New Delhi, Nov 16 Despite the logistic challenges and increase in freight costs, India's wearable market grew by 93.8 per cent year-over-year (YoY) in the third quarter (Q3) this year with shipping 23.8 million units, an IDC report said on Tuesday.
Shipments in September surpassed 10 million, growing two-fold from the same month last year, resulting in a record quarter for wearable devices in India. Vendors remained aggressive in their shipments and were able to manage the inventory for the upcoming month-long festival sales.
"The proliferation of new entrants in the mass market segment has increased competition, putting a lot of pressure on brands to differentiate in a market that is getting inundated with lookalike products," said Jaipal Singh, Research Manager, Client Devices, IDC India.
Watches continued to be the fastest-growing category with 4.3 million shipments in 3Q21, while wristbands saw a seventh consecutive quarter of annual decline.
Overall wristwear (inclusive of watches and wristbands) crossed the 5 million shipments mark in a single quarter.
Truly Wireless (TWS) devices reached a 39.5 per cent share of earwear in the third quarter, but the market remains dominated by over-the-ear and tethered devices, the report noted.
India-based brands captured over two-thirds of the watch market with their aggressive offerings and marketing spends on digital platforms.
Noise maintained its lead for the sixth straight quarter with a 26 per cent market share, followed by BoAt with a 23.1 per cent market share.
Fire-Boltt replaced Huami for the third position as its share jumped to 15.3 per cent from 5.5 per cent from a quarter before.
Realme entered the fourth position backed by its newly-launched watches, and Amazfit settled at the fifth position.
"While seasonality made 3Q21 the biggest quarter for wearables, the influx of devices at the entry-level was the key growth factor. Throughout the quarter, Indian vendors were aggressive with their launches and channel expansion," said Anisha Dumbre, Market Analyst, Client Devices, IDC India.
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