Indian wearable market registers 47% YoY growth

Although the market witnessed a cyclical decline in demand due to high exports in the early half of the fourth quarter of 2022, the earwear category recorded a 73.6 per cent YoY growth.

Smartwatches increased their market share from 17.9 per cent in 2021 to 30.7 per cent in 2022 - all thanks to their immense popularity among the youth. Photo credit: Pixabay

The wearable market has experienced tremendous growth over the past few years due to the high acceptance rate among its young customers. According to current data from the International Data Corporation (IDC), the Indian wearable market concluded 2022 with a robust 46.9 per cent year-over-year (YoY) increase as shipments topped 100 million units with 25.2 million unit shipments during the fourth quarter of FY 2022, registering a 16.5 per cent YoY growth.

Although the market witnessed a cyclical decline in demand due to high exports in the early half of the fourth quarter of 2022, the earwear category recorded a 73.6 per cent YoY growth. Furthermore, the second half accounted for more than 60 per cent of the yearly shipments due to various new product launches ahead of the festival season coupled with offers/discounts across channels.

Smartwatches increased their market share from 17.9 per cent in 2021 to 30.7 per cent in 2022 - all thanks to their immense popularity among the youth. Smartwatch shipments reached 30.7 million in 2022, an increase of 151.3 per cent YoY. The market share of basic smartwatches, which currently holds 95.5 per cent, is expected to increase by 158.0 per cent. Wristband shipments fell to half a million, down a further year's worth of -73.2 per cent YoY.

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According to Vikas Jain, co-founder of the homegrown brand - PLAY, the smart-wearable market for the brand grew by more than 100 per cent YoY in 2012, particularly in the second half of the year as a result of multiple new product launches prior to the festival season as well as the focus on the brand on youth as a target group.

"As far as PLAY is concerned, we were able to increase India manufacturing by two-fold in Q3 in order to fulfil the seasonal demand. This is despite a disrupted supply chain all through 2022," Jain added.

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