The wearables market in India witnessed a record of 37.2 million unit shipments in the quarter ended September 2022, a report by International Data Corporation (IDC) said. This accounts for a 56.4 per cent year-on-year growth.
The first nine months of this year saw over 75 million units being shipped. However, heavy discounting and offers resulted in a 13.6 per cent year-on-year decline in average selling price (ASP) during the quarter ended September 2022.
Smartwatch was the fastest growing category with shipments up by 178.8 per cent year-on-year in the third quarter while the wristband category saw the sharpest decline by 80.8 per cent.
IDC analysts expect India to surpass the US as the second largest wearables market behind China with over 30 per cent Made in India units at the end of 2022.
According to the report, BoAt had the highest market share, while its year-on-year growth was the lowest at 19.5 per cent. On the other hand, Fire-Boltt and Noise recorded the highest year-on-year growth of 395 per cent and 185.7 per cent respectively. Realme saw its brand’s shipments dipping by 18.5 per cent during the same period.
