(MENAFN - KNN India) New Delhi, November 24 (KNN) India will witness 21% annual growth in smartwatch shipments in the third quarter of 2023, according to a recent study by Counterpoint IoT.
This increase was due to increased product inventory in October in anticipation of strong sales during the holiday season.
While large established companies continue to dominate the market, new players such as Fastrack and beatXP have taken big steps forward and taken market share from the big three. The report added that the share of domestic manufacturing reached its highest figure, namely 82 percent, up from 4 percent last year.
“The market will continue to grow at double digits in the coming years,” said Anshika Jain, senior research analyst.
Fire-Bolt reportedly emerged as the market leader with a 28 percent share, followed by Noise and Boat. In particular, Fastrack, a sub-brand of Titan, recorded the highest annual growth among the top five brands, indicating the company's growing importance in the industry. BitXP also made it into the top 5, marking BitXP's entry into the highly competitive smartwatch market.
In terms of pricing, analysts point out that the focus on budget options has resulted in average smartwatch sales (ASP) in India falling 41% compared to last year to an all-time low. This means more than three-fifths of the market is in the sub-Rs 2,000 range.
“Smartwatches are available at lower prices this quarter.
1,000 to target new users. Shorter replacement cycles for basic smartwatches and more new watch launches in this price segment have accelerated this trend, said research analyst Harshit Rastogi.
(KNN Office)
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