India surpassed North America to take the highest international spot within the smartwatch market within the quarter that resulted in September, based on a report from market analysis participant Counterpoint. The competition gross sales and proliferation of reasonably priced smartwatches helped grew the native market by 171% year-on-year.
The reasonably priced smartwatch fashions getting larger shows and including options reminiscent of Bluetooth calling have been key promoting components in India through the competition gross sales, Hong Kong-headquartered Counterpoint mentioned.
“Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth,” Counterpoint analyst Anshika Jain mentioned in an announcement.
“Bluetooth-calling emerged as an important feature, contributing a 58% share in total shipments, the highest ever share to date. Consumers are also preferring bigger display sizes, which is evident from the fact that over half of the total shipments in Q3 came from the 1.5”-1.69” show dimension.”
North America, which was the highest market from This fall 2020 to Q2 2022, grew 21% year-on-year whereas China and Europe had a adverse progress.
India’s progress meant that the nation’s prime model Noise captured third place on total cargo charts — due to a 218% year-on-year progress— solely lagging Apple and Samsung.
The smartwatchmaker informed TechCrunch that it goals to scale its native manufacturing from 50% to 80% by the tip of the yr. Local rival Fire-Boltt, which was solely a proportion behind Noise out there share, grabbed the fourth place in international rankings.
Apple grew 48% on account of stellar gross sales of the brand new Apple Watch 8 sequence, which accounted for 56% of total gross sales. Samsung grew 6% year-on-year regardless of registering a 62% delivery improve from the earlier quarter.
Counterpoint report segregates smartwatches into two classes: High-level working system smartwatches (HLOS), which embody gadgets from firms like Apple, Samsung, Huawei, Garmin, and Amazfit; and what it calls “basic” smartwatches that characteristic a lighter working system and are extra reasonably priced. Noise, Fire-Bollt, and BoAT function within the latter class.
The analysis store mentioned that the HLOS section grew 23%, whereas fundamental smartwatches grew by greater than a double — leading to commanding a 35% of the market share. Apple at the moment dominates the HLOS market with about 50% market share whereas Samsung sits second within the chart.
Image Credits: Counterpoint
“This remarkable increase in basic smartwatch shipments shows us that the market base is rapidly expanding toward more accessible segments amid aggressive drives by the supply side. But still, in terms of revenue, the HLOS smartwatch overwhelms the basic smartwatch with a market size of almost 10 times due to its high average selling price (ASP),” Research Analyst Woojin Son mentioned in an announcement.
Earlier this month, analyst agency IDC revealed a report on India’s wearable market, noting that the smartwatch section grew by 178% with greater than 12 million models shipped within the quarter ending September. The report mentioned that this progress is also attributed to falling smartwatch costs within the area as the typical promoting worth (ASP) dropped from $60 to $41.9 in a yr. IDC says that the ASP of fundamental smartwatches is $27.5 as in comparison with the $330 ASP of superior smartwatches. This is an indicator that Indian customers are more likely to go for cheaper options than the Apple Watch or the Samsung Galaxy Watch.
All the India-based smartwatch producers have dedicated to quickly rising their native manufacturing output within the coming months to extend the manufacturing price. This might assist them carry down the gadget costs additional and improve shipments to meet up with Samsung and Apple in unit shipments.