Boat, Noise And Oppo Dominated India Wearables Market Grows Over 50 Per Cent In H1 Of 2023
The top three brands that dominated wearable shipments during this period include homegrown companies Boat and Noise, followed by Oppo at the third spot.
Riding on the back of new smartwatch launches in different shapes, designs, materials, finishes and with new features, the India wearables market witnessed a strong 53.3 per cent YoY (year-over-year) growth in the first half (H1) of 2023 and shipped 57.8 million units. The top three brands that dominated wearable shipments during this period include homegrown companies Boat and Noise, followed by Oppo at the third spot, says market research firm International Data Corporation (IDC).
Boat continued to lead the wearable space in India with 26.6 per cent market share, growing by 6.5 per cent YoY. Earwear accounted for 77.7 per cent of its shipments in Q2. The company also continued to lead the TWS segment with 35.3 cent share. The Storm Call, Wave Flex Connect and Wave Stride contributed to more than a quarter of its smartwatch shipments. It recently launched a Dolby Audio integrated neckband, along with an entry into the Smart Ring segment.
Homegrown Noise was second in overall wearables, growing by 61.6 per cent YoY with 13.5 per cent market share. Noise regained its first position in smartwatches with 27.6 per cent share, growing by 93.2 per cent YoY. It further moved up to fourth position in the TWS segment at 6.6 per cent share, growing by 26.3 per cent YoY. The Noise Colorfit Icon 2, Colorfit Icon Buzz and Colorfit Pulse Go Buzz contributed to 39.0 per cent of its shipments.
Oppo (Oppo + OnePlus) took the third spot with 10.7 per cent share and growth of 42.4 per cent YoY in Q1. The company also stood in third position in TWS with 8.5 per cent share, growing by 100.9 per cent YoY. Its neckband Bullet Wireless Z2 and TWS Nord Buds 2 accounted for more than 75 per cent of its shipments.
“The high-end capabilities that have been exclusive to premium products are now gradually making their way into affordable models. These include features like advanced ANC (active noise cancellation), multiple microphones, minimal delay or low latency, simultaneous dual device connection, and advanced sound chipsets, ” Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India, said in a statement.
Within the earwear category, TWS now has a record share of 65.5 per cent, growing by 52.9 per cent YoY, while neckbands declined by -22.5 per cent in Q2. The ASP for neckbands and TWS stood at $15.0 and $18.7, declining by 6.4 per cent and 15.3 per cent, respectively.
“The first half of 2023 saw hundreds of smartwatch model launches with premium finishing, sporty appearances, rugged builds, and a variety of strap finishes like metal, silicon, leather, etc. The second half of 2023 will see aggressive festive offers and discounts, while brands remain cautious for supplies. Furthermore, we should expect more launches in the smart ring category at affordable pricing,” said Upasana Joshi, Research Manager, Client Devices, IDC India.
In Q2, 32.8 million wearables were shipped, a growth of 37.2 per cent YoY and 30.6 per cent QoQ (quarter-on-quarter). Smartwatch shipments almost doubled to 12.8 million in 2Q23, while earwear shipments grew by 15.2 per cent YoY. Notably, the average selling price (ASPs) of smartwatches declined by 44.9 per cent, dropping to $25.6 from $46.6 in Q2. The overall wearable ASP in Q2 dropped to $21.0 from $26.7 a year ago.
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