India wearables market grows 56.4% YoY; 37.2 million units shipped in the third quarter of FY22: IDC

According to a recent report, India's wearable market shipped 37.2 million devices in the third quarter of 2022 (July-September), growing at a record 56.4% YoY. BoAt lead the wearables market, according to data from the International Data Corporation's (IDC) Indian Monthly Wearable Device Tracker, with a 32.1% market share, followed by Noise (13.8%) and Fire-Boltt (8.9%). With an 8.2% market share, OnePlus was in fourth position, while Realme was in fifth.

The fastest-growing category of wearables was still smartwatches, which grew by 188% year over year. Earwear made up 67.3% of the total wearables market. According to the research, there was significant discounting and promotion during online sales events throughout the festival season, which resulted to a 13.6% YoY decrease in average selling price (ASP) in Q3 of 2022.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.