India’s Smartwatch Boom: Fire-Boltt Leads 21% Surge in Q3 Shipments!

India’s smartwatch shipments grew 21 percent (year-on-year) in the third quarter (July-September) of 2023 with Fire-Bolt leading the market, a new report showed on Thursday.

According to Counterpoint Research, the market share of domestic manufacturing was the highest ever, 82 percent, compared to only 4 percent a year ago.

The growth in the third quarter was boosted by the high inventory growth of sales during the October holiday season.

“In this quarter, we saw features like larger screens and OLEDs continue to trickle down to lower price ranges. As a result, in the Rs 2,000-3,000 price range, smartwatches above 1.9” accounted for 21 percent, while more than half of the devices were available in OLED on screens,” says senior research analyst Anshika Jain.

Fire-Boltt led the market with a 28 percent share and had the largest portfolio. It also had the lowest ASP (Average Selling Price) among the top three players, according to the report.

In addition, Noise took second place with a 24 percent share, boAt reached third place with a 16 percent share, and Titan’s sub-brand Fastrack came in fourth with an eight percent market share.

beatXP entered the top five for the first time after registering a 4x (quarter growth) in Q3 2023.

According to the report, Apple’s shipments fell 52 percent when its new series became available in late September and without an update to the Watch SE 2022.

However, the brand remained the market leader in the retail price category > 20,000 rubles.

Driven by continued budget supply drive, smartwatch ASP (Average Selling Price) in India fell 41 percent (YoY) to an all-time low. As a result, more than three-fifths of the market now belongs to (This story has not been edited by ReturnByte staff and is published from a syndicated news agency feed – IANS)