According to Counterpoint statistics, India''s smartwatch market increased 173 percent YoY in Q1 2022. Fire-Boltt came second for the first time with a 21 percent market share. Boat was placed in third position with a 16 percent market share. Amazfit rose by 35 percent in Q1 2022.
Noise, Fire-Boltt, and Boat were among the most successful brands in history. According to Counterpoint statistics, Noise was able to take the first position with a 23 percent market share through its value-for-money offerings, emphasis on the Make-in-India scheme, along with adding additional features to its product portfolio. The Colorfit Pulse was the best-selling model from Noise.
Fire-Boltt came in second position for the first time by bringing out affordable and feature-packed products. Its Ninja Pro Max, the company''s most popular device, gained 21 percent of the market share as it advanced its portfolio with five new smartwatch models in the first quarter of the year. Nearly two-thirds of Boat''s total portfolio was captured by the Xtend and Storm models.
For the first time, Dizo topped the top five spots. Dizo increased its offline presence in the first quarter and introduced the OLED display with its Watch R.
The Rs. 1,000 Rs. 2,000 retail price band also reached a greater market share of 14 percent, compared to 2 percent just a year ago. Apple''s wearables continue to dominate the premium smartwatch segment, with over 87 percent market share.
According to research analyst Harshit Rastogi, smaller displays are being pushed by consumers readily accepting. Moreover, the brands are also attracting smart band users because they have limited functionality due to smaller displays. Blood pressure monitoring as well as voice assistant are increasing to lower prices in order to attract budget-conscious customers.
In the first quarter, over ten brands entered the Indian smartwatch market, including Defy, Fastrack, Truke, and Reebok.
Other major smartwatch manufacturers including Samsung, Apple, Xiaomi, and Realme also recorded growth during the first quarter. Samsung grew 78 percent YoY. The Galaxy Watch 4 series became Samsung''s highest selling wearable. Apple grew 104 percent with the series 7 variants acting the major volume driver.
Xiaomi registered a jump of 238 percent in Q1 2022. The Redmi Watch 2 Lite is fast in the market. Realme had also a market share of 3 percent. The Smartwatch S100 became the best-selling smartwatch for Realme''s Techlife brand.
While Zebronics maintains a position in the top 10, Amazfit''s market share fell by 35 percent in the first quarter. The GTS Mini 2 contributed more than 30 percent of the company''s shipments.