The wearable devices market in India experienced a strong growth of 53.3 percent in the first half of 2023, with a total shipment of 57.8 million units, according to data released by the International Data Corporation (IDC).
The IDC is a global provider of market intelligence and advisory services.
In the second quarter of 2023, a total of 32.8 million wearables were shipped, showing a year-on-year growth of 37.2 percent and a quarter-on-quarter growth of 30.6 percent.
The shipment of smartwatches almost doubled to 12.8 million units in the second quarter, while earwear shipments grew by 15.2 percent compared to the previous year.
Notably, the average selling price of smartwatches decreased by 44.9 percent, falling to $25.6 (roughly Rs. 2,120) from $46.6 (roughly Rs. 3,860) in the second quarter. The overall prices of wearables during the quarter dropped to $21.0 (roughly Rs. 1,739) from $26.7 (roughly Rs. 2,211) a year ago.
Various brands have introduced new smartwatch models with different designs, materials, finishes, and features.
“Previously exclusive high-end capabilities are now becoming available in affordable models. These include features like advanced active noise cancellation (ANC), multiple microphones, low latency, simultaneous dual device connection, and advanced sound chipsets,” said Vikas Sharma, Senior Market Analyst for Wearable Devices at IDC India.
Online channels, such as e-tailers, continue to be the primary driver, accounting for 73.9 percent of sales in the second quarter. However, IDC noted that leading brands are starting to explore offline avenues to reach and expand their presence in Tier 3/4/5 towns.
“The first half of 2023 witnessed the launch of numerous smartwatch models with premium finishes, sporty appearances, rugged builds, and a variety of strap options including metal, silicone, and leather,” said Upasana Joshi, Research Manager for Client Devices at IDC India.
“The second half of 2023 will see aggressive festive offers and discounts, while brands remain cautious about supplies. Additionally, we can expect more affordable smart ring launches,” added Joshi.
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