India's wearable market sees 46.9% YoY growth, reaches 100 million shipments in 2022

The wearable market in India has ended 2022 with a strong 46.9 per cent YoY growth, reaching 100 million shipments according to the International Data Corporation's (IDC) India Monthly Wearable Device Tracker. The fourth quarter of 2022 saw a 16.5 per cent YoY growth, with 25.2 million unit shipments.

Smartwatches, including basic and advanced models, saw a 151.3 per cent YoY growth and dominated the market with 30.7 million shipments in 2022. The average selling price of smartwatches declined to $42.5, down from $61.2 a year ago, with basic smartwatches accounting for 95.5 per cent of the market share. On the other hand, wristbands declined for another year, with a -73.2 per cent YoY growth.

Earwear dominated the wearable market, with 68.7 per cent share and a 28.0 per cent YoY shipment growth in 2022. Truly wireless earwear dominated the category with 55.3 per cent share and 87.1 per cent YoY growth. Vendors faced supply challenges throughout the year, particularly for smartwatches, which are not expected to ease off until early 2023. However, local manufacturing is expected to increase to more than 80 per cent by the end of 2023, with more players opting for local sourcing of parts and components.

In the fourth quarter of 2022, Imagine Marketing (boAt) maintained the lead in the wearable market with 23.9 per cent share, although its share declined by 34.3 per cent YoY. The company plans to increase its presence in the smartwatch category in 2023, which accounted for 19.7 per cent of its overall shipments in 2022. Nexxbase (Noise) stood second in 4Q22 with 11.2 per cent share and 39.6 per cent growth, while OnePlus climbed to third place with 83.0 per cent YoY growth and 10.2 per cent share.

In conclusion, the wearable market in India saw significant growth in 2022, driven by smartwatches. Vendors are expected to ease off supply challenges in 2023, with local manufacturing set to increase. The entry-level price segment is expected to remain a focus for smartwatch vendors in 2023 to maintain similar growth in the market.