India is set to become the largest wearable market in 2023: Report
- IBEF
- July 4, 2023
According to a report by International Data Corporation (IDC) India, India will become one of the largest markets for wearables in 2023. India will account for 130-135 million units out of 504.1 million units that will be shipped by the end of 2023. It will account for 26% of the total units shipped around the world.
Out of a total of 492 million units sold last year, India shipped 100 million, placing it third behind China and North America.
According to a survey released by Counterpoint Research, the Indian wearables market grew by 121% year-on-year (Y-o-Y) in the first quarter of 2023. Low-cost wearables from companies like Fire-Boltt, Noise, and boAt were the major contributors to this. Counterpoint concurred with IDC India's analysis but predicted that India would account for 27% of all units rather than 26%.
Both research firms agreed that the increase was spurred on by the number of smartphone users who also owned a smartwatch, compared to other regions in the world.
According to IDC, India's market size has now surpassed that of China and the US and will keep expanding while Counterpoint stated in the report that a smartwatch was also sold in India for every smartphone.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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