In the first quarter of 2024, smartwatch shipments in India showed minimal growth, increasing by only 0.3 percent compared to the previous year, according to a report by Counterpoint Research. The combined market share of the top three original equipment manufacturers (OEMs) dropped from 77 percent to 66 percent during this period.
"The overall market, which has been registering double- and triple-digit growth over the last couple of years, remained flat in Q1 2024 as some top brands faced difficulties in clearing their existing stocks," said Senior Research Analyst Anshika Jain.
In the realm of brands, Fire-Boltt maintained its position as the market leader, followed by Noise and boAt. Within the premium segment, Apple experienced a growth of over 300 percent due to sustained demand for the Apple Series 9 and Apple Watch Ultra 2. According to the report, almost 50 percent of Samsung's shipment volume came from the Galaxy Watch 6 series.
"The hyper-growth of smartwatches in the Indian market over the past few years has been primarily driven by its appeal as a low-cost fashion accessory. However, this initial growth phase is now cooling down as the initial excitement of the segment is tapering off," said Research Analyst Harshit Rastogi.
As per analysts, the market is expected to witness a double-digit percentage decline in 2024. "However, in 2026 and beyond, we expect the market to recover, driven by newer use cases in smartwatches," said Rastogi.
Meanwhile, Noise has recently released a new smartwatch in India called the NoiseFit Origin, adding to the company's lineup of smartwatches in the country. The NoiseFit Origin smartwatch is equipped with an EN1 chipset and runs on Nebula UI. According to the company, it boasts 30% better performance compared to previous models. The smartwatch supports over 100 sports modes and provides up to seven days of battery life.
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Inputs from IANS
