- The Indian wearables market has reported a 37.2% growth in Q2 2023 and a 53% growth in the first six months of 2023.
- The smartwatches segment has nearly doubled in Q2 2023, while earwear continues to lead the market.
- While boAt continues to lead the wearables segment, its market share has seen a sharp decline.
According to a report by International Data Corporation (IDC), 32.8 million wearables were shipped in Q2 2023, a 37.2% year-on-year growth. Out of this, 19.96 million were earwear.
The overall wearables segment has reported a growth of 37.2% in Q2 2023, with smartwatches leading with a 99.3% growth, nearly doubling shipments year-on-year.
The wrist band segment has reported a 77.7% decline in Q2 2023, with customers probably moving towards smartwatches as they have now become affordable. The average selling price (ASPs) of smartwatches declined by 44.9%, dropping to $25.6 (approx. INR 2,120) from $46.6 (approx. INR 3,860) in 2Q23.
Earwear continues to lead the segment with 19.96 million sold in Q2 2023. Within this segment, truly wireless earbuds (TWS) registered a record share of 65.5%, growing by 52.9% year-on-year, while neckbands declined by 22.5%.
“The high-end capabilities that have been exclusive to premium products are now gradually making their way into affordable models. These include features like advanced ANC (active noise cancellation), multiple microphones, minimal delay or low latency, simultaneous dual device connection, and advanced sound chipsets,” said Vikas Sharma, senior market analyst, wearable devices, IDC India.
While some companies recorded a decline in their overall market share, there was a growth in shipments across all companies. Boult Audio’s shipments increased the most, registering a 176.9% growth. boat reported a modest growth of 6.5% in shipments but continued to lead the market with a 26.6% market share.
Noise emerged as the market leader in the smartwatch segment with a market share of 27.6% and a 93.2% growth in shipments. Fire-Boltt takes the second place with a 23.8% market share and a 91.1% growth in shipments. boAt takes the third spot with a 15.2% market share and a 54.3% growth in shipments.
Boult Audio has recorded the highest growth in shipments at 1922.1%. It occupied a 3.4% market share in smartwatches in Q2 2023.
boAt continued to lead the market with a 35.4% market share in Q2 2023, down from 42.9% in Q2 2022. The company still reported a 25.7% increase in shipments.
Boult Audio reported the highest growth in shipments at 140.8%. Its market share has also increased from 6.1% to 9.6% in Q2 2023.
Oppo and OnePlus doubled their shipments in Q2 2023 to record an 8.5% market share, up from 6.5%.
boAt, while continuing to dominate the TWS segment and leading the overall wearables segment has lost a huge chunk of market share, hinting that it is losing its stronghold over the market. The company’s market share in wearables has declined from 34.4% in Q2 2022 to 26.6% in Q2 2023.
SEE ALSO:
UPI joins the AI bandwagon, offline payments get a push
As auto sales slip in July, dealers pin hopes on upcoming festive fervour
Indian smartphone market sees a declines in Q2; Vivo in the lead