Wearable market rises 34% in 2023
Smartwatch shipments increased by 73.7% y-o-y totalling 53.4 mn
image for illustrative purpose
New Delhi: India's wearable device market registered 34 per cent growth in 2023 to a record 134.2 million units, a new report said on Friday.
According to the International Data Corporation (IDC), the fourth quarter (Q4) of 2023 (October-December) saw 28.4 million units, growing 12.7 per cent (year-over-year).
Smartwatch shipments increased by 73.7 per cent (year-over-year), totalling 53.4 million. Within wearables, its share increased to 39.8 from 30.7 per cent in 2022.
Festive season sales and heavy discounts led to a 38.7 per cent drop in ASPs (average selling price) from $42.5 to $26.1. The share of advanced smartwatches shrank from 4.5 to 2.1 per cent to 1.1 million units.
"Affordability, low product penetration and a plethora of options led to a surge in demand for smartwatches. However, the growing popularity of non-branded watches is impacting the incumbents, offering cheap alternatives of popular models, and are even bundled with multiple watch straps," said Anand Priya Singh, Market Analyst, Wearable Devices, IDC India.
All three major manufacturers, boAt, Noise and Fire-Boltt, were able to secure their respective places in the overall wearable market through diverse product portfolios and continuous innovation, but at lower ASPs, the report said.
