India Wearables Market Grew 94% In Q3 2021, Led By Homegrown Brands: IDC

New Delhi: India’s wearables market grew by 93.8 per cent year-over-year (YoY) in Q3 of 2021 (July-Sept) and shipped 23.8 million models, regardless of the challenges posed by COVID-19-related elements with homegrown manufacturers Noise, Boat, Titan and Fireplace-Boltt taking the lead within the wearables class, a report by Worldwide Knowledge Company (IDC) mentioned on Tuesday.

IDC’s India Month-to-month Wearable Gadget Tracker mentioned regardless of the logistic challenges and improve in freight prices, distributors remained aggressive of their shipments and had been capable of handle the stock for the upcoming month-long pageant gross sales. Shipments in September surpassed 10 million, rising two-fold from the identical month final yr, leading to a file quarter for wearable units in India.

“The proliferation of latest entrants within the mass market phase has elevated competitors, placing lots of stress on manufacturers to distinguish in a market that’s getting inundated with lookalike merchandise,” Jaipal Singh, Analysis Supervisor, Shopper Units, IDC India, mentioned in a press release.

Smartwatches continued to be the fastest-growing class with 4.3 million shipments in 3Q21, whereas wristbands noticed a seventh consecutive quarter of annual decline. Total wristwear (inclusive of watches and wristbands) crossed the 5 million shipments mark in a single quarter.

Actually Wi-fi (TWS) units reached a 39.5 per cent share of earwear within the third quarter, however the market stays dominated by over-the-ear and tethered units, the report famous. Homegrown manufacturers captured over 2/3 of the watch market with their aggressive choices and advertising and marketing spends on digital platforms.

Noise maintained its lead for the sixth straight quarter with a 26 per cent market share, adopted by BoAt with a 23.1 per cent market share.

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Fireplace-Boltt changed Huami for the third place as its share jumped to fifteen.3 per cent from 5.5 per cent from 1 / 4 earlier than.

Realme entered the fourth place backed by its newly-launched watches, and Amazfit settled on the fifth place.

“Whereas seasonality made 3Q21 the most important quarter for wearables, the inflow of units on the entry-level was the important thing development issue. All through the quarter, Indian distributors had been aggressive with their launches and channel enlargement,” mentioned Anisha Dumbre, Market Analyst, Shopper Units, IDC India.