Now India is the largest smartwatch market in the world, having grown 167% year-over-year in Q3 2022. Indian brands such as Noise, Fireboltt, and boAt Lifestyle have performed impressively this quarter due to their expanding product portfolios and emphasis on local manufacturing. Additionally, India’s smart wearable market is expected to register a CAGR of 23%-30% over the forecast period (2022 – 2027).

This growth is driven by the lower average cost of products, increased consumer awareness, and heavy spending in marketing by the top Indian players.

Summary of key reasons for growth in the smartwatch category are:

1: Low Cost: Wearable smartwatches in India are available at very low prices due to the competitive market, making them accessible to a wide range of consumers. The average cost of a smartwatch was around INR 6,000 in early 2019, but by the end of 2022, it had decreased to INR 2,000. In 2022, almost 90% of smartwatch imports to India were priced under INR 3,000.

2: Growing Demand: The demand for smartwatches in India has grown significantly due to their ability to track health and fitness data, making them popular among fitness enthusiasts. There has also been an increase in demand for smartwatches as a lifestyle statement and as an aspirational alternative to the Apple Watch.

3: Growing Awareness: With increasing awareness about the benefits of smartwatches, more people are turning towards them for using them as lifestyle accessories. Using brand ambassadors, title-sponsoring e-commerce events, and implementing aggressive performance marketing strategies have all contributed to increased awareness.

4: Growing Accessibility: Smartwatches are becoming more accessible due to the availability of online stores & offline availability, making it easier for people to purchase them. Firebolt is leading the offline market while driving more than 50% of their sale from offline retail. Note: Consumers still do Research online and purchase offline (ROPO) so it’s a win-win to have both an online and offline presence.

Indian SmartWatch Import Report NOV22:

Kudos to Amit Khatri, Gaurav Khatri, Arnav Kishore, Aayushi KishoreAman Gupta & others for painting this picture and driving efforts toward Indian assembly/manufacturing. They are also ramping up tech by recreating the app ecosystem to support this. The majority of Consumers are yet to start comparing tech but in the coming time, this will also be a key factor in choosing a product.