The International Data Corporation's IDC India Monthly Wearable Device Tracker shows that there are 100 million shipments of the wearable market in India in the year 2022, with a strong 46.9 per cent YoY growth. The fourth quarter of 2022 saw a 16.5 per cent YoY growth, with 25.2 million unit shipments.
Smartwatches, including basic and advanced models, saw a 151.3 per cent YoY growth and dominated the market with 30.7 million shipments in 2022, and saw a 151.3 per cent YoY growth. The average selling price of smartwatches fell to $42.5, a decrease from $61.2 a year ago, with basic smartwatches accounting for 95.5 per cent of the market share. The wristbands declined for another year, with a - 73.2 per cent YoY growth.
Earwear dominated the wearable market, with 68.7 per cent share and 28.0 per cent YoY shipment growth in 2022. Truly wireless earwear dominated the category with 55.3 per cent share and 87.1 per cent YoY growth. Vendors faced supply challenges throughout the year, particularly for smartwatches, which are not expected to be able to drop off until early 2023. More players are opting for local sourcing of parts and components, with local manufacturing expected to increase to more than 80 per cent by the end of 2023.
Imagine Marketing boAt held the lead in the wearable market with 23.9 per cent of the market, although its share declined by 34.3 per cent YoY in the fourth quarter of 2022. In 2023, the company plans to increase its presence in the smartwatch category, which accounted for 19.7 per cent of its total shipments in 2022. In Q 22 Nexxbase Noise was second with 11.2 per cent share and 39.6 per cent growth, while OnePlus rose to third with 83.0 per cent YoY growth and 10.2 per cent share.
The wearable market in India saw significant growth in the year 2022, driven by smartwatches. Vendors are expected to relax off supply challenges in 2023, with local manufacturing expected to increase. The entry-level price segment is expected to remain a focus for smartwatch vendors in 2023 to maintain the growth in the market.