Indian-Wearables

Indian Wearables Market Soars by 50% in First Half of 2023, Led by Smartwatches

The Indian wearables market had a strong first half of the year, with a 53% year-on-year increase in the first six months of 2023, shipping 57.8 million devices.

IDC said 32.9 million wearables were delivered in Q2 2023, representing a 38.2% year-on-year increase. Earwear accounted for 19.97 million of this total.

Shipments of Indian Wearables in the Second Quarter of 2023

The whole wearables category grew by 37.2% in Q2 2023, with smartwatches leading the way with a 99.3% increase, virtually tripling sales year on year.

The wristband category has recorded a 77.7% drop in Q2 2023, with buyers likely shifting to smartwatches now that they are more inexpensive. The average selling price (ASP) of smartwatches fell by 44.9% in 2Q23, from US$46.6 (approx. INR 3,860) to US$25.6 (approx. INR 2,120).

Earwear remains the sector leader with 19.96 million units sold in Q2 2023. Within this market, truly wireless earbuds (TWS) held a record 65.5% share, up 52.9% yearly, while neckbands fell 22.5%.

"Previously exclusive to premium products, high-end capabilities are now gradually making their way into more affordable models." These include superior ANC (active noise cancellation), numerous microphones, little delay or latency, simultaneous dual device connection, and advanced sound chipsets," according to Vikas Sharma, senior market analyst, wearable devices, IDC India.

While some firms saw a decrease in their total market share, all companies saw increased shipments. Boult Audio's exports climbed the greatest, rising by 176.9%. Boat reported a 6.5% increase in shipments but maintained its market dominance with a 26.6% market share.

Top Smartwatch Companies in India

With a market share of 27.6% and a 93.2% increase in sales, Noise emerged as the market leader in the smartwatch class. Fire-Boltt comes in second with a 23.8% market share and a 91.1% shipment increase. boAt ranks third, with a 15.2% market share and a 54.3% shipment increase.

Boult Audio had the largest shipment growth, at 1922.1%. In the second quarter of 2023, it held a 3.4% market share in smartwatches.

Top TWS Firms in India

boAt maintained its market leadership with a 35.4% market share in Q2 2023, down from 42.9% in Q2 2022. Despite this, the firm recorded a 25.7% rise in shipments.

Boult Audio had the biggest shipping growth, at 140.8%. Its market share has also grown from 6.1% in Q2 2023 to 9.6%.

Oppo and OnePlus more than quadrupled their shipments in Q2 2023, increasing their market share to 8.5% from 6.5%.

boAt Loses Market Share Across Segments

While continuing to dominate the TWS category and leading the total wearables segment, boAt has lost a significant portion of its market share, indicating that it is losing its market dominance. The company's wearables market share has decreased from 34.4% in Q2 2022 to 26.6% in Q2 2023.