Indian companies continue to dominate the smartwatch industry. According to the latest research from Counterpoint’s IoT service, smartwatch shipments tripled in the second quarter of 2021 compared to the second quarter of last year. Compared to the second quarter of last year, there was 206 percent more shipments in the second quarter of 2021. Whereas 18 percent growth was recorded in the second quarter compared to the first quarter of 2021. Affordable devices, new companies, customer preferences and post-lockdown demand were the main reasons for the increasing sales of smartwatches.
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It is worth noting that new brands are constantly entering the smartwatch market and this is the reason why there is a fierce competition in the industry. Smartwatches are being preferred over traditional watches due to their features, interface and pairing with smartphones. Perhaps this is the reason why the market is dominated by low price and budget smartwatches. Indian brands have maintained their dominance in the market and have maintained their place in the top-3. These companies have maintained their possession of a third of the total market share.
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Notably, 10 new brands have entered the market since the beginning of 2021. Samsung has been manufacturing smartwatches in India since 2020. At the same time, companies like Reality and Timex are also working on a plan to make smartwatches in India so that the price can be reduced and the dependence on imports can be reduced.
A Research Associate at Counterpoint Research said, “We continue to see new launches in the sub-Rs 5000 segment, which accounts for 83 per cent of the overall market in Q2 2021. Whereas in the last quarter of 2020, the share of this segment was only 67 percent. Due to this, the average selling price of smartwatches in the second quarter of 2021 was down by 36 percent compared to the previous year. We are seeing features such as voice assistant, Bluetooth calling, SpO2 and blood pressure monitors are getting from the high-end model to the low-end model as well.
Let us tell you that Noise has maintained the No. 1 position for the fourth consecutive quarter. At the same time, Boat Storm is at number 1 in the best-selling model list this quarter. Indian brands account for 70 per cent of the total shipments of smartwatches.