Wearable market on the rise in India

By: Rohit Yadav

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Updated on: 13-Feb-2023

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25.2 million units for Q4 2022 (Oct–Dec) shipment represented a 16.5% year-over-year increase. While smartwatch sales increased by 73.6% YoY in 4Q22, the earwear category remained unchanged.

More than 60% of the yearly shipments occurred in the second half of 2022 (July to December). Smartwatches increased their market share from 17.9% in 2021 to 30.7% in 2022.

Shipments of smartwatches reached 30.7 million in 2022, a 151.3% year-over-year increase. The Smartwatch ASPs are now $42.5, down from $61.2 a year ago. Basic smartwatches are still in charge with a 95.5% market share and are expected to rise by 158% annually in 2022. Wristband sales fell by -73.2% year over year, with shipments falling to 500,000.

With 68.7% of the total wearables market and a 28% year-over-year shipment growth in 2022, the earwear category has the lowest average selling price (ASP) globally at $19.8. While over-the-ear headphones experienced a loss of more than 50% in 2022, Truly Wireless (TWS) dominates the earwear market with a 55.3% share that is expanding by 87.1% year over year.

Smartwatch brands ranking by share

BoAt continued to hold the top spot, although its share fell to 23.9% in 4Q22, decreasing by 34.3% year over year. Shipments increased 9.3% year over year, reaching 29.3 million in 2022.

With 2.8 million shipments and an 11.2% market share in 4Q22, Noise had a 39.6% increase. It increased its smartwatch market share to 27.2% in 2022, growing 152.6% yearly.

With a growth of 83.0% year over year and a 10.2% share, OnePlus climbed to third place in the total wearable category in 4Q22. OnePlus came in second with a 12.4% market share after shipping 8.5 million pairs of headphones.

Fire Boltt, which shipped 2.2 million units in 4Q22 and had 250% y-o-y growth, fell to fourth place. It had 7.6 million shipments for the year and a 24.8% share of the smartwatch market in 2022, placing it in second place overall.

With 1.9 million shipments in 4Q22 and a share increase of 7.9%, Boult Audio placed fifth. With a 5.4% share for the year, it occupied fourth place in the earwear market.