A new study by Counterpoint Research finds that India is now the world’s second-largest market for smartwatches, trailing only Apple as the brand with the highest market share. Indian brands such as Fire-Boltt and Noise have experienced strong growth in recent years. In Q2 2022, the global smartwatch market expanded by 13% year over year, with Apple maintaining its leadership despite a minor decline in market share. Samsung also experienced significant increase, moving up to take the second-largest market share for smartwatches globally.
India is the second-largest market for smartwatches
The data was obtained from the Counterpoint Global Smartwatch Model Shipment and Revenue Tracker, Q2 2022, and it provides some intriguing insights into how the smartwatch market has developed over the previous year. The report’s biggest surprise is the expansion of Indian smartwatch brands, especially market leaders Noise and Fire-Boltt, which made it to the top five brands for worldwide smartwatch shipments as a result of their successful domestic sales.
The advent of numerous reasonably priced smartwatches and savvy distribution tactics by companies like Noise and Fire-Boltt have led to a significant development in the smartwatch sector in India. Many Indian consumers favour smartwatches priced under Rs. 5,000 over conventional watches, and other firms like Boat and Dizo have also shown some success in this market.
Apple and Samsung are in the forefront
With a market share of 29.3 percent, Apple still commands a sizable lead over all other brands in the worldwide smartwatch industry, largely due to the robust demand for and profit margins on its expensive Apple Watch series. Notably, Huawei has fallen to third with a smaller market share of 6.8% while Samsung has supplanted it in second with a share of 9.2 percent.
While businesses like Xiaomi, Amazfit, and Garmin are still in the top eight, Noise and Fire-Boltt round out the top five. With prices of Rs. 3,499 and Rs. 3,999, respectively, Noise just released the ColorFit Pro 4 and Pro 4 Max smartwatches in India. With regular releases of new, reasonably priced smartwatches over the past few months, Fire-Boltt will likewise be hoping to capitalise on the enthusiasm of the previous year.