Counterpoint: India’s smartwatch shipments grew 50% YoY in 2023

Counterpoint has come out with its latest finding of the dynamic landscape of the wearable technology market in 2023 in India, where it finds India’s smartwatch shipments grew 50% YoY in 2023. This market is driven by proliferation of low-cost devices to target first-time users, and enhanced efforts by Indian brands through extensive marketing and distribution, promotions and local manufacturing, says Counterpoint. Another factor for growth is growing awareness and interest among customers to track their health vitals, utilize the device as a style statement, or leverage it for gifting purposes.
Vendor-wise performance: Fire-Boltt asserted its dominance by commanding a 30% market share, solidifying its position as the frontrunner. Renowned for its extensive range of products and robust offline presence, the brand continued to captivate consumers with its diverse SKU portfolio. Following closely behind, Noise, including its sub-brand Alt, secured the second position with a substantial 26% market share. Noteworthy for its popular offerings such as the Colorfit Icon 2 and Colorfit Icon Buzz smartwatches, Noise experienced significant success throughout the year. Expanding its retail footprint and diversifying its product range, especially in the children's smartwatch category, furthe...