India’s smartwatch shipments grew 21 per cent (year-on-year) within the third quarter (Q3) of 2023 (July-September), with Fireplace-Boltt main the market, a brand new report confirmed on Thursday.
In keeping with Counterpoint Analysis, the market share of home manufacturing reached the very best ever at 82 per cent, in comparison with simply 4 per cent a 12 months in the past.
The expansion in Q3 was pushed by excessive stock build-up for the festive season gross sales in October.
“On this quarter, we noticed options like bigger screens and OLED shows additional trickling all the way down to the lower cost bands. In consequence, within the Rs 2,000-Rs 3,000 value band, the contribution of >1.9-inch smartwatches stood at 21 per cent, whereas over half of the gadgets have been out there with OLED shows,” stated Senior Analysis Analyst Anshika Jain.
Fireplace-Boltt led the market with a 28 per cent share and sported the widest portfolio. It additionally had the bottom ASP (common promoting value) among the many prime three gamers, the report stated.
Furthermore, Noise captured the second spot with a 24 per cent share, boAt secured the third spot with a 16 per cent share, and Fastrack, a sub-brand of Titan, captured the fourth spot with an eight per cent market share.
beatXP entered the highest 5 for the primary time after registering 4X (quarter-on-quarter) progress in Q3 2023.
In keeping with the report, Apple shipments declined by 52 per cent as its new collection turned out there in late September and with no refresh to the Watch SE 2022.
The model, nonetheless, remained the market chief within the >Rs 20,000 retail value band.
“On account of steady push in the direction of price range choices, India’s smartwatch ASP (common promoting value) declined by 41 per cent (year-on-year) to achieve its lowest-ever degree. In consequence, over three-fifths of the market now comes below the <Rs 2,000 value band,” stated Analysis Analyst Harshit Rastogi.
— IANS
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