09 May 2022, Mumbai:
The smartwatch market in India recorded a 173 percent year-on-year growth in Q1 FY’22, according to the latest research from Counterpoint’s IoT Service.
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As per the report, the growth was driven by growing consumer interest, multiple launches during the quarter, and the availability of various discount offers and promotions.
According to Anshika Jain, Senior Research Analyst the contribution of the <Rs5,000 ($67) retail price band increased to 87 percent from 78 percent in Q1 2021.
The Rs 1,000-Rs 2,000 ($13-$27) retail price band reached its highest ever share of 14 percent from just 2 percent a year ago.
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Noise led the market growth with a 23 percent share, its shipments doubled Y-o-Y in Q1 2022 due to the good performance of its newly introduced devices. The Colorfit Pulse was the brand’s best-selling model.
Fire-Boltt took the second position with a 21 percent share. It has multiple launches this quarter with the Ninja Pro Max being its most popular device
boAt recorded a 106 percent Y-o-Y growth and captured the third position with a 17.8 percent share. The Xtend and Storm models captured almost two-thirds of its total portfolio.
The brand also launched the Wave Pro 47, its first made-in-India smartwatch during the quarter.
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