According to data released by the International Data Corporation (IDC), the Indian wearable device market has an annual growth rate of 53.3% in the first half of 2023, with shipments reaching 57.8 million units.
International Data Corporation (IDC) is a global provider of market intelligence and consulting services.
In the quarter of 2023, the shipment of wearable devices will be 32.8 million units, a year-on-year increase of 37.2% and a quarter-on-quarter increase of 30.6%.
Smartwatch shipments nearly doubled to 12.8 million in the second quarter, while headset shipments rose 15.2% year-over-year.
Notably, the average selling price of smartwatches fell by 44.9 per cent to $25.6 (~Rs 2,120) from $46.6 (~Rs 3,860) in Q2. The overall price of wearables fell to $21.0 (~Rs 1,739) during the quarter from $26.7 (~Rs 2,211) a year ago.
Various brands have launched multiple smartwatch models with different shapes, designs, materials, finishes, and new features.
“Premium features that were exclusive to high-end products are now making their way into affordable models. These features include advanced ANC (Active Noise Cancellation), multiple microphones, minimal or low latency, simultaneous dual-device connection and advanced sound chipsets, etc. features,” said Vikas Sharma, Senior Market Analyst, Wearables, IDC India.
Online channels such as e-retailers remained the main driver, accounting for a 73.9% share in the second quarter. However, IDC says it sees leading brands starting to explore offline avenues to deepen their presence and expand their presence in tier 3/4/5 towns.
Upasana Joshi, Research Manager, Client Devices, IDC India, said, “In the first half of 2023, hundreds of smartwatch models will be launched with premium finishes, sporty looks, durable construction, and various watchband finishes such as metal, silicon, leather, etc.”.
“In the second half of 2023, festive deals and discounts will be more intense, while brands remain cautious about supply. Also, we should expect more launches in the smart ring category at affordable prices,” Joshi said.
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