Smart Watch City of India The Indian smart watch market experienced a stable period for the first time. According to the latest report of Counterpoint Research, the market stagnated for the first time in the first quarter of 2024, with a year-on-year growth of only 0.3%.
On June 13, it was reported that the Indian smart watch market experienced a stable period for the first time. According to the latest report of Counterpoint Research, the market stagnated for the first time in the first quarter of 2024, with a year-on-year growth of only 0.3% and almost the same shipment.
Map source Counterpoint Research said that in the past few years, thanks to the strong demand from young people in particular, the Indian smart watch market has been growing at a high speed, maintaining a strong double-digit or even triple digit growth. However, the weak data in the first quarter of 2024 shows that consumers are not interested in buying new smart watches or replacing existing smart watches due to the lack of differentiation and innovation of major manufacturers.
In terms of market share, the total share of the top three brand manufacturers fell from 77% a year ago to 66% in the first quarter of 2024. In terms of brand, Fire Bolt continues to lead the market, followed by Noise and boAt. In the high-end market, due to the continuous demand of Apple Watch Series 9 and Apple Watch Ultra 2, Apple's shipments have more than tripled. For Samsung, about half of its shipments come from the Galaxy Watch 6 series.
Counterpoint Research predicts that 2024 will be the first year of double-digit year-on-year decline in the Indian smart watch market. With the emergence of emerging use scenarios, the market is still expected to resume growth in the long run.
