According to a report printed by analysis firm IDC, India’s wearable market grew 170.3 p.c year-on-year (YoY) in Q1 2021, delivery 11.4 million items. The market was led by continued development within the watch and earwear classes.
Watches turned the quickest rising class in wearables, with a rise of 463.8 p.c within the first quarter of 2021. The watch section, which incorporates wrist bands and watches, rose 74.8 p.c year-on-year within the quarter. Meanwhile, the earwear class grew 209.3 p.c within the first quarter of the yr with 9.3 million shipments.
Noise maintained its place on the prime of the watch gross sales chart within the final quarter, capturing 25.7 p.c of the Indian market, with one other native model BoAT being the second hottest watch model with a market share of 21.9 p.c. Interestingly, each Noise and BoAT are home manufacturers, which tells lots about India’s quick rising watch market. Shipment of watches elevated to 1.4 million in Q1 2021, with IDC reporting excessive demand for low-cost merchandise.
Xiaomi topped the wristbands class with a 37.3 p.c share within the earlier quarter. Relatively new participant OnePlus took the second spot rather than Realme with 25.2 p.c market share. The earwear section grew by 209.3 p.c within the first quarter of the yr with 9.3 million shipments. BoAt led the general earwear section with a 29.3 p.c share, adopted by OnePlus with a 15.1 p.c share. The Truly Wireless Stereo (TWS) class, in the meantime, grew by 284.4 p.c with a 35.0 p.c share within the general earwear class. Local participant BoAT continued to steer with a 25.6 p.c share, whereas OnePlus took second place with an 11.9 p.c share in 1Q21, because of the recognition of OnePlus Buds Z.
Pandemic impacts India’s wearable market
However, general wearables shipments declined 24.9 p.c within the first quarter of 2021, attributable to declining earwear shipments. The decline may primarily be attributed to the remaining stock with channel companions because it restricted contemporary purchases on this quarter. “The ongoing consumer enthusiasm for earwear equipment reflects the category’s healthy appetite. Sellers are trying to capitalize on the ride with low and medium-priced equipment. It is not only helping reduce category ASP, but is also adding better features to get new users, ”stated Anisha Dumbre, market analyst, IDC India.
Dumbre stated: “The challenges confronted by the offline channel as a result of epidemic had seen some commonality, and distributors additionally noticed offline growth as an vital software to enhance their companies within the listenable and wristwear class Searched for However, the beginning of the second wave has once more halted retail gross sales as most main cities are present process lockdown, pushing corporations’ offline growth ahead for the following two quarters. “
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With inputs from TheIndianEXPRESS
