Wearble band market grows triple digit in India in 1Q2023

Market researcher Canalys has reported that Global wearable band shipments declined by 1% year-on-year to 41 million units in Q1 2023. whereas the Indian market for same products growing 122% year-on-year has offset the 14% annual decline across the globe. The global basic band shipments continued to shrink, dropping 24% to 7.5 million units, as vendors and consumers continued to shift toward larger screens. In contrast, the global basic watch shipments boasted a strong 28% growth with 18.0 million units, driven by the surging demand in India. Shipments of smartwatches declined by 11%, to 15.8 million units.
“India’s wearable band market is booming, having exceptional triple-digit growth in Q1 2023,” said Cynthia Chen, Research Manager at Canalys. “Local vendors such as Fire Boltt, Noise and boAt are propelling the market forward with value-for-money focused strategies, capturing rising demand for basic watches. However, relying solely on entry-level hardware will be insufficient to sustain strong volumes in the long term. To create upgrade opportunities, vendors must adapt to changing consumer demands for improved features and integrated device experiences. Most regions faced double-digit decline outside India due to low consumer demand in a tough economic environment.” Shi...