Homegrown consumer electronics brand Noise, which was in buyout talks with the Tata Group earlier this year, has emerged as the 4th biggest wearable seller globally. In Q2 2022, Noise trailed only Apple, Samsung, and Huawei, in total smartwatch shipments and market share, according to Canalys estimates. Its shipments stood at 1.8 million during the quarter, with the brand grabbing a 5.8 per cent share worldwide.
Among all brands, the Gurgaon-based company, which started selling wearables in 2017, clocked the biggest year-on-year jump in shipments at 382 per cent. In the domestic market, Noise was the top player in Q2 with a 29 per cent share, ahead of Fire-Boltt and boAt, which grabbed 25 per cent and 20 per cent shares, respectively.
Noise Cofounders Amit Khatri and Gaurav Khatri, told Business Today in a statement, “The milestone is a testament to the evolving acceptance of homegrown brands on a global scale, and as we move forward, we are bullish about replicating India’s foothold in the global ecosystem.
Despite being bootstrapped, until being courted by Titan Company, Noise is reportedly profitable. It clocked annual revenues of $43 million as on Dec 31, 2020, according to Tracxn. While no formal announcement of the Tata deal has been made, Crunchbase states that Noise was acquired by Titan Company for an undisclosed amount in March 2022.
Together, Noise, Fire-Boltt and boAt, drove India’s share in the global wearable market to hit an all-time high of 15 per cent in Q2 2022, Canalys stated. With shipments of 6.3 million smartwatches, India was the world’s third largest smartwatch market after China and the US.
Ashweej Aithal, Analyst, Canalys, said, “The local kings, Noise, Fire-Boltt and boAt, have found a winning formula to hit a quarterly shipment level of more than a million units quickly. High affordability and appealing designs, marketed at young, savvy consumers, help vendors fulfill the current demand.”
India Leads Basic Watches Market
India’s wearable band market clocked an impressive shipment growth of 275 per cent, driven by basic watches, which was the “performance highlight” of the quarter, according to Canalys.
The basic watch boom fueled India’s growth, with the category accounting for 91 per cent of all wearable band shipments in the country. It also made India the world’s largest basic watch market (ahead of China) with 5.7 million units shipped.
“But users often require deeper engagement with devices and health features to benefit from them,” Aithal explained.
“Users will soon look for improved devices and health features, such as better tracking accuracy and more health metrics. Vendors must anticipate this shift in people’s needs to avoid disappointing users and continue to sustain growth,” he added.
Apple Continues to Lead Wearables
Global wearable band shipments were up 2 per cent in Q2 2022 at 41.7 million units, which marked a return to growth after a decline of 3.7 per cent in Q1. During the second quarter, basic watches and smartwatches grew 46.6 per cent and 9.3 per cent respectively.
Apple continued to lead the wearables category globally, with a 26.4 per cent share and 8.4 million quarterly shipments. Samsung, meanwhile, surpassed Huawei with a growth of 58 per cent, shipping 2.8 million smartwatches in Q2 2022.
“Within the Android space, Samsung is leading in leveraging its watches to enhance its premium ecosystem user experience,” said Canalys Analyst Cynthia Chen. “The latest releases from Samsung and Garmin and expected releases from Apple and Google in the coming months are intensifying competition among premium smartwatches,” she added.
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