India’s smartwatch market recorded a 173 per cent year-on-year growth in Q1 2022 (January-March), according to the latest research from Counterpoint’s IoT Service.
As per the report, the growth was driven by growing consumer interest, multiple launches during the quarter and the availability of various discount offers and promotions.
According to Senior Research Analyst Anshika Jain, the contribution of the <₹5,000 ($67) retail price band increased to 87 per cent from 78 per cent in Q1 2021. The ₹1,000-₹2,000 ($13-$27) retail price band reached its highest ever share of 14 per cent from just 2 per cent a year ago.
“Many brands have started to focus on this low price tier to attract first-time users and acquire the smart band user base. Consumer awareness has also increased in this segment due to brands’ continuous efforts on marketing and promotions through online and offline channels,” said Jain.
Noise led the market with a 23 per cent share, its shipments doubling YoY in Q1 2022 due to the good performance of its newly introduced devices. The Colorfit Pulse was the brand’s best-selling model.
Fire-Boltt took the second position for the first time with a 21 per cent share. It has multiple launches this quarter with the Ninja Pro Max being its most popular device
boAt recorded a 106 per cent YoY growth and captured the third position with a 17.8 per cent share. The Xtend and Storm models captured almost two-thirds of its total portfolio. The brand also launched the Wave Pro 47, its first made-in-India smartwatch during the quarter.
Dizo made it to the top five for the first time with a 4.4 per cent market share in Q1 2022.
The company introduced OLED display with its recently launched model Watch R. It also expanded its offline presence this quarter.
Samsung stood fifth with a 3.8 per cent market share, growing 78 per cent YoY in Q1 2022.
“The Galaxy Watch 4 series had the highest contribution here and higher shipments this quarter owing to promotional offers along with the Galaxy S22 Ultra smartphone,” as per the report.
As per Jain, the top three brands captured 60 per cent share in Q1 2022.
“Noise led the overall smartwatch mar