Counterpoint: The Indian smartwatch market posted record shipments in the second quarter

The smartwatch market in India had a record second quarter with a fourfold increase in shipments over the same period last year according to the latest Research on counterpoint report. The growing demand for smartwatches is driven by strong consumer demand and numerous high-profile launches with brands continuing to grow their online and offline presence. A third record of all smartwatches were sold offline. A total of 50 new smartwatch models were launched during the period, and half of all sales fell into the sub-INR 3,500 ($ 44) price category.

Fire-Boltt has been leading in terms of market share with 28%, outperforming rivals boAt and Noise over the past year. The brand has maintained strong online sales and has also expanded its offline presence to reach more consumers. Fire-Boltt also had the most product launches in the second quarter and was the first in terms of offline shipments.

Noise slipped to second place with its 26% market share, while continuing to record 293% annual growth in terms of shipments. It accounted for 75% of all locally produced smartwatches and offered Bluetooth calling on 40% of its watches. Noise ranks first in the online shipping category and came second in terms of offline shipping.

In third place boAt with its market share of 19.5%. Its Storm and Xtend models were the best sellers and the new TAGG and Defy sub-brands are also contributing to the expeditions. Samsung grew 295% year-on-year with strong demand for its Galaxy Watch4 and gained fourth place while Dizo remained in fifth place.

Titan is in sixth place with a 2% market share while Realme is in seventh. Apple is eighth with Watch Series 7 its best-selling watch with an estimated 250,000 shipments in the second quarter. Pebble comes in ninth place as OnePlus completes the top ten thanks to its famous OnePlus Watch which was the leader in the INR 10,000 – 15,000 price range.

Counterpoint analysts expect the Indian smartwatch market to remain highly competitive with the top three positions up for grabs in the coming quarters.