India’s wearable tech market grew 47% in 2022, boAt maintains lead: Report

India’s wearable market grew by 46.9% y-o-y, with boAt maintaining its lead in the smartwatch segment followed by Noise and OnePlus

India’s wearable market ended 2022 with 46.9% y-o-y (year-over-year) growth, as shipments reached 100 million units, said International Data Corporation (IDC).The Q4 2022 (Oct-Dec) saw 25.2 million unit shipments registering a 16.5% y-o-y growth. The earwear category remained flat, while smartwatches grew by 73.6% YoY in 4Q22.The second half of 2022, (Jul-Dec), accounted more than 60% of the annual shipments. The share of smartwatches grew from 17.9% in 2021 to 30.7% in 2022.

Smartwatch shipments were 30.7 million in 2022, a growth of 151.3% y-o-y. The Smartwatch ASPs continue to decline (at $42.5 vs $61.2 a year ago). Basic smartwatches continue to dominate with a 95.5% share, growing by 158% annually in 2022. Wristbands declined for another year with -73.2% y-o-y, with shipments dropping to half a million.

Earwear category, with the lowest ASP globally at $19.8, accounts for 68.7% of the overall wearables category with 28% y-o-y shipment growth in 2022. Within earwear, Truly Wireless (TWS) dominates with a 55.3% share growing by 87.1% y-o-y, while over-the-ear declined by more than 50% in 2022.

Company wise, boAt maintained the lead, but its share dropped to 23.9% in 4Q22 declining by 34.3% y-o-y. Annual shipments grew by 9.3% y-o-y, at 29.3 million in 2022.

Noise stood second at 11.2% in 4Q22, with 2.8 million shipments, and registered 39.6% growth. It strengthened its smartwatch leadership with a 27.2% share, growing 152.6% annually in 2022.

OnePlus climbed to third place in the overall wearable category in 4Q22, growing by 83.0% y-o-y and 10.2% share. OnePlus shipped 8.5 million earwear units and stood second with a 12.4% share.

Fire Boltt dropped to fourth place with 250% y-o-y growth in 4Q22 shipping 2.2 million units. For the year, it stood at second place in the smartwatch segment, with 7.6 million shipments and a 24.8% share in 2022.

Boult Audio came fifth with a share gain to 7.9% with 1.9 million shipments in 4Q22. For the year, it stood at fourth place in the earwear segment, with a 5.4% share.

Photo Credit: Reuters