According to the reports, Smartwatches and wrist band shipments in India highly grew over 2.4x last year, with smartwatches accounting for the lion’s share of these shipments. A total of 14.4 million wearables were shipped through the year, with 12.2 million of them being smartwatches.

Reports suggest that Smartwatches, in particular, grew sharply in 2021 at about 4.6x over 2020, with two Indian brands being the highest benefactors of this growth.

The biggest growth factor here has been decreasing smartwatch prices, which has caused many users to opt for smartwatches rather than basic fitness bands, according to reports.

Anisha Dumbre, market analyst, IDC India says, “affordability has been one of the main drivers of such exponential growth in the wearable watch market. Competition at entry-level price points brought down the ASP of the watches to $61.3 down from $122.1 in 2020. This is putting immense pressure on new entrants and other existing brands to differentiate themselves in the market.”

According to reports, Boat saw the market share grow from 2.8 percent in 2020 to 25.1 percent last year, while Fire-Boltt clocked 11.6 percent market share last year – up from a near-negligible 0.3 percent in 2020. The market was led by Indian brand Noise, which reportedly saw a 410 percent rise in shipments to capture 27 percent of the market.

Besides, Realme and Huami, the parent company behind smartwatch brand Amazfit, both saw shipments grow and their market shares fell to 5.6 and 5.1 percent.

Upasana Joshi, research manager, IDC India says, “high growth is piquing interest from new entrants ranging from first time brands to smartphone brands with marketing and distribution experience in India. India based brands will strive to drive affordability and deeper penetration in the market.”