Wearable tech shipments rise regardless of market downturn

NEW DELHI : Shipments of wearable units in India, which embrace fitness-tracking bands, smartwatches and true-wireless earbuds, hit 100 million units for the primary time in a calendar 12 months. The milestone got here amid a 46.2% year-on-year (YoY) cargo progress for the section, which noticed each smartwatches and earbuds see sizeable progress in client curiosity via the 12 months. Interestingly, the uptick in demand for wearables come as the general client electronics business, each in India and all over the world, grapples with fall in demand as a result of inflationary issues and growing life cycles of prior merchandise.

Smartwatches had been the quickest rising product class amongst wearables, and amongst all client electronics classes within the nation, in keeping with a report revealed earlier right now by market researcher International Data Corporation (IDC). As per the report, whereas 12.2 million smartwatches had been shipped in 2021, this noticed a 151% YoY progress to 30.7 million models in 2022. The common worth of smartwatches additionally dropped via final 12 months as extra manufacturers launched extra inexpensive watches and in growing varieties — right down to $42.5 (round ₹3,500) final 12 months from $61.2 (round ₹4,600) in 2021.

To ensure, earbuds nonetheless account for almost all share of gadget shipments within the wearable class, with almost 70% of the market accounted for by true wi-fi earbuds. Shipments of the latter grew 28% YoY to 68.9 million models final 12 months, up from 53.7 million in 2021.

The key motive for the resilient wearables market regardless of client sentiment downturn in the direction of buying new electronics and devices is essentially price-driven, as per analysts. On January 6, Navkendar Singh, affiliate vice-president, consumer units at IDC India instructed Mint that wearables was anticipated to be the one class in client electronics rising in shipments.

“The key issue within the wearables sector is affordability, and that’s the reason wearables are nonetheless seeing curiosity — amid pent-up client curiosity as a result of a drop in demand for smartphones,” Singh said.

However, the market was stifled by supply challenges through the year, IDC noted. Vikas Sharma, senior market analyst for client devices at IDC India, said that supply challenges “are not expected to ease off completely before early second half, 2023.”

“Local manufacturing is predicted to scale as much as greater than 80% by exit 2023, with extra gamers choosing native sourcing of elements and parts,” he added.

In the smartwatch house, homegrown model Noise captured the very best market share final 12 months, with 27%. However, fellow homegrown model Boat was the top-shipping model final 12 months taking all three sub-segments into consideration, with 29.3% market share. Noise and China-headquartered BBK Electronics’ OnePlus ranked second and third, after Boat.

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