India’s wearable market grows 53% in 1st half of 2023: Report

New Delhi: India’s wearable marker registered a growth of 53.3 per cent (year-over-over) in the first half of 2023 (1H23), shipping 57.8 million units, a new report has said.

According to the International Data Corporation (IDC), brands launched several smartwatch models in different shapes, designs, materials, finishes and with new features, resulting in 128.6 per cent (year-over-over) growth.

Smartwatch share reached 40.0 per cent, up from 26.8 per cent a year ago, while the earwear category grew 27.3 per cent in 1H23.

“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,” said Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India.

Moreover, the report mentioned that 32.8 million wearables shipped in the second quarter of 2023 (2Q23), a growth of 37.2 per cent (year-over-over) and 30.6 per cent (quarter-on-quarter).

Smartwatch shipments almost doubled to 12.8 million in 2Q23, while the earwear shipments grew by 15.2 per cent (year-over-over).

boAt continued to lead the wearable space in India with a 26.6 per cent share, growing by 6.5 per cent (year-over-over). Earwear accounted for 77.7 per cent of its shipments in 2Q23. The company also continued to lead the TWS segment with a 35.3 per cent share, according to the report.

Noise stood second in overall wearables, growing by 61.6 per cent (year-over-over) with a 13.5 per cent market share.

OPPO (OPPO + OnePlus) stood third with a 10.7 per cent share and growth of 42.4 per cent (year-over-over) in 1Q23. The company also stood at third position in TWS with an 8.5 per cent share, growing by 100.9 per cent (year-over-over).

Fire-Boltt stood at fourth place with a 9.5 per cent share in 2Q23 in the overall wearable category with 91.0 per cent (year-over-over) growth while Boult Audio stood fifth with a 6.6 per cent share and 176.9 per cent (year-over-over) growth in 2Q23.