Boat leads the growing India wearable market: Here’s how others performed

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According to the latest report by research and analytics firm IDC, India’s wearable market witnessed another record quarter with 37.2 million units in Q3, 2022. The quarter registered 56.4% YoY growth as vendors continued to remain aggressive in their shipments to build inventory for the festive season.
Here’s how all the product categories performed
The report reveals that smartwatch is the fastest-growing category. The category surpassed the 12.0 million shipments mark in a single quarter. Basic smartwatches continue to dominate with a 95.5% share growing by 187.1% annually in Q3, 2022.
“As smartwatches continue to be in high demand across varied customer segments, the need for better specifications/accurate monitoring will be key. We will see bigger screen size (1.8/1.99 inch), AMOLED display, physical or e-Sim connectivity in the affordable segment, while the premium segment moves towards more offerings with curved/edge-to-edge screens & NFC enabled for payment,” adds the report.
Wristbands, on the other hand, saw a decline in the quarter with an 80.8% YoY shipment drop. Earwear accounted for 67.3% of the overall wearables category. Truly wireless (TWS) dominated with a 57.6% share growing by 94.4% YoY, while over-the-ear declined by more than 50% in 3Q22.

Top 5 Wearable Companies
Imagine Marketing (Boat) tops the Indian wearable market with a 32.1% market share. The company is focusing on expanding its smartwatch portfolio (19.9% share at third place) with high shipments for “Xtend” & “Wave Call”.
The second sport is captured by Noise with a 13.8% market share. Noise also ranked second in the TWS category with a 9.3% share. However, the company captures the top position in the smartwatch segment.
Fire – Boltt climbed to third place with an 8.9% market share. Primarily a smartwatch brand, in second place with 26.2% market share, driven by high shipments for Ninja Pro Max, Ring 3 & Ninja Bell. Both OnePlus and Realme captured the fourth and fifth positions respectively.
OnePlus dropped to fourth place in the overall wearable category and captured an 8.2% market share. The Chinese company ranked second in the earwear category and is also expanding its smartwatch portfolio with the newly launched “Nord Watch”.
Realme on the other hand stands in the fifth spot with declining shipments. The low shipments were attributed to fewer launches and low focus in the wearable category.

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