India will account for 130-135 million units of wearables that will be shipped by the end of 2023, as per a market research report by IDC India. It further states that India will become one of the largest markets for wearables in 2023.
The popularity of wearables like smartwatches, wristbands, and eyewear has been growing rapidly since the pandemic, and India is no exception. The Indian wearable market recorded 46.9% year-on-year (YoY) in 2022. This number skyrocketed to 80.9% in Q1 2023, with 25.1 million wearable units shipped in the first quarter alone, as per the IDC report.
What is driving the growth of the Indian wearable market?
The research firm IDC attributes the growth of the Indian wearable market to improved supplies, leaner inventory, multiple new launches and faster portfolio refresh.
Apart from these, the growth of affordable wearable options from small yet strong brands, rapid growth in the D2C market, increasing number of smartphone users, and growing popularity of health and fitness tracking are driving the robust growth of wearables in India.
The growth in the smartwatch segment
The global population became health conscious during the pandemic, resulting in a rise in the number of people looking for devices that can help them track health metrics and improve this. And India is no exception.
Smartwatch remained the fastest-growing wearable category in India, with 178.9% YoY growth. Basic smartwatches from India-based brands like boAT, Noise, Fire-Boltt and others grabbed India’s budget-friendly segment with sleek and affordable options. These small players intensified the competition and lowered the average selling price of wearables in the country.
“India’s smartwatch market grew 121% YoY in Q1 2023 driven by affordability, rising customer demand and availability of a wide variety of options in the budget segment. The share of India-based players crossed 90% for the first time as they were quick in terms of upgrading their portfolios and adapting their products to customer needs at a reasonable price point.”
– Anshika Jain, Senior Analyst, Counterpoint Research.
Future trends
Today, India is the second-largest smartphone market in the world, leading to a rise in demand for smart wearables that can seamlessly connect with smartphones and enhance their functionalities.
With the increase in smartphone users, the number of smartwatch users will see a further rise in India. Additionally, increasing disposable income, lifestyle changes, technological advancements, Make in India factor and affordable options will further increase the use of wearables in the country.
As a result, India is poised to become the largest wearables market in the world.
