Smartwatch shipments tripled year over year in Q2 2021.

Smartwatch shipments in India tripled in Q2 2021 compared to the same quarter last year. According to the latest information from Counterpoint’s IoT Service, with a 206 percent YoY and 18 percent QoQ increased throughout the quarter. Affordable products, new participants, a wide range of client tastes, and a rebound in demand following the lockdown were all major reasons for the increase in numbers.

Smartwatches are favored over traditional timepieces because of their feature-rich interface and connectivity with smartphones. The industry is becoming more competitive as more manufacturers enter the market. As a result, smartwatches in lower price ranges are now more readily available. Indian smartwatch companies continue to dominate the industry, with the top three brands. Also, it’s accounting for more than three-fifths of the overall market in India.

We can expect the market to grow even more in the future, as more businesses prepare to enter the industry. Since the beginning of 2021, around ten brands have arrived. The primary focus is the increase in domestic output. Since June 2020, Samsung has been manufacturing smartwatches in India. Other companies, such as realme and Timex, are looking at home manufacture as a way to lower prices and minimize reliance on imports.

According to a Counterpoint Research Research Associate, “We are witnessing many new launches in the sub-INR 5,000 segment, which saw its contribution rising to 83% in the overall market in Q2 2021, compared to 67% in Q2 2020. Due to this, the ASP (average selling price) of smartwatches decreased by 36% in Q2 2021 compared to the same period last year. We are also seeing features like Voice Assistant, Bluetooth Calling, SpO2, and Blood Pressure Monitor trickling down from high-end models to the low-end ones.”