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If you are someone that owns a smartwatch or earplugs, then you have been a contributor to the record double-digit growth this category has shown in the first quarter of 2022.
According to data from research firm International Data Corporation (IDC) India, the country’s wearables market shipped 13.9 million units in January-March, up 20.1 percent YoY.
Wearables include basic watches, smartwatches, smart earwear as well as True Wireless Stereo (TWS) devices.
The firm attributed this growth to new launches, discounts across channels, and aggressive marketing by brands. However, the average selling price (ASP) of the overall category declined 17.1 percent YoY, primarily due to stronger decline in the ASP of watches.
According to IDC, watches remained the fastest-growing category with shipments at 3.7 million in the quarter.
“Aggressive discounts, new features, and a strong push from brands and channel partners are encouraging consumers to upgrade and spend more on wearable watches,” said Anisha Dumbre, Senior Market Analyst, Client Devices, IDC India.
However, basic watches accounted for 95.1 percent of the overall watch category shipments. Basic watches are those which are mostly fitness-focused as opposed to Apple or Samsung Smartwatches, which have other features like taking calls, replying to messages etc.
Interestingly, while IDC’s data shows that basic watches grew by triple-digit YoY (202 percent), smartwatch shipments declined by 4.2 percent annually.
Furthermore, the ASP of the watches declined 41.5 percent to reach $50.3 compared to $86 in the same quarter last year. Meanwhile, wrist bands or basic fitness bands continued to decline annually. Overall, wristwear (which includes watches and wristbands) saw a total shipment of 4.0 million units.
The earwear category accounts for 71.3 percent of the overall wearables category. In this, share of the TWS segment grew to 48.3 percent.
“While dependence on devices like TWS and wearable watches is increasing, supply remains a concern for the industry. Intense competition in the sub $50 category is pushing all brands to offer competitive offerings in terms of pricing, features, and device design,” added Dumbre.
When it comes to brands, BoAT remained the top player, followed by Noise and OnePlus.
Here’s a detailed breakdown of the market share and year on year growth of the top five brands:
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