India leads the smartwatch market in Q3 2022 and here is how the local brands are faring | Digit

Indians are following their fitness regimes and using smartwatches to keep track of their health and wellness, as well as to have closer accessibility to smartphones. The growing user base is reflected in the recent performance report of the Indian smartwatch market by Counterpoint. India is the biggest smartwatch market with a 171% YoY growth. The interesting takeaway, however, is that various indigenous wearable brands have topped the charts. This may not surprise the folks in India, as these brands have become household names here. But, that may not be the case elsewhere, and also if you want to have a better know-how of these companies, here’s a quick profiling of them for your perusal:

Top performers in the Indian smartwatch market, Q3, 2022

1. Noise

Noise is the market leader with revenue growth of 218% YoY. It is also the third biggest player in the global market and is followed by big shots like Apple and Samsung. While the latter two are involved in HLOS (High-Level Operating System)-based smartwatch business, Noise’s foothold is in the basic smartwatch segment.

In an interview with Gadgets360 earlier this year, the company chief Amit Khatri revealed that at the time they have been manufacturing about 20–25% of a Noise smartwatches in India. Although the brand had started with the business of smartphone cases, they gradually ventured into wearable and hearable space realizing “smartphone accessories would be the next big thing in India”. Well, we would say that their decision has paid off. 

2. Fire-Boltt

Now, Noise was followed by Fire-Boltt in the Indian smartwatch market. It had a flat market share compared to the previous quarter which resulted in its second spot in the race. Still, managed to retain its fourth position in the global market thanks to its performance on the domestic ground. 

The brand has been following an ‘import-and-sell’ strategy as its products are reportedly imported from China. It is aware that it has to cut down its reliance on these imports and we will have to see how it goes about making the thing entirely in India. 

3. Boat

Another local brand that has a place on the list is Boat. It is in the sixth spot with over 2 million in shipment. Albeit not all of its product range seems to be made in India, the company released Boat Wave 47 earlier this year which happens to be made in India. It has also voiced its interest in the Atmarnirbhar Bharat mission by PM Modi. So, going forward we could see more Boat smartwatches being manufactured in India.

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