According to a report from market research firm IDC India, India is expected to become one of the largest markets for wearables in 2023. The report states that India will account for approximately 130-135 million units out of a total of 504.1 million units to be shipped worldwide by the end of 2023. This represents around 26 percent of the global share. In the previous year, India shipped 100 million units out of a total of 492 million units, making it the second-largest market after China and North America.
Indian Wearables Market Surges with 121% YoY Growth
Counterpoint Research, in a report published in May, also confirmed the growth of the Indian wearables market. It highlighted a year-on-year growth of 121 percent in the first quarter of 2023, largely driven by affordable wearables from brands like Fire-Boltt, Noise, and boAt. While Counterpoint agreed with IDC India’s assessment, it projected that India’s share would be slightly higher at 27 percent instead of 26 percent.
Both research firms attributed this growth to the increasing number of smartphone users in India who also own a smartwatch, surpassing other regions in the world. IDC India emphasized that India has already surpassed the United States and China in terms of market size and is expected to continue growing. Counterpoint noted that for every smartphone sold in India, a smartwatch is also sold, indicating the strong demand for wearables in the country.
Why Wearables are so Popular in India?
Wearables like smartwatches and fitness trackers are popular in India due to factors such as the growing health and fitness consciousness among individuals, the stylish and fashionable designs of wearables, technological advancements offering advanced features, smartphone integration for convenience, increasing disposable income allowing for lifestyle-enhancing purchases, and effective marketing campaigns that raise awareness and generate interest in wearables.