India to Surpass as Largest Wearable Market in 2023: Report
According to a report from IDC India, India is expected to become one of the largest markets for wearables by 2023. The report states that out of the estimated 504.1 million units to be shipped globally by the end of 2023, India will account for 130-135 million units, representing approximately 26 percent of the total units shipped worldwide.
In the previous year, the Indian market witnessed the shipment of 100 million units out of a total of 492 million units, securing the second position after China and North America. The growth of the Indian wearables market has been impressive, with a year-on-year increase of 121 percent in the first quarter of 2023, as reported by Counterpoint research.
This remarkable growth can be attributed to the availability of low-cost wearables from popular brands such as Fire-Boltt, Noise, and boAt. These affordable options have attracted a significant number of consumers, boosting the adoption of wearables in the country.
One of the key drivers of this growth is the increasing number of smartphone users who also own a smartwatch in India compared to other regions. This trend has caught the attention of both IDC and Counterpoint, with both research firms acknowledging that India has already surpassed the United States and China in terms of market size. Furthermore, Counterpoint highlights that for every smartphone sold in India, a smartwatch is also sold, indicating a strong correlation between the two.
With such promising indicators, IDC predicts that the wearables market in India will continue to expand and gain further momentum. The country's vast population and the rising popularity of wearable devices among smartphone users present a significant opportunity for manufacturers and brands operating in this segment.
As India continues to demonstrate its potential as a major player in the wearables market, industry players are expected to focus their efforts on catering to the specific needs and preferences of Indian consumers. This includes developing products that are not only technologically advanced but also affordable and suited to the diverse Indian market.
Overall, the projected growth and market size of wearables in India signify a significant shift in consumer behavior and preferences. With an increasing number of Indians embracing wearable technology, the future looks promising for the Indian wearables market.
