As indicated by the most recent research from Counterpoint’s IoT Service, smartwatch shipments in India significantly increased in Q2 2021 contrasted with a similar period last year, with 206% YoY and 18% QoQ development during the quarter. Moderate contributions, new players, variable customer preferences, and post lockdown demand recovery were the key factors behind the hike in numbers.
The market is getting competitive as an ever increasing number of players are entering the market, smartwatches are being liked over traditional looks for their feature-rich interface and similarity to get matched with cell phones. This thusly has likewise brought about the accessibility of smartwatches in lower price brackets. Indian brands keep on dominate the market, with the top three brands in the Indian smartwatch market being domestic and have over a three-fifths share of the total market.
The market will increment further, with more brands lined up to enter the market in the future. Around 10 brands have as of now entered since the start of 2021. The significant feature is the domestic production growth. Samsung is now producing smartwatches in India since June 2020. Different players like realme, and Timex are additionally investigating options for domestic production as it would assist with decreasing the costs and reliance on imports.
A Research Associate at Counterpoint Research states, “We are witnessing many new launches in the sub-INR 5,000 segment, which saw its contribution rising to 83% in the overall market in Q2 2021, compared to 67% in Q2 2020. Due to this, the ASP (average selling price) of smartwatches decreased by 36% in Q2 2021 compared to the same period last year. We are also seeing features like Voice Assistant, Bluetooth Calling, SpO2, and Blood Pressure Monitor trickling down from high-end models to the low-end ones.”
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Economy Bee journalist was involved in the writing and production of this article.