Highlights
- IDC reports a 29.2% year-over-year growth in India’s wearable market in Q3 2023.
- Boat dominates the market with a 29.7% share, excelling in the TWS segment.
- Noise maintains the second position with a 10.8% market share.
- Total shipments in the first three quarters of 2023 surpass the entire year of 2022.
A recent report by International Data Corporation (IDC) highlights a significant upsurge in India’s wearable technology market, with Boat and Noise spearheading this growth.
The third quarter of 2023 saw an increase in the adoption of wearable devices, which is certainly a reflection of a shift in consumer behaviour towards health management and tech convenience.
Dominance of Boat and Noise in the Market
Boat has firmly established its leadership in India’s wearable sector, claiming a market share of 29.7 percent with a year-over-year growth of 19.4 percent.
This dominance is particularly evident in the True Wireless Stereo (TWS) segment, where Boat leads with a 37.9 percent market share, demonstrating a 33.3 percent growth from the previous year.
Following closely, Noise secures the second spot in the market with a 10.8 percent share, despite experiencing a modest year-over-year growth of 0.6 percent.
Expansive Growth in Wearable Tech
The Indian wearable market shipped an impressive 48.1 million units in the third quarter alone, showcasing a 29.2 percent increase from the previous year.
The cumulative shipments for the first three quarters of 2023 reached 105.9 million units, surpassing the entire 2022’s shipment of 100.1 million units.
This exponential growth indicates a robust demand for wearable technology in India.
Emerging Trends and Future Outlook
Apart from traditional smartwatches and earwear, the market is also witnessing the emergence of smart rings.
This diversification signifies the evolving consumer preferences and the growing appetite for innovative wearable technologies.
With companies like Boat and Noise leading the way, the Indian wearable market is poised for further expansion, adapting to changing consumer needs and incorporating advanced technological features.
FAQs
What does the IDC report say about India’s wearable market in Q3 2023?
The IDC report reveals that India’s wearable market grew by 29.2% year-over-year in Q3 2023, with a total shipment of 48.1 million units during this period.
Which companies are leading India’s wearable tech market?
Boat leads India’s wearable market with a 29.7% share, particularly in the TWS segment. Noise follows as the second-largest player with a 10.8% market share.
How did the wearable tech market perform in the first three quarters of 2023?
The wearable tech market in India saw shipments of 105.9 million units in the first three quarters of 2023, outperforming the total of 100.1 million units shipped in all of 2022.
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