priced under ₹2,000, a significant increase from 26% in 2022.
Fire-Boltt led the market with a 30% share, focusing on a broad SKU portfolio and a strong offline presence. Noise, including its sub-brand Alt, secured the second position with a 26% market share, attributed to the popularity of models like the Noise Colorfit Icon 2 and Colorfit Icon Buzz.
Along with its sub-brands TAGG and Defy, boAt maintained the third spot with a 17% share and 40% YoY growth. Fastrack achieved the highest shipment growth among major OEMs and captured the fourth spot with a 5.4% market share. Boult took the fifth position with a 3.8% market share and had the lowest average selling price (ASP) among the top five OEMs.
Samsung experienced a 3% YoY decline in 2023 but saw a 17% YoY growth in the fourth quarter, with the Galaxy Watch 4 remaining its best-selling model. Apple faced a 57% decline in shipments due to longer replacement cycles and higher ASPs, alongside iPhone-only compatibility. With increased iPhone sales in India in 2023, Apple Watch shipments are expected to gradually grow in 2024.
A Counterpoint report predicts a 23% YoY growth for the market in 2024, with signs of stabilisation indicating broader adoption. The growth momentum is expected to be sustained by the introduction of new features such as cellular connectivity, high-level operating systems (HLOS), and improved displays. The original equipment manufacturers (OEMs) are exploring new markets in Southeast Asia and the Middle East and diversifying into other wearable categories like smart rings to boost their market presence.
