Affordability propels Indian smartwatch shipments to rise by 50% in 2023

• The Indian smartwatch shipments have reported a 50% growth in 2024.
• The top five brands account for over 80% of all smartwatch shipments.
• Fire Boltt has emerged as the biggest company, followed by Noise.

The Indian smartwatch industry continues to grow, despite the$4 remaining flat. The Indian smartwatch shipments have grown by 50% in 2023, fuelled by affordable smartwatches.

According to a report by Counterpoint Research, the growth in smartwatch shipments was driven by low-cost devices to target first-time users, marketing and distribution efforts, rising penetration of smartwatches and a boost in local manufacturing.

Another thing that has boosted the shipments of smartwatches is the rising sentiment among users to keep a track of their vitals such as heart rate and blood oxygen saturation levels (SpO2).

Top two companies account for over 55% of the market

Company	Market share
Fire Boltt	29.60%
Noise	25.50%
boAt	17%
Fastrack	5.40%
Boult	3.70%
Others	18.80%

The top two smartwatch makers, Fire Boltt and Noise account for over 55% of the market share. Combined with the next three companies, the top five smartwatch makers account for 81% of the market share, a new high. Despite there being over 125 smartwatch makers in the industry, the remaining 120 companies are responsible for less than 20% of the total shipments.

“The market saw over 125 active smartwatch brands in 2023 even as it started moving towards consolidation. The combined share of the top five brands reached the highest ever at 81%. In addition, growth of emerging players like Fastrack, Boult and BeatXP led to further consolidation of the market,” said Harshit Rastogi, research analyst, Counterpoint Research.

Fire Boltt, which has a diverse portfolio and a strong offline presence continues to lead the market with a 29.6% market share in 2023, up from 26.5% in 2022.

Affordable smartwatches dominate the market

The improved performance of players like Fire Boltt and Noise has been due to their affordable offerings. There has been a significant increase in the shipments of smartwatches priced under ₹2,000.

Out of all the smartwatches shipped in 2023, 54% of the smartwatches were priced under ₹2,000, which is up from 26% in 2022.

“The product portfolio of the top players expanded quite a lot compared to 2022 to cater to different customer segments. Moreover, the market is now further skewed towards the lower price bands with 54% of the shipments in 2023 coming under the ₹2,000 retail price band, up from 26% in 2022,” Rastogi added.

Samsung and Apple, which offer premium smartwatches failed to enter the top five in terms of market share. Apple however leads the market when it comes to premium smartwatches priced above ₹20,000.

“While the market continues to register high growth rates, we are seeing some stabilisation, signaling wider adoption. The quarterly growth rates have come down from triple to double digits. We expect the market to grow 23% YoY in 2024,” said Anshika Jain, senior research analyst, Counterpoint Research.

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