Wearable devices market in India saw a robust 53.3 percent yearly growth in the first half of 2023, with shipping of 57.8 million units, according to data released by International Data Corporation (IDC).
International Data Corporation (IDC) is a global market intelligence and advisory services provider.
During the quarter of 2023, 32.8 million wearables were shipped in, a growth of 37.2 percent year-on-year and 30.6 percent quarter-on-quarter.
Smartwatch shipments almost doubled to 12.8 million in the second quarter, while earwear shipments grew by 15.2 percent year-on-year.
Notably, the average selling price of smartwatches declined by 44.9 percent, dropping to $25.6 (roughly Rs. 2,120) from $46.6 (roughly Rs. 3,860) in the second quarter. The overall wearable prices during the quarter dropped to $21.0 (roughly Rs. 1,739) from $26.7 (roughly Rs. 2,211) a year ago.
Brands launched several smartwatch models in different shapes, designs, materials, finishes and with new features.
“The high-end capabilities that have been exclusive to premium products are now gradually making their way into affordable models. These include features like advanced ANC (active noise cancellation), multiple microphones, minimal delay or low latency, simultaneous dual device connection, and advanced sound chipsets,” said Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India.
Online channels like e-tailers remained the main driver with a 73.9 percent share in the second quarter. However, IDC said it is witnessing leading brands beginning to explore offline avenues to deepen their reach and expand their presence in Tier 3/4/5 towns.
“The first half of 2023 saw hundreds of smartwatch model launches with premium finishing, sporty appearances, rugged builds, and a variety of strap finishes like metal, silicon, leather, etc,” said Upasana Joshi, Research Manager, Client Devices, IDC India.
“The second half of 2023 will see aggressive festive offers and discounts, while brands remain cautious for supplies. Furthermore, we should expect more launches in the smart ring category at affordable pricing,” said Joshi.