According to International Data Corporation (IDC) India Monthly Wearable Device Tracker, over 25 million wearables were shipped in India in the January-March 2023 quarter, representing strong growth of 80.9 percent year-on-year. However, data showed that shipments were flat from the previous quarter after a strong quarter from October to December 2022.
Smartwatches (including basic and advanced) continue to be the fastest growing wearable category with 10.4 million shipments, a 178.9 percent year-over-year growth.
“Improved deliveries, leaner inventories, multiple new launches and faster portfolio updates are the main drivers of this healthy growth,” said International Data Corporation.
In addition, several India-based small businesses further intensified competition and the reduction in total average selling prices is also boosting sales and supplies, it said.
“Going beyond audio and incorporating health tracking technology will be critical for sustained growth,” said Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India.
International Data Corporation (IDC) is a global provider of market intelligence and consulting services.
“Brands are releasing a variety of smartwatch models with metal straps/cases, round faces, rugged finishes, and premium designs. Armed with advanced communication capabilities such as LTE, digital payment options and more accurate sensors/algorithms, brands will attract new smartwatch customers and also fuel upgrade purchases,” said Upasana Joshi, Research Manager, Client Devices, IDC India.
In 2023, the smartwatch market will surpass 50 million units, according to Joshi, up from 30.7 million in 2022.
