16 Nov 2021

India Wearable Market Reports Another Record Quarter Shipping 23.8 Million Units In 3Q21, Says IDC

INDIA, November 16, 2021 – India’s wearable market grew by 93.8% year-over-year (YoY) in 3Q21 (July-Sept), shipping 23.8 million units, according to the recent data from the International Data Corporation’s (IDC) India Monthly Wearable Device Tracker. Despite the logistic challenges and increase in freight costs, vendors remained aggressive in their shipments and were able to manage the inventory for the upcoming month-long festival sales. 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.

Watches continue 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, further reinforcing the acceptance of watches in the country. Truly Wireless (TWS) devices reached a 39.5% share of earwear in 3Q21, but the market remains dominated by over-the-ear and tethered devices.

India Wearables Product Category Market Share, Year-over-Year Growth 2021Q3 (Shipments are in Thousands of Units)

Product Category

3Q21 Shipments

3Q20 Shipments

3Q19 Shipments

Year-over-Year Unit Change (3Q21 vs 3Q20)

1. Earwear

18,738

10,532

2,787

77.9%

2. Wrist Band

738

966

1,206

-23.6%

3. Watch

4,308

774

354

456.3%

Total

23,783

12,272

4,447

93.8%

Source: IDC’s India Monthly Wearable Device Tracker, November 2021

India-based brands have 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% market share in 3Q21, followed by BoAt with a 23.1% market share. Fire-Boltt replaced Huami for the third position as its share jumped to 15.3% in 3Q21 from 5.5% from a quarter before. Realme entered the fourth position backed by its newly launched watches, and Amazfit settled at the fifth position.

Commenting on the growth in the watch segment, Anisha Dumbre, Market Analyst, Client Devices, IDC India, said, “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. Aggressive intent to maintain their lead helped them to further reduce the average selling price of watches to $73, putting immense pressure on a struggling wrist band category.”

“So far, these new-age brands have been able to limit the incumbent smartphone brands’ ability to make any dent in their growth and continue to dominate the hearables and wristwear categories,” added Dumbre on the foray of smartphone companies in the wearables segment.

India Top 5 Watch Companies, Market Share, Year-over-Year Growth 2021Q3 (Shipments are in Thousands of Units)

Company

3Q21 Market Share

2Q21 Market Share

Year-over-Year unit change (3Q21 vs 3Q20)

1. Nexxbase (Noise)

26.0%

28.6%

405.7%

2. Imagine Marketing (BoAt)

23.1%

26.9%

-

3. Fire-Boltt

15.3%

5.5%

-

4. Realme

7.3%

4.7%

66.7%

5. Zepp (Amazfit)

4.8%

9.3%

139.7%

Others

23.5%

25.0%

263.6%

Total

100%

100%

456.3%

Source: IDC’s India Monthly Wearable Device Tracker, November 2021



India Top 3 Wrist Band Companies, Market Share, Year-over-Year Growth 2021Q3 (Shipments are in Thousands of Units)

Company

3Q21 Market Share

2Q21 Market Share

Year-over-Year unit change (3Q21 vs 3Q20)

1. Xiaomi

49.8%

38.9%

-27.2%

2. Titan

16.7%

21.3%

37.7%

3. OnePlus

10.8%

21.7%

-

Others

22.7%

18.1%

-54.9%

Total

100%

100%

-23.6%

Source: IDC’s India Monthly Wearable Device Tracker, November 2021

The earwear category that includes TWS, neckbands, and wireless over-the-ear headphones, clocked 18.7 million units with an impressive 77.9% YoY growth in 3Q21. BoAt continued to lead the segment with a 48% share, recording 9 million units for the quarter. Realme replaced OnePlus for the second position, OnePlus moved to the third position, while Samsung settled at the fourth position. Ptron retained its fifth position as its shipments grew 81.9% during the quarter. A total of 7.4 million TWS devices in the earwear category were shipped, growing 70.5% YoY in 3Q21. As players continued to target entry-level price points, 86.4% of the TWS devices now fall under $50. BoAt also led the TWS category with a 37.3% share in the 3Q21.

India Top 5 Earwear Companies, Market Share, Year-over-Year Growth 2021Q3 (Shipments are in Thousands of Units)

Company

3Q21 Market Share

2Q21 Market Share

Year-over-Year unit change (3Q21 vs 3Q20)

1.Imagine Marketing (BoAt)

48.0%

45.5%

176.7%

2. Realme

8.5%

5.5%

48.8%

3. OnePlus

7.2%

8.5%

4.6%

4. Samsung

5.3%

7.9%

-33.6%

5. Palred (Ptron)

3.7%

5.1%

81.9%

Others

27.3%

27.5%

68.4%

Total

100%

100%

77.9%

Source: IDC’s India Monthly Wearable Device Tracker, November 2021

“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.

Singh further adds, “Celebrity endorsements are a key tactic for brand recall. However, to maintain the growth momentum they must invest more in newer designs and aesthetics, as well as newer collaborations with existing franchises. This can help create unique product experiences that will not only help associate with new customers but can also open new avenues to sell these products.”

Note -

1. In IDC's definition, for an ear-worn device to be considered wearable under the earwear category, it must offer functionality beyond audio, like a smart assistant, health and fitness tracking, audio experience enhancement, or language translation. Devices like TWS, neckbands, and wireless over-the-ear headphones that support either of the above-mentioned functionalities are counted in the earwear.

2. Wearable devices that are in the form of a watch and capable of processing the data digitally are considered in the watch category and it excludes the traditional analog and digital watches.

3. Samsung includes devices from Samsung, JBL, Harman Kardon, and Infinity

4. The wristwear category includes Smartwatches (e.g., Apple Watch, Wear OS watches), Basic Watches (e.g., Noise watches, boat watches), and Wristbands (e.g., Xiaomi Mi Band).

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