Smartwatch market logs 274% growth in 2021

Fire Bolt was quick to capture the third position with more than 20 models across price bands. Realme stood at the number four position growing 23 percent YoY in 2021  driven by strong online partnerships. The Watch S contributed to around 30 percent of its total sales.

Amazfit registered 65 percent growth and captured the fifth position in the smartwatch market. It led the market in the Rs 10,000 to Rs 15,000 price band with over one-third of the total shipments. The brand refreshed its portfolio with the launch of three new devices – GTR 3, GTR 3 Pro, and GTS 3.

Samsung grew more than two times driven by its most popular model, the smartwatch  Galaxy Watch Active 2. It is worth noting that the newly introduced Galaxy Watch 4 series contributed to over 16 percent of its total shipments. Meanwhile, Apple remained flat with the Watch SE contributing around 44 percent of its total volume. The refreshed line-up of Series 7 saw a great start with shipments crossing 100,000 units in Q4 2021.

Additionally, Dizo’s successful launches in the budget segment managed to capture a position in the top 10 list. The Watch 2 model drove most of its volume.

“More than 86 percent of the total shipments were driven by the under-Rs 5,000 price band, compared to 59 percent in the previous year. Many of the features which were earlier present in the Rs 3,000 to Rs 5,000 price band smartwatches are now found in the Rs 2,000 – Rs 3,000 segment, like SPO2, blood pressure monitoring, voice assistance, and larger display. Even features which were earlier prominent in premium smartwatches, like ECG and Bluetooth calling, can be seen in smartwatches priced under Rs 5,000,” said Anshika Jain, Senior Research Analyst at Counterpoint.

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