The largest smartwatch market in Q3 2022 was found to be in India. The basic smartwatch sector has spurred a 30% year-over-year growth in the worldwide smartwatch market.
The Indian smartwatch market experienced the biggest growth, and it claimed the top rank for the first time, moving up from third place last year, according to a Counterpoint analysis. China and Europe recorded a fall, while the rest of the world’s markets showed increase.
The Indian smartwatch market has seen a 171% increase year over year and now accounts for 30% of the worldwide market. China recorded a 6% fall at the same time that North America reported a 21% gain.
When it comes to smartphones, Indian companies may not have a big market share, but homegrown businesses are thriving in other industries. Domestic businesses now account for over 80% of the Indian smartwatch market after dominating the TWS category.
The top three domestic brands in India, Noise, Fire Boltt, and boAt, have taken up 79% of the country’s smartwatch market. In the world, Noise is currently in third place, just after Apple and Samsung.
In Q3 2022, Noise reported a 30% market share, and Fire Boltt came in second with a 29% share. With a 20% market share, boAt is third. As a result, four out of every five smartwatches sold in the nation are made in India.
“The main factor behind the record quarter was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth,” said Anshika Jain, Senior Analyst, Counterpoint Research.
One of the factors driving the expansion of the Indian market is the 42-day festive season. The push for indigenous production and the low pricing of watches introduced in the nation have also been credited for the development.
The expert also mentioned how crucial Bluetooth calling has become on the Indian market. The highest share of Bluetooth calling-enabled smartwatches ever sold in the nation is over 58%.
In order to retake the top rank in the Indian market, Noise announced a 218% increase year over year. Fire Boltt took second place in the Indian market and held onto fourth place overall despite flat growth. BoAt, the third smartwatch manufacturer in India, held down the sixth position globally, trailing Huawei, which saw its first-ever zero shipment month in India.
