Smartwatch sales witnessed a meteoric rise in India in 2021, where domestic brands like Noise and boAt have accounted for 75 percent of overall sales. Indian brands cashed in on low-price points and consumer sentiments that skewed towards supporting homegrown brands, according to analytics firm Counterpoint Research. In a nutshell, India's smartwatch shipments grew 274 percent year-on-year.
As per a Counterpoint Research report, India's smartwatch market is mostly online driven. Almost 78 percent of shipments come from online channels, where Flipkart and Amazon have a market share of 48 and 43 percent, respectively.
The report stated that Noise's market share in 2021 was 27 percent, contributing a 278 percent YoY growth. Counterpoint added that Noise's strategy of lower price points, emphasis on community building, and partnerships helped the brand become the market leader. "Four out of the top 10 models in 2021 were from Noise. The ColorFit Pro 2 remained the brand's most popular smartwatch," the report said.
BoAt, with a 26 percent market share, was second overall, but led sales in the last quarter of the CY21. The company has completed one year in the smartwatch market and Storm was its bestselling model.
2021 Smartwatch sales in India (Image: Counterpoint Research)New entrant Fire Boltt grabbed the third spot. The brand launched like a bolt of lightning, launching over 20 models across price bands and establishing its presence in over 600 cities, major large retail formats, and online portals, Counterpoint said.
Realme grew 23 percent YoY to take the fourth position driven by "a well-balanced portfolio and strong online partnerships", while Amazfit registered a 65 percent YoY growth to capture the fifth position. "It led the market in the Rs 10,000-15,000 price band with over one-third of the total shipments," the report said.
"The market saw over 10 new entrants in 2021, intensifying the competition. The market is estimated to grow by around 50% in 2022 considering the high demand and brands’ dedicated efforts to bring additional capabilities to their devices," an analyst at Counterpoint said.
(Image: Counterpoint Research)Global leaders Apple and Samsung saw strong sales, but not on the same scale as their Indian counterparts. Apple's sales remain flat with a 10 percent market share, Counterpoint said, adding that the entry-level Watch SE contributed to 44 percent of the Cupertino giant's sales. The Watch Series 7 saw shipments crossing 1,00,000 units in the fourth quarter of the CY21, the report said.
Samsung enjoyed relatively better success, growing twofold in 2021, driven mainly by its most popular offering in this segment, the Galaxy Watch Active 2. The newly introduced Galaxy Watch 4 series contributed to over 16 percent of the South Korean company's total shipments in India.
(Edited by : Vijay Anand)
First Published: Feb 10, 2022 5:37 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM