The smartwatch market in India is currently dominated by Indian brands such as Noise, Fire-Boltt, and BoAt, which account for 60-90% of the manufacturing in India. In the future trends, the market for smartwatches is expected to experience significant growth due to various factors. The increasing trend of health and fitness tracking devices is anticipated to drive demand for smartwatches that can help users monitor their health. Additionally, the increasing availability of affordable smartwatches is expected to expand the market further, making it accessible to a broader range of users.

The future of smartwatches in India looks promising with numerous possibilities emerging in the tech world. As technology advances and expands, Indian smartwatches are becoming increasingly popular due to their convenience, efficiency, and style.

Summary of Jan 2023 Report – SmartWatch industry in India – By Honey Singh

• Thanks to the production-linked incentive (PLI) scheme from the Government of India, Noise, Fire-Boltt, and BoAt are doing 70%-90% of the manufacturing in India.
• While Indian brands have started manufacturing in India with help manufacturing facilities like SYRMA SGS, KHY ELECTRONIC, OPTIEMUS, ZET TOWN, IONOTRONICS, SKYQUAD ELECTRONICS they still need to import premium watches. In coming time, this will be also be resolved.
• Based on our shipment tracker analysis, the majority of manufacturing in India is being done by Noise, Fire-Boltt, and BoAt, accounting for 60-90% of the total production. We estimate that Noise will have a shipment of around 4.5 lakh units in January, with 85% of their manufacturing being done in India. Fire-Boltt’s shipment is expected to be around 7 lakh units, taking into account the partial imports from SAVEX and SYRMA SGS TECHNOLOGY & their 65% Indian manufacturing. This is in comparison to the 238,606 units of direct smartwatch imports. Lastly, BoAT’s shipments are expected to be around 3 lakh units, with 90% of their manufacturing done in India and 27,012 units of watch imports.
• More than 10M+ parts were importing in Jan 2023 for Indian Manufacturing
• Gov is planning to implement unify USB C chargers and taking stakeholder meetings (with smartwatch brands and manufacturing facilities).
• India imported a total of more than .7M smartwatches in January 2023, based on data provided by import/export Gov of India, with each unit’s estimated import cost greater than $10, and the shipment marked for watches.
• In January 2023, India’s import/export data showed nearly 700,000 smartwatches were imported into the country, with each unit estimated to have an import cost of over $10 and the shipment designated specifically for watches (HS CODE 85176290 & 85176990).
• The top five importers were Savex Technologies Pvt Ltd (For Fire-Boltt SmartWatch) with 238,606 units at an average estimated unit rate of $17.38, Nexxbase Marketing Pvt Ltd (for NOISE SmartWatch) with 60,760 units at an average estimated unit rate of $12.51, Samsung India Electronics Private Limited with 55,838 units at an average estimated unit rate of $194.38, GHV Medical Anchor Private Limited (beatXP) with 42,630 units at an average estimated unit rate of $13.97, and Dizo Innovation Private Limited with 39,298 units at an average estimated unit rate of $15.98

Ranking the Top 50 Players in the Indian Smart Watch Industry Based on Import Volume in January 2023

(Imported unit cost > $10, some of them also imported parts for Indian SKD manufacturing. We have covered them separately. Source: Indian Import data )

#NO	Consignee Name	SUM of Qty	AVERAGE of Estimated Unit Rate USD $
1	SAVEX TECHNOLOGIES PVT LTD (Fire-Boltt)	238606	17.38
2	NEXXBASE MARKETING PVT LTD (NOISE)	60760	12.51
3	SAMSUNG INDIA ELECTRONICS PRIVATE LIMITED	55838	194.38
4	GHV MEDICAL ANCHOR PRIVATE LIMITED (beatXP)	42630	13.97
5	DIZO INNOVATION PRIVATE LIMITED	39298	15.98
6	P.R. INNOVATIONS PRIVATE LIMITED (Amazfit)	30492	64.10
7	AMBRANE INDIA PVT LTD	30492	16.31
8	TITAN COMPANY LTD	27689	21.77
9	IMAGINE MARKETING LIMITED (BoAT)	27012	12.71
10	SRK POWERTECH PRIVATE LIMITED (PEBBLE)	23643	17.56
11	SELLBRITE DIGITAL LLP	18140	17.65
12	SYSKA LED LIGHTS PVT LTD	12348	12.08
13	APPLE INDIA PVT LTD	8965	303.01
14	OPPO MOBILES INDIA PRIVATE LIMITED	7766	25.28
15	IL JIN ELECTRONICS (INDIA) PRIVATE LIMITED	7500	18.60
16	MOBITECH CREATIONS PVT LTD	6800	29.48
17	ZEBRONICS INDIA PVT LTD	6011	15.08
18	TIMEX GROUP INDIA LTD	5097	14.57
19	EXOTIC MILE PRIVATE LIMITED	5045	20.46
20	MATRIX DISTRIBUTOR PRIVATE LIMITED	5000	14.49
21	FOSSIL INDIA PVT LTD	4013	131.45
22	WHAM INFOCOM PRIVATE LIMITED	2840	23.16
23	SMART TECH OVERSEAS	2512	14.39
24	BHAWAR SALES CORPORATION	2420	241.55
25	IMTAC INDIA PRIVATE LIMITED	1800	32.36
26	PSAV GLOBAL TECH PRIVATE LIMITED	1320	87.24
27	BRANDZSTORM INDIA MARKETING PRIVATE LIMITED	520	22.83
28	MARISHA TRADING COMPANY PRIVATE LIMITED	500	10.45
29	H R TRADE LINK	492	11.98
30	BRIGHTEX SYNERGIZER INDIA PRIVATE LIMITED	441	549.93
31	R K OVERSEAS	417	11.98
32	KORBIAN INFOTECT	417	11.98
33	CREATIVE TRADERS	417	21.80
34	GEMINI INTERNATIONAL	400	11.98
35	AZAKTA TRADING PRIVATE LIMITED	334	15.90
36	MIRACLE STUDIOS PVT LTD	300	19.81
37	STEPUP ENTERPRISES	241	12.11
38	ZAF OVERSEAS LLP	192	11.98
39	SAPRITUAL WEBTECH PRIVATE LIMITED	167	10.98
40	AQUATRAX EXIM	167	11.98
41	ACE OVERSEAS	167	11.98
42	M Z ENTERPRISES	158	12.11
43	ShipMe Overseas	100	11.98
44	UTTAM ENTERPRISES	84	11.27
45	SLT COOPER INTERNATIONAL PRIVATE LIMITED	84	11.98
46	HEANCO ENTERPRISES	84	11.98
47	SMARTEST DIGITAL INNOVATION LLP	75	11.89
48	NEELKANTH CROCKERY EMPORIUM	58.5	11.89
49	TRIDENT TECHNOLOGIES	42	11.76
50	MATRIX WORLD TRADE	42	17.81

There are another set of companies who started importing components (with less than $5 value) to manufacture and assemble Smart Watches in India.

Indian Smart Watch Market Booms with 50+ Companies Solely Importing Parts for Make in India Manufacturing/Assembly

(Avg. unit rate less than $5, some of below parts are also imported or use in after sales.)

Consignee Name	SUM of Qty	AVERAGE of Estimated Unit Rate USD $
SYRMA SGS TECHNOLOGY LIMITED	6181407	1.59
KHY ELECTRONIC INDIA PRIVATE LIMITED	4812924	1.45
OPTIEMUS ELECTRONICS LTD	3766209	1.16
SAVEX TECHNOLOGIES PVT LTD	3494498	1.34
ZET TOWN INDIA PRIVATE LIMITED	3433428	1.01
IONOTRONICS DIGITAL PRIVATE LIMITED	3261000	1.79
SKYQUAD ELECTRONICS AND APPLIANCES PRIVATE LIMITED	2325000	0.95
BRIGHT BEGININGS PRIVATE LIMITED	2191023	0.72
IL JIN ELECTRONICS (INDIA) PRIVATE LIMITED	1338720	1.08
VIZIN INDIA PRIVATE LIMITED	670060	0.47
AMBRANE INDIA PVT LTD	546508	1.17
BHAGWATI PRODUCTS LTD	531600	0.67
GAG INFORMATICS SYSTEMS PVT LTD	362806	0.13
GREEKA IMPEX PRIVATE LIMITED	354984	1.78
IMPORTVIS PRIVATE LIMITED	322383	0.34
CUBIX CONTROL SYSTEMS PRIVATE LIMITED	234388	0.63
P.A TIME INDUSTRIES	226937	1.86
GOOD LINK IMPORTS PRIVATE LIMITED	188792	0.97
SAMSUNG INDIA ELECTRONICS PRIVATE LIMITED	149695	3.57
STAUNCH ELECTRONICS INDIA LLP	122160	0.70
YOOF IMAGINE PRIVATE LIMITED	121000	0.50
TRITAN LEATHER WORKS PRIVATE LIMITED	113191	0.05
EXOTIC MILE PRIVATE LIMITED	89775	0.51
STAUNCHTECH ELECTRONICS LLP	82780	0.47
HAMMER LIFESTYLE PRIVATE LIMITED	68204	3.54
ADVANTAGE COMPUTERS(INDIA) PRIVATE LIMITED	55319	0.76
SRK POWERTECH PRIVATE LIMITED	46171	5.16
TITAN COMPANY LTD	45620	6.03
AGGRESSIVE ELECTRONICS MANUFACTURING SERVICES PRIV	43660	0.69
MTECH ENTERPRISES	33417	0.41
PALRED ELECTRONICS PRIVATE LIMITED	25000	6.32
ZEDHA ENTERPRISES	22899	2.00
CYIENT DLM PRIVATE LIMITED	18169	2.28
LIFESIGNALS INDIA PRIVATE LIMITED	13846	0.24
PROTON GASES (INDIA) PRIVATE LIMITED	12240	5.74
FIRKI WHOLESALE PVT LTD	12050	1.85
MASK ENTERPRISE LLP	10000	2.50
SHIVAY IMPORT EXPORT	8333.6	1.01
DREEAMS INC	7160	1.49
RUDRA INC.	7043	1.46
DEEP INTERNATIONAL	7000	0.80
FUSSION IMPORT EXPORT PRIVATE LIMITED	6934	1.33
ADILSHINE IMPEX	5300	1.00
AAHANNA ASSOCIATES	4500	1.31
KORBIAN INFOTECT	4259	7.95
SAPRITUAL WEBTECH PRIVATE LIMITED	3860	4.19
S M TRADERS	3030	1.50
V UNIT	2907	1.96
SHREE SIDDHIVINAYAK ELECTRONICS	2700	0.80

The top five importers of smart watches in India are technology companies that include SYRMA SGS TECHNOLOGY LIMITED, KHY ELECTRONIC INDIA PRIVATE LIMITED, OPTIEMUS ELECTRONICS LTD, SAVEX TECHNOLOGIES PVT LTD, and ZET TOWN INDIA PRIVATE LIMITED. These companies have imported a significant number of smart watches, collectively accounting for over 50% of the total imported quantity. More Detailed Analysis of what all parts these manufactures are importing, check this data.

Estimated Unit Rate by Importer: The estimated unit rate varies widely among different importers. While some importers have sourced smart watches at a relatively low unit rate, others have imported premium smart watches at a much higher rate. For example, the top five importers have estimated unit rates ranging from 0.95 USD to 1.79 USD. In contrast, some importers, such as TITAN COMPANY LTD and PALRED ELECTRONICS PRIVATE LIMITED, have imported premium smart watches at a much higher rate, ranging from 6.03 USD to 6.32 USD.

Market Segmentation: The report shows a wide range of smart watch models available in the Indian market, with varying features and estimated unit rates. The market seems to be segmented based on the estimated unit rate, where some companies are importing high-end smart watches, while others are sourcing budget-friendly models.

Please comment below in case you have any feedback or query regarding the data points used in the report.