It’s the best of times for, well, smartwatch brands in India. India has become the second largest smartwatch market in the world, and this growth has been driven by strong showing from Indian-made brands such as Fire-Boltt and Noise, which entered the global top 5 for the first time.
The Indian market grew 347% YoY, overtaking China for second place. During the quarter, 30% of models sold in the Indian market were sold for less than Rs 4,000, and major local brands launched budget models, lowering entry barriers for consumers.
Altogether, the global smartwatch market grew 13% YoY in Q2 2022, with Apple retaining the top spot, according to the report. latest Counterpoint Research report (opens in new tab). India’s rise comes at the expense of China, whose numbers have seen a year with major Chinese brands such as Huawei, Imoo and Amazfit seeing limited annual growth or decline. China saw a 10% YoY drop in its shipments. By region, North America continued to rank first, but its gap with second place narrowed. Europe, which ranked third in the previous quarter, was pushed into fourth place with a 13% drop YoY.
Discovery for Fire-Boltt, Noise
Fire-Boltt saw a remarkable increase in shipments, ranking first in the Indian market in terms of quarterly shipments. Noise grew 298% YoY, gaining popularity in India’s online and offline markets. However, due to the rapid growth of Fire-Boltt, it lost the top position in the Indian market with 26% share.
Fire-Boltt, with 6.3% global market share, and Noise, with 5.9% share, entered the global top 5 ranking. They dislodged Garmin and Imoo from the top 5. It’s a notable advance for the two Indian brands. But they cannot afford to rest on their laurels.
Apple’s shipments increased 8% YoY, ranking first this quarter as well. Samsung maintained its second place with an annual growth of 40%. The Galaxy Watch 4 series has maintained its popularity, especially in North America and India. Huawei took the top spot in the Chinese market for the third consecutive quarter. Xiaomi shipments increased 13% YoY with no significant change in their market share. Garmin dropped two places to seventh from the year before. However, due to its higher ASP, the brand ranked third after Apple and Samsung in terms of wholesale revenue.
Amazfit shipments are down 11% YoY due to weak demand in the Chinese market. But it performed well in India, growing 65% in the quarter.