India smartwatch market records 293% YoY growth in Q3 2021: Counterpoint

According to a new report by Counterpoint Research, the India smartwatch market had its highest ever shipments in Q3 2021, recording a growth of 159% QoQ and 293% YoY. The top 5 smartwatch manufacturers during the quarter were Noise, boAt, Fire Boltt, realme and Amazfit.

With a market share of 25%, Noise led the market with a growth of 231% YoY and 141% QoQ during the third quarter of 2021. They were followed by boAt, which had a growth of 132% QoQ, and its boAt Storm smartwatch was the most successful model in the market during this quarter.

In third place was Fire-Boltt, becoming the fastest growing smartwatch band with a phenomenal growth of 394% QoQ. realme took 4th place with 267% QoQ growth in Q3 2021 thanks to the launch of the new Watch 2 series. Amazfit grew 54% QoQ and Samsung grew 153% QoQ, while Apple recorded 289% QoQ growth.

Commenting on the growth, Senior Research Analyst Anshika Jain said:

Q3 is crucial for the smartwatch players as this is the time when they witness the highest growth. To meet the anticipated surge in demand during the festive sale, the brands push increased shipments into the channel. Besides, they come up with multiple launches and big discount schemes throughout the quarter. The market remained competitive in Q3 2021 with Noise and Boat together capturing almost 50% of it. Fire-Boltt, Apple and realme emerged as the fastest growing brands during the quarter.