Indian wearables market saw 46.9% YoY growth 2022: IDC

The International Data Corporation (IDC) has issued the India wearable market shipment report for the fourth quarter of 2022 as well as for the entire year.

According to the report, the India wearable market shipped a total of 25.2 million units during the fourth quarter of 2022, growing 16.5% year over year. For the entire year, the market shipped 100 million units, growing 46.9% YoY, which is solid growth. Do note that the wearables include TWS and smartwatches as well.

The research firm highlighted that H2 of 2022 alone accounted for more than 60% of the annual shipments as we saw several new products launches ahead of the festival season combined with offers and discounts across channels. Further, the share of smartwatches grew from 17.9% in 2021 to 30.7% in 2022.

boAt led the wearable market in terms of devices shipped both during Q4 of 2022 and also for the entire 2022 year. During Q4 of 2022, boAt acquired a market share of 23.9% and 29.3% during the entire year, which calculates to a 9.3% YoY growth.

Noise came in second place with a market share of 11.2% in Q4 2022 and 12.2% in 2022. OnePlus took third place with a 10.2% share in Q4 and 8.7% in 2022.

Next was Fire-Boltt, acquiring 8.1% of the market in 2022, followed by realme, which had 4.2% of the market in 2022. Fire-Boltt in particular grew 451.9% YoY during the entire year of 2022.

India Smartwatch Shipments in 2022

According to the report, smartwatches under the wearables category contributed around 30.7 million units in 2022. Noise led the market with a 27.2% share and is expected to grow 152.6% annually by 2022. Fire-Boltt captured second place with 7.6 million shipments and a 24.8% share in 2022.

boAt came in third place with 18.8% of the market, followed by Samsung and Titan with 2.6% and 2.4%, respectively.

India TWS Shipments in 2022

According to the report, apparel under the wearables category contributed around 68.8 million units in 2022. Regarding TWS market, boAt led the market with 38.5% share. More than 3/4 of its shipments in the earwear segment are for TWS.

Noise came in second with 8% market share, while Boult Audio came in third with 6.4%, registering a massive growth of 117.9% YoY.  Mivi and OnePlus captured 6.3% and 5.5% of the market share, respectively.

Regarding the market challenges, Vikas Sharma, Senior Market Analyst, Client Devices, IDC India said,

Vendors faced supply challenges throughout 2022, especially for smartwatches, which are not expected to ease off completely before early 2H23. Local manufacturing is expected to scale up to more than 80% by exit 2023, with more players opting for local sourcing of parts/components.

Regarding the wearables market, says Upasana Joshi, Research Manager, Client Devices, IDC India said,

To maintain similar growth in 2023, smartwatch vendors would need to remain focused on the entry-level price segment with essentials like Bluetooth calling, higher display brightness (1000+Nits), etc. fresh designs & new segments (like rugged sportswear, kids and elderly watches), enhanced app integration & collaboration with fashion brands with wider presence across large format stores. The earwear players will need to focus on features like gesture sensing, ANC & low latency at affordable price points.

Reacting to the milestone, Noise Co-founders, Gaurav Khatri and Amit Khatri, said:

We are proud and humbled as we make #IndiaKiHattrick, emerging as India’s leading smartwatch brand for the third year in a row. It is not just a win for us, but a win for the entire country, as their love and trust has played a key role in stemming this milestone. This corroborates the exhilarating times ahead for a home-grown brand like us.