Over 25 million wearable units were shipped in India in January-March 2023 quarter, registering a strong 80.9 percent year-on-year growth, according to the International Data Corporation’s (IDC) India Monthly Wearable Device Tracker. However, data showed shipments remained flat quarter-on-quarter following a strong October-December 2022 quarter.
Smartwatch (inclusive of basic and advanced) continues to be the fastest-growing wearable category with 10.4 million shipments, a growth of 178.9 percent year-on-year.
“Improved supplies, leaner inventory, multiple new launches, and faster portfolio refresh are the key reasons for this healthy growth,” International Data Corporation.
Additionally, several India-based small players further intensified the competition, and lowering the overall average selling prices also supported sales and shipments, it said.
“Moving beyond audio capabilities by incorporating health-tracking technology will be essential for sustained growth,” said Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India.
International Data Corporation (IDC) is a global market intelligence and advisory services provider.
“Brands are bringing a variety of smartwatch models with metal straps/casing, circular dials, rugged finish, and premium designs. Clubbed with advanced communication features like LTE, digital payment options, and more accurate sensors/algorithms, brands are attracting new smartwatch consumers as well as fueling refresh buying,” said Upasana Joshi, Research Manager, Client Devices, IDC India.
In 2023, Joshi said the smartwatch market will cross 50 million units, up from 30.7 million in 2022.