NEW DELHI: India’s smartwatch shipments grew 21% year-over-year in Q3 2023, pushed by excessive stock build-up for the festive season gross sales in October, in line with the newest information launched by Counterpoint Analysis on Thursday. The analysis agency mentioned new gamers, akin to Fastrack and beatXP, shipped excessive volumes and chipped away the market share of the highest three.
The share of home manufacturing additionally surged – reaching 82% within the September 2023 quarter, in comparison with simply 4% a 12 months in the past.
Fireplace-Boltt maintained its market management (by quantity) with a share of 28% in Q3 2023. Second-ranked Noise noticed its share fall from 29.7% in Q3 2022 to 24.3% in Q3 2023. Boat, within the third spot, additionally noticed its share shrink from 20.5% in Q3 2022 to 16.6% in Q3 2023, as per Counterpoint.
Fastrack and beatXP held a market share of seven.7% and 4.7%, respectively, in Q3 2023.
Counterpoint mentioned that Fastrack, a sub-brand of Titan, enjoys an current model worth, streamlined offline distribution and accessible pricing, facilitating quicker development. On beatXP’s efficiency, it mentioned the model entered the highest 5 for the primary time after registering four-fold quarter-over-quarter development in Q3 2023.
beatXP is anticipated to realize extra market share resulting from its decrease common promoting worth (ASP), in line with the analysis agency.
“The market reached its highest quarterly shipments in Q3 2023 resulting from sturdy festive planning by the manufacturers, new launches, and entry of recent gamers. On this quarter, we noticed options like bigger screens and OLED shows additional trickling right down to the cheaper price bands,” mentioned Senior Analysis Analyst Anshika Jain.
Within the Rs 2,000-Rs 3,000 worth band, the contribution of >1.9-inch smartwatches stood at 21%, whereas over half of the units had been accessible with OLED shows, Jain mentioned.
Analysis Analyst Harshit Rastogi, in flip, famous that resulting from steady push in direction of finances choices, the smartwatch common promoting worth (ASP) declined by 41% year-over-year to achieve the lowest-ever stage.
Consequently, over three-fifths of the market is now beneath the “Within the coming years, the market will proceed to develop in double digits because of the manufacturers’ efforts to broaden their portfolios, offline partnerships with a number of large-format retailers (LFRs) and rising emphasis on native manufacturing,” Jain mentioned.
