August 26, 2021 6:37:06 pm
India’s wearable market grew 118 percent year-over year in the second quarter of 2021 between April and June. A recent report by the International Data Corporation’s India Monthly Wearable Device Tracker showed that the growth was fueled by earwear and wrist-wearables made by homegrown brands.
Amongst these product categories, watches continued to be the fastest growing category and accounted for 81.2 percent share in the wristwear category, up from 35 percent last year. Earwear meanwhile doubled its shipments in Q2 2021, and continued to be the largest category in wearables.
“Affordability has been the key for Indian brands, and these brands have been immensely successful in gaining a significant portion of the watch market with competitive pricing, aggressive marketing, and faster adoption of new features,” says Anisha Dumbre, Market Analyst, Client Devices, IDC India.
“This new generation of homegrown brands are digitally native, aware of their limitations and selectively targeting the gaps. However, they need to be watchful of the China-based brands, who going forward will be aggressive by introducing more sub-brands and leveraging the ecosystem play,” adds Dumbre.
Top brands by market share
Coming to watches, we saw Noise get a 28.6 percent market share while BoAt came in second with 26.9 percent market share, followed by Huami’s Amazfit lineup that had a 9.3 percent market share in the year. The last two spots were taken by Fire-Boltt with 5.5 percent market share and Realme with 4.7 percent market share, while the remaining brands made up the remaining 25 percent.
However, coming to the wrist bands category, we see that Xiaomi stayed on the top sport with 38.9 percent market share, followed by OnePlus at 21.7 percent market share. The third spot was taken by Titan with 21.3 percent market share and remaining brands made up the 18.1 percent.
In the earwear market, BoAt led the chart with 45.5 percent market share while OnePlus stood second at 8.5 percent. Samsung stood third at 7.9 percent and Realme and Ptron made the fourth and fifth spots with 5.5 and 5.1 percent market share.
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