In 2Q22 (April-June) 23.9 million wearable devices were shipped, growing by 113 percent year-over-year (YoY). 38 million units were shipped in h122 (Jan-Jun) growing at 65.8 percent YoY, supported by new launches, discounts, and marketing. Affordability remains a key growth lever and the overall, average selling price (ASP) declined by 7.2 percent YoY in 2Q22, according to, International Data Corporation’s (IDC) India Monthly Wearable Device Tracker. Also Read - OnePlus Nord Watch confirmed to launch to India: Check expected price, features and more
Watch-based wearables continue to be the fastest-growing category shipping 6.4 million units; a growth of 298.4 percent YoY. With a strong push for entry-level price points, the ASP declined by 28.9 percent YoY to reach $45.1 (vs $63.4 a year back). Basic watches continue to dominate with 95.2 percent share growing by 306.4 percent annually in 2Q22. Wrist bands declined by 63.0 percent YoY as weaker demand continues to restrict its growth. Also Read - Fire-Boltt Dynamite, Ninja Calling Pro smartwatches launched with prices starting at Rs 1,999
“Brands continue to compete on lowering the price points which ensured a healthy growth in 1H22. In addition to the affordability, the features earlier available at mid/high price points such as Bluetooth calling, bigger screen sizes, and AMOLED displays are getting introduced at lower price points. This is attracting both first-time users and upgraders,“ says Upasana Joshi, Research Manager, Client Devices, IDC India. Also Read - Qualcomm will soon launch the Snapdragon 4100+ successor: Here's what we know so far
2Q22 Top 5 Wearable Company Highlights
Imagine Marketing (BoAt) led with a 34.3 percent market share in 2Q22 growing 76.6 percent YoY. It focused on the expansion of earwear devices (leading with 42.8 percent share in TWS) and widening its portfolio of watch-based wearables (19.7 percent share at third place) aiding the company’s growth in the quarter.
Nexxbase (Noise) stood in second place with an 11.5 percent market share. It regained its leadership in the watch-based wearables category with a 28.5 percent share in 2Q22 growing 296.6 percent annually and stood second in the TWS with an 8.0 percent category share.
“It is a testament to the consumers’ trust in the brand and we are elated to have stood true to understanding the pulse of the nation. The announcement comes at the perfect time, right when we bolstered our commitment to ramp up smartwatch manufacturing in India, under the Make in India initiative. We will continue to strengthen our leadership in the segment and keep contributing to the growing ecosystem,” Amit Khatri, Co-Founder at Noise told BGR.in.
OnePlus finished third in the overall wearable category growing by 129.7 percent YoY. It remains heavily focused on the earwear category standing second in the overall earwear category with an 11.9 percent share and finishing fifth in the TWS category.
Fire – Boltt grew 1,432.5 percent YoY to finish fourth in the overall wearable in 2Q22. It is, however, standing strong at second place in the watch-based wearables with a 24.8 percent share. Aggressive push in the watch category with several new models and strong promotions across the online and offline channels is helping it gain popularity in the wearable category. The company also forayed into the TWS category this quarter.
Realme grew by 87.9 percent YoY in 2Q22 with major volumes coming from Buds Wireless 2 Neo and Tech life buds N100 accounting for 42.9 percent of the overall shipments.