India’s largest watchmaker clocked 200% jump in sales this quarter. It is well-positioned to aim for the moon.
Despite the rising popularity of smart watches, the market for quartz and mechanical watches is growing—globally as well as in India. 4Q21 (Oct-Dec 2021) is the biggest quarter for wearable watches in India on record, shows data from International Data Corp, or IDC. Watches grew 364.1% in 2021, the strongest YoY increase ever. India-based brands now account for 3/4th of the overall wearable watch market. But even after this impressive growth, ownership remains low—less than 10% Indians own watches.