HIGHLIGHTS
- For the first time, Fire-Boltt finished second.
- For the first time, Dizo finished in the top five.
- In the first quarter, Amazfit fell 35% year on year.
According to the most current Counterpoint statistics, India's smartwatch industry surged 173 percent year on year in Q1 2022. Noise, the producer of smartwatches, lead the market in the first quarter with a 23 percent market share. For the first time, Fire-Boltt emerged in second place with a 21 percent market share. Boat came in third place, with a 16 percent market share. Dizo broke into the top five for the first time in Q1 2022. It is worth mentioning that more than ten companies, including Defy, Fastrack, Truke, and Reebok, entered the market in the first quarter. In the first quarter of 2022, Amazfit fell 35% year on year.
The top three brands — Noise, Fire-Boltt, and Boat — accounted for 60% of the market. According to Counterpoint statistics, Noise was able to gain first place with a 23 percent market share due to its value-for-money offers, emphasis on the Make-in-India plan, and addition of important features to its product line. Noise's best-selling model was the Colorfit Pulse.
Fire-Boltt arrived in second place for the first time by releasing products that were both inexpensive and feature-rich. The smartwatch brand targeted varied smartwatch niches like as fashion, lifestyle, fitness, and luxury to capture 21% of the market share, with its most popular gadget being the Ninja Pro Max. Boat, which finished third with a 16% market share, has refreshed its portfolio.
Dizo finished in the top five for the first time. In the first quarter, Dizo expanded its offline presence while also debuting the OLED display with its Watch R.
The retail price range of Rs. 1,000 – Rs. 2,000 also gained a larger market share of 14 percent, up from 2 percent just a year before. The market share of wearables priced under Rs. 5,000 increased from 78 percent to 87 percent. OnePlus took the top place in the Rs. 10,000 – Rs. 15,000 price category, with a 45 percent market share. Apple's wearables continue to dominate the premium smartwatch sector, defined as wearables costing more than Rs. 30,000, with a market share of more than 87 percent.
In terms of wearable features, Research Analyst Harshit Rastogi stated, "The brands are pushing bigger screens, which customers are gladly adopting." Brands are luring smart band consumers by pushing bigger screens, as these bands have limited utility owing to their tiny displays. More than 1.5-inch smartwatches now account for more than half of the overall smartwatch market, up from 11% last year. Furthermore, some of the most desired features, such as SpO2, are now available at all price points. Blood pressure monitoring and voice assistants are making their way down to lower price points in order to attract more budget-conscious clients."
In the first quarter, more than 10 brands joined the Indian smartwatch market, including Defy, Fastrack, Truke, and Reebok.
Other major smartwatch manufacturers, including as Samsung, Apple, Xiaomi, and Realme, saw increases in the first quarter. Samsung increased by 78% year on year. The Galaxy Watch 4 series became Samsung's best-selling wearable. Apple increased by 104 percent, with the Series 7 variations driving the majority of the volume.
Xiaomi increased by 238 percent in the first quarter of 2022. The Redmi Watch 2 Lite is flying off the shelves. Realme also had a 3% market share. Realme's Techlife brand's best-selling smartwatch was the Smartwatch S100.
