Smartwatch prices in India drop by nearly 50% since last year; here's why

The smartwatch market is witnessing heated competition among brands like Boat, Noise, Oppo, Fire-Boltt, and more in India. To keep up with the competition, these smartwatch brands are compelled to cut down the prices to almost half. As per an IDC report, the average selling price of the smartwatches has declined by 44.9 per cent YoY, dropping to $25.6 (approx Rs 2,000) from $46.6 (approx Rs 3,800) in the second quarter of 2023. Boat leads in the wearable market with 26.6 per cent of the market share, followed by Noise with 13.5 per cent share.

In addition to this, the report added that the smartwatch market share overall grew to 40 per cent, up from 26.8 per cent in the first half of 2023. The smartwatch shipments also doubled to 12.8 per cent in the second quarter of 2023.

Some of the top-selling smartwatches include The Storm Call, Wave Flex Connect, Noise Colorfit Icon 2, Colorfit Icon Buzz and more. The top 5 smartwatch brands of 2023 include Boat, Noise, Oppo, Fire-Boltt and Boult Audio.

“The first half of 2023 saw hundreds of smartwatch model launches with premium finishing, sporty appearances, rugged builds, and a variety of strap finishes like metal, silicon, leather, etc. The second half of 2023 will see aggressive festive offers and discounts, while brands remain cautious for supplies. Furthermore, we should expect more launches in the smart ring category at affordable pricing,” says Upasana Joshi, Research Manager, Client Devices, IDC India.

IDC report also revealed that the earwear market share grew to 27.3 per cent in the first half of 2023. TWS earbuds have a market share of 65.6 per cent, up from 52.9 per cent while the neckbands market share declined by 22.5 per cent in the second quarter of 2023. This segment also witnessed a minor price drop to $15 (approx Rs 1,246) for neckbands and $18.7 (approx Rs 1,500) for TWS, a decline of 6.4 per cent and 15.3 per cent respectively.

Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India, claims the reason behind the growth of wearable category is inclusion of premium features in affordable products. He stated, “The high-end capabilities that have been exclusive to premium products are now gradually making their way into affordable models. These include features like advanced ANC (active noise cancellation), multiple microphones, minimal delay or low latency, simultaneous dual device connection, and advanced sound chipsets.”

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