India’s smartwatch shipments increased by 21% year-on-year in the third quarter of 2023 (July-September), with Fire-Boltt emerging as the market leader, according to a report by Counterpoint Research.
The market share of domestically manufactured smartwatches reached a record high of 82%, compared to just 4% a year ago.
The growth in Q3 was attributed to a high inventory build-up for the festive season sales in October. Larger screens and OLED displays trickled down to lower price bands, with the contribution of >1.9-inch smartwatches in the Rs 2,000-Rs 3,000 price band standing at 21%.
Fire-Boltt led the market with a 28% share and the widest portfolio, offering the lowest average selling price (ASP) among the top three players. Noise captured the second spot with a 24% share, boAt secured the third spot with a 16% share, and Fastrack, a sub-brand of Titan, captured the fourth spot with an 8% market share.
beatXP entered the top five for the first time after registering a 4X quarter-on-quarter growth in Q3 2023. Apple’s shipments declined by 52% as its new series became available in late September without a refresh to the Watch SE 2022.
Despite the decline, Apple remained the market leader in the >Rs 20,000 retail price band. Due to a continuous push towards budget offerings, India’s smartwatch ASP declined by 41% year-on-year to reach its lowest-ever level, according to the report.
