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Business News/ News / India/  India becomes fastest growing market for smartwatches worldwide
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India becomes fastest growing market for smartwatches worldwide

According to a report by market research firm Counterpoint Research, while the country accounted for only 2% of the total market, its share increased to 6% year-on-year

North America and China were the top markets for smartwatches. The overall smartwatch market rose by 27% compared with last year, showing a full recovery from the covid-19 pandemic driven slowdowns. (MINT_PRINT)Premium
North America and China were the top markets for smartwatches. The overall smartwatch market rose by 27% compared with last year, showing a full recovery from the covid-19 pandemic driven slowdowns. (MINT_PRINT)

India became the fastest growing market for smartwatch sellers worldwide in the second quarter of 2021. According to a report by market research firm Counterpoint Research, while the country accounted for only 2% of the total market, its share increased to 6% year-on-year. “The proliferation of sub-$100 affordable, feature-rich smartwatches from Chinese brands such as Xiaomi, realme and OPPO, and Indian brands such as boAt and Noise has been one of the key growth drivers," said Anshika Jain, senior analyst at Counterpoint.

North America and China were the top markets for smartwatches. The overall smartwatch market rose by 27% compared with last year, showing a full recovery from the covid-19 pandemic driven slowdowns. It is worth noting though, that almost every consumer electronics firm was hit by global lockdowns during the second quarter last year, so analysts had expected a rise this year anyway.

“Looking at the success of Apple Watch, more OEMs have entered the smartwatch market with a relatively less advanced OS but comparable fitness and health-related features, and stylish designs at affordable prices targeting hundreds of millions of potential users globally," said Sujeong Lim, another senior analyst at Counterpoint.

Unlike the smartphone market, the smartwatch space in India has been led by homegrown brands, such as Noise and boAt. According to the International Data Corporation’s (IDC’s) monthly wearables tracker, the two brands accounted for 28.6% and 26.9% of the Indian market, respectively, during the second quarter. The earwear market, which consists of wireless and true wireless headphones, was also led by boAt.

“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," said Anisha Dumbre, market analyst, client devices, IDC. The sub-$100 smartwatch segment grew by a “massive 547%" globally, according to Lim.

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ABOUT THE AUTHOR
Prasid Banerjee
An engineering dropout, Prasid Banerjee has reported on technology in India for various publications. He reports on technology through text and audio, focusing on its core aspects, like consumer impact, policy and the future.
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Published: 27 Aug 2021, 12:12 PM IST
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