India now largest smartwatch market globally due to festive gross sales: Report | Know-how Information
The bumper festive season gross sales and launch of inexpensive but enticing smartwatches propelled India to emerge as the most important smartwatch market globally. In accordance with a report, the Indian smartwatch market grew 171 per cent in Q3 this 12 months examine to identical interval earlier 12 months to change into the most important smartwatch market globally. In accordance with Counterpoint Analysis report, the worldwide smartwatch market shipments elevated 30 per cent (year-over-year) in Q3 regardless of inflation and geopolitical crises which have continued for the reason that starting of this 12 months.
“India’s smartwatch market grew 171 per cent (year-over-year) in Q3 2022 to change into the most important market on the earth. The principle issue behind the file quarter was India’s festive season. Indian manufacturers increasing their product portfolios at inexpensive worth factors and emphasis on native manufacturing additionally contributed to the expansion,” mentioned Senior Analyst Anshika Jain.
As a result of robust gross sales of its newly launched Apple Watch 8 sequence, Apple grew 48 per cent (year-over-year). Noise grew 218 per cent (year-over-year) to regain the highest spot within the Indian market. Nonetheless, Hearth-Boltt misplaced market share to Noise in India, falling to second place behind Hearth-Boltt.
Furthermore, Samsung elevated its shipments by 62 per cent (quarter-over-quarter) by launching the brand new Galaxy Watch 5 sequence, mentioned the report.
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“Among the many forms of smartwatches, the essential smartwatch, with comparatively lighter variations of working programs (OSs) and extra inexpensive costs, has been the important thing driver in sharply boosting the worldwide market just lately. Whereas HLOS smartwatch shipments grew 23 per cent (year-over-year) in Q3 2022, primary smartwatch shipments greater than doubled (year-over-year), accounting for 35 per cent of the full market,” mentioned Analysis Analyst Woojin Son.
The shipments in North America, which remained the most important market from This fall 2020 to Q2 2022, elevated 21 per cent, however India grew a lot that it was pushed to second place globally, the report added.
(With IANS inputs)
