Emerging markets such as India driving smartwatch market in 2023-24

Affordable pricing, appealing product designs enabling huge sales of smart watches in emerging markets such as India. Market researcher Canalys said in its recent report that there is an estimated 22% surge in basic watch shipments in emerging markets particularly in India in 2023, but there is 9% drop in Smartwatch sales and 10% drop in basic band shipments in 2023. Canalys forecasts wearable band market to grow 10% in 2024 due to a resurgence of interest in smart watches worldwide, and it expects 17% increase in their shipments.
Here are more details shared by Canalys on this market: “Basic watches emerged as the standout trend in 2023, with the category expected to form more than 40% share of wearable band shipments this year,” said Jack Leathem, Research Analyst at Canalys. “The success of basic watches can be attributed to a perfect blend of affordable pricing, appealing product designs and a consequent soaring demand in emerging markets. These devices, which balance style and tech at a wallet-friendly price, have emerged as a practical, short-term alternative to more expensive smartwatches, also leading to a decline in the popularity of the less functional basic bands. Canalys expects this shift away from basic bands to persist, with shipments projected to fall to 12% by 2...