It is said that no one knows when the time will change. The market for traditional watches that capture the pulse of time is shrinking, but smartwatches are booming all over the world. Smartwatches made in India are making a splash in its global market at this time. India is now a formidable player in the world’s number one smartwatch market. Has established its place in the top 5 in 3 brands of the country.
This clock of time is saying that India is dominating this market and the day is not far when it will have sole rule here. In this market, India has left behind China, the country of the dragon. India has emerged as the world’s largest smartwatch market in the third quarter of 2022, leaving behind even North America (yes, the entire continent) and China.
According to Counterpoint Research’s latest Global Smartwatch Model Tracker, the Indian smartwatch market registered phenomenal growth in the third quarter, which has not only catapulted it to the top of global markets, but also made Indian brands the biggest players in the business. Counterpoint Research’s Q3 report also highlights several trends and developments in the global as well as the Indian smartwatch markets. Here we will talk about some important points of this report.
Crying to victory: India becomes world’s largest smartwatch market on phenomenal growth
Counterpoint has divided smartwatches into two categories. In the first category HLOS, which run high level operating systems such as Watch OS or Wear OS and third party apps. Basic smartwatches fall in the second category, which run lighter operating systems and do not support third party apps. The smartphone market in India may be going through a recession, but the smartwatch market is booming.
The Indian smartwatch market has registered a surprising growth of 171 percent year-on-year in the third quarter of 2022. This is the reason why this business of the country Driven to become the world’s largest smartwatch market for the first time. In the third quarter of 2022 India had a 30 per cent share in the global smartwatch market, which was 14 per cent in the same quarter last year (Q3 2021).
The percentage of the country’s share in the global smartwatch market has more than doubled as compared to last year. This is the reason why India easily overtook North America. In the third quarter of the year 2021, North America’s share in the smartwatch market was 25 percent. China’s share was recorded at just 16 per cent in the same quarter.
It is interesting that in fact North America, the market leader, accounted for only 21 per cent of this business in the third quarter of 2022, but it paled in comparison to India’s surprising growth in the world’s smartwatch business.
Bluetooth calling and larger displays drive growth
According to a senior analyst at Counterpoint, Bluetooth calling and larger displays are the main reasons for this astonishing growth of the smartwatch market in India. Analysts say that in India 58 percent of smartwatches shipped in the third quarter of 2022 (Q3 2022) had Bluetooth calling, while more than half had large displays ranging in size from 1.5 inches to 1.69 inches.
Noise is No.1 in India and No.3 in Global Market
Indian smartwatch market grows by 171%Wonderful, but Indian brand noise has surpassed even this, registering a growth of 218% year-on-year to remain the leading brand in the Indian smartwatch market. This growth has catapulted it to the third position in the global smartwatch market, right behind the Big Two, established players such as Apple and Samsung.
The number four global smartwatch brand is also Indian… and so is the number six
India’s impact on the global smartphone market can be gauged from the fact that the fourth largest shipment brand (after Apple, Samsung and Noise) also remained an Indian brand. It was the Fire-Bolt. which notably did not report year-on-year growth in the quarter, But still did well enough to finish at number four. At number six in the global ranking was another Indian brand Boat, which shipped 2 million or 2 million in the quarter.