The wearable market in India recorded double-digit growth in Q1 2022 as a result of new launches, discounts and aggressive marketing by vendors.
In a statement, IDC highlighted shipments increased 20.1% year-on-year (YoY) to 13.9 million units. The average selling price of the category declined by 17.1% YoY mainly due to the decline in ASP of watches.
However, watches continue to be the fastest growing category in wearables shipping 37 million units in the quarter which is a growth rate of 173%.
Basic watches accounted for 95.1% of overall total, which saw aggressive competition at entry-level price points to boost the sub category by 202.1%. In contrast, smartwatches declined 4.2%.
Average selling watch prices dropping 41.5% to US$50.3, compared to US$86 in the same period last year.
Wristbands continued to decline for the ninth quarter in a row. The overall wrist wear category (including watches and wristbands) grew 87.5% to a total shipment of 4 million units.
Earwear accounted for 71.3% of the wearables category, with true wireless stereo (TWS) share growing from 34.2% to 48.3%
“Aggressive discounts, new features, and a strong push from brands and channel partners are encouraging consumers to upgrade and spend more on wearable watches,” said IDC India client devices senior analyst Anisha Dumbre.
“While dependence on devices like TWS and wearable watches is increasing, supply remains a concern for the industry. Intense competition in the sub $50 category is pushing all brands to offer competitive offerings in terms of pricing, features, and device design”.