Indian brand dominates smartwatch market: Good news! The smartwatch market is dominated by Indian brands, overtaking the giants to capture 70% of the market – in the second quarter of 2021, smartwatch shipments are three times leading the Indian market with 70% of the market.
Indian companies remain steadfast in 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. Shipments in the second quarter of 2021 were 206 percent higher than in the second quarter of last year. The second quarter saw an 18 percent increase compared to the first quarter of 2021. Affordable equipment, new companies, consumer preferences and post-lockdown demand were the main reasons for the growing sales of smartwatches.
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It is worth noting that new brands are constantly entering the smartwatch market and this is why there is fierce competition in the industry. Smartwatches are preferred over traditional watches because of their features, interface and connectivity to smartphones. Perhaps this is the reason why the market is dominated by low prices and budget smartwatches. Indian brands have maintained their dominance in the market and maintained their position in the top-3. These companies account for one-third of the total market.
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Notably, 10 new brands have entered the market since the beginning of 2021. Samsung has been making smartwatches in India since 2020. At the same time, companies like Reality and Timex are working on plans to make smartwatches in India to reduce prices and reduce dependence on imports.
A research associate at Counterpoint Research said, “We are seeing new launches in the Rs 5,000 segment, which is 83 per cent of the total market in Q21 of 2021. In the last quarter of 2020, the share of this sector was only 67 percent. As a result, the average sales price of smartwatches in the second quarter of 2021 is down 36 percent from the previous year. We are looking at features like voice assistant, Bluetooth calling, SPO2 and blood pressure monitors from high-end models to low-end models.
We will tell you that Noise has maintained its No. 1 position for the fourth consecutive quarter. At the same time, the Boat Storm topped the list of best-selling models this quarter. Indian brands account for 70 per cent of total smartwatch shipments.
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