According to a new report by International Data Corporation (IDC), domestic companies including Noise led the shipment share, as the Indian wearables market grew 65.8 per cent on a year-on-year (YoY) basis in the first half (1H22) of 2022. saw growth. The market research firm says that the Indian market saw shipments of 38 million units in 1H22 (January to June), which included wearables in the form of wristbands (or fitness bands), smartwatches and earwear (TWS earphones). Boat led TWS earphones shipments and Shore led smartwatch shipments.
According to IDC’s India Monthly Wearable Device TrackerOf the ₹38 million units, 23.9 million wearable devices were shipped in the second quarter (April-June) of 2022 – an increase of 113 percent. Apart from affordability, which was a major growth lever, shipments to the Indian market were supported by new launches, discounts and marketing. The overall average selling price (ASP) declined by 7.2 percent year-on-year in 2Q22.
“Brands continue to compete at lower price points ensuring a healthy growth in the 1H22. In addition to affordability, features previously available at mid/high price points such as Bluetooth calling, larger screen sizes and AMOLED displays are available at lower price points. It is attracting both first time users and upgraders,” said Upasana Joshi, Research Manager, Client Devices, IDC India.
According to IDC, watch-based wearables is still the fastest growing category, with shipments reaching 6.4 million units and registering 298.4 percent growth in 2Q22. Basic watches dominate with a 95.2 percent share and have posted 306.4 percent year-on-year growth in 2Q22. Wristband growth declined 63.0 percent year-on-year due to weak demand. “Hearables accounted for 72.6 percent of the total wearables category” with TWS earbuds now accounting for half of ear wear shipments.
When it comes to company-wise highlights, Bot focused on expanding in ear wear devices with 34.3 percent market share in 2Q22. Shore grabbed the second spot with 11.5 percent market share and regained its leadership in the watch-based wearables category with 28.5 percent share in 2Q22. OnePlus secured the third position in the overall wearables category, focusing more on the ear wear category. The fourth and fifth positions were occupied by Fire-bolt and Realme.
“It is a proud moment for us, nonetheless, as we continue to lead the way in the watch-based wearables category with a 28.5 percent share to become the No. 1 smartwatch player in the space. There is a testament of trust and we have been proven right to understand the pulse of the nation. We will continue to strengthen our leadership in this segment and continue to contribute to the growing ecosystem,” said Amit Khatri, Co-Founder, Shor. said in the statement.
According to Navkendar Singh, Associate Vice President, Devices Research, IDC India, South Asia and ANZ, the demand for wearables has moved beyond urban centers by appealing to aspiring consumers in smaller cities and towns. “As consumers look for exciting designs and better feature sets to complement their smartphones, they are more inclined to experiment and spend on these devices,” Singh said. IDC forecasts record shipments of over 90 million in 2022.