In a record quarter growth, India’s wearables market has grown by 93.8 per cent year-on-year (YoY) for the July-September quarter, according to a report. The wearables market in India which consists of smartwatches, wristbands and earbuds, shipped 23.8 million units in the third quarter, with just September reporting over 10 million shipments – growing double than the previous month.
The market research firm International Data Corporation (IDC) on Tuesday reported that despite the Covid-19 pandemic and the factors related to that, the Indian brands – Noise, Boat, Titan and Fire-Boltt were seen taking the lead in the wearables market by capturing two-thirds of the smartwatch market.
With a 26 per cent market share, Noise maintained its quarterly lead for the sixth consecutive quarter and BoAt took the second spot with a market share of 23.1 per cent. Fire-Boltt took over the third-placed Huami with a jump from 5.5 per cent in the previous quarter to 15.3 per cent in the third quarter.
The fourth top spot was acquired by Realme and Amazfit took at the fifth position.
Also, with over four million shipments in the third quarter of 2021, smartwatches maintained its spot to be the fastest-growing category in the wearables market, the report further stated.
“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 from IDC India.”