New Delhi: Dominated by local brands like Noise and Boat, India’s smartwatch market witnessed its highest-ever shipments in the third quarter of 2021 to have a record QoQ growth of 159 per cent, a new report said on Wednesday. According to Counterpoint Research’s latest report, the top three brands contributed to almost two-thirds of the total smartwatch market; the growth is attributed to promotions across various platforms and new launches, which contributed to around 28 per cent of the total market in terms of shipments.
The top three domestic brands included Noise, Boat and Fire-Boltt. Noise grew 231 per cent YoY and 141 per cent QoQ, thus, capturing 25 per cent of the overall market. Boat grew 132 per cent QoQ with 24 per cent market share. Its Boat Storm was the best-selling model in the market and alone had a 17 per cent share in the overall smartwatch market. Fire-Boltt had a tremendous quarter with 394 per cent QoQ growth. It was the fastest-growing smartwatch player in this quarter.
Non-domestic brand Realme made a comeback with its refreshed Watch 2 lineup. The brand registered 267 per cent QoQ growth this quarter, thus, taking the fourth spot in the market with a 7 per cent share. The Watch 2 series contributed to more than 70 per cent of Realme’s shipments in the quarter.
“Q3 is crucial for the smartwatch players as this is the time when they witness the highest growth. To meet the anticipated surge in demand during the festive sale, the brands push increased shipments into the channel. Besides, they come up with multiple launches and big discount schemes throughout the quarter. The market remained competitive in Q3 2021 with Noise and Boat together capturing almost 50 per cent of it. Fire-Boltt, Apple and Realme emerged as the fastest growing brands during the quarter,” Anshika Jain, Senior Research Analyst, Counterpoint Research, said in a statement.
Amazfit grew 54 per cent QoQ and more than four times in terms of YoY growth. It topped the market in the Rs. 5,000-Rs. 10,000 price segment. Amazfit hosted its Brand Day Sales in September and introduced the premium Zepp Z model in the Indian market. The GTS 2 Mini was its most popular model during the quarter. Samsung grew 153 per cent QoQ and 40 per cent YoY in Q3. It introduced the Galaxy Watch 4 series with Wear OS in the quarter.
Apple had a great quarter with 289 per cent QoQ growth. Its major contribution came from the SE series launched last year. The Series 3’s contribution also remained high. It led the market in the Rs. 20,000 and above price band.