India’s Wearable Market Surges by 80% YoY in Q1 2023: IDC Report

Last year, India dethroned North America and assumed the top spot in the smartwatch market. India's love for wearable technology continues to grow, as is evident in the latest report which states that the country saw an 80.9% rise in wearable shipments in Q1 of 2023.

Wearables Market in India

According to an IDC report, over 25 million wearables were shipped in India in the first quarter of 2023. Smartwatches led the way with a strong 41.4% growth, compared to last year's growth of 26.8%. Additionally, the earwear department witnessed a 48.5% YoY increase in shipments.

The report attributes leaner inventory, improved supplies, new launches, and quicker portfolio refreshes as the major factors driving India's wearables growth. Online sales continue to dominate the wearables market with a share of 73.9%.

India's Smartwatch Market

Smartwatches continue to top the wearables sector with 10.4 million shipments, registering a 178.9% YoY growth. The smartwatch share grew to 98.0%, increasing by 187.4% in the first quarter of this year.

Upasana Joshi, Research Manager at IDC India explains the new features offered by manufacturers, "Brands are bringing a variety of smartwatch models with metal straps/casing, circular dials, rugged finish, and premium designs."

"Clubbed with advanced communication features like LTE, digital payment options, and more accurate sensors/algorithms, brands are attracting new smartwatch consumers as well as fueling refresh buying," Joshi adds.

Additionally, the analyst predicts that more than 50 million smartwatches will be shipped over the course of 2023. To recall, 30.7 million units were sold in India last year. India's own Fire-Boltt led sales with a 28.6% share, followed by Noise, boAt, and Titan.

India's TWS Market

As for the earwear section, the TWS share grew to 63.9% from 48.1% last year. Vikas Sharma, Senior Market Analyst, Wearable Devices at IDC says, "Enhancements in audio quality through ANC/ENC and aesthetically appealing designs will be key differentiators in 2023."

Sharma adds, "Moving beyond audio capabilities by incorporating health tracking technology will be essential for sustained growth." Leading the TWS market in India is boAt with a 30.6% market share, followed by Boult, pTron, Oppo, and Noise.

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