India is now the biggest smartwatch market in the world – According to a report published by Counterpoint Research, the smartwatch market in India grew by 171 percent in the third quarter of 2024 to become the largest market in the world in the third quarter of 2024. According to a report by Counterpoint, India grew to become the largest global smart watch market in the world. All other markets, except China and Europe, showed positive growth. Looking at the global level, shipments of the global smartwatch market grew by 30 percent in the third quarter of 2024.
India has emerged as the leading smartwatch market globally, according to a new industry report. Counterpoint Research said in a report that the Indian market grew by 171 percent in the third quarter of 2024 to become the world’s largest smartwatch market. Despite inflation and geopolitical crises that have continued since the beginning of this year, shipments of the global smartwatch market grew by 30 percent in the third quarter of the year, an analyst said.
India is now the biggest smartwatch market in the world
India’s smartwatch market grew by 171 percent in the third quarter of 2024 to become the largest market in the world. The main factor behind the record quarter was India’s festive season. Growth was also driven by Indian brands expanding their range at affordable prices and focusing on local manufacturing,” said senior analyst Anil Yadav. The global smartwatch market grew by 30% in the third quarter of this year, despite inflation. Latest report from Counterpoint Research But most importantly, India has become the largest smartwatch market and a CAGR of 171% in Q3 2024. See details.
It’s no secret that the world is going digital. And with that comes a whole new set of opportunities and challenges. One of the biggest threats to traditional businesses has been the rise of digital platforms and devices, such as smartphones and smartwatches. And it’s not just businesses in developed countries that are feeling the heat – emerging economies like India are now competing head-on with traditional players for a share of the global market. In this article, we take a look at the major trends driving India’s growth as the world’s leading smartwatch market.
Biggest smartwatch market in the world Overview
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Affordable Smartwatches Led Market Globally
India’s reach in the smart watch market in the third quarter of 2024 is accredited to the festive season and many affordable options. Bluetooth calling became a popular feature, accounting for 58% of shipments across India. Even bigger screens helped the broadcast. With this, India has overtaken North America to lead the global smart watch market from Q4 2024.
Now it is in second place. It should be emphasized that the overall smart watch market worldwide was led by conventional smart watches, which grew by 35% year on year. In this segment, Noise topped India with a 25.2% share (third worldwide), followed by Fire-Bolt with a 24.6% market share. BOAT was third with 16.8 percent, Xiaomi was fourth with 0.2 percent, and Huawei was fifth with 3.2 percent.
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Noise, BOAT, and Fire-Bolt were the top contributors
Counterpoint Research has updated its Global Smartwatch Model Tracker and says the smartwatch market has shown a positive trend in shipments worldwide. World market deliveries grew by 30 percent year-on-year in the third quarter of this year. In particular, India showed the most positive growth. India’s smartwatch market grew by 171 percent in the third quarter of the year, making it the largest smartwatch market in the world. North America, which was the largest smartwatch market from the fourth quarter of 2024 to the second quarter of 2024, showed year-over-year growth of 21 percent, although it is not at the top.
According to a research analyst at Counterpoint, the positive growth in India is due to the festive season in the country. During the holiday season, sales took place around the clock, which especially affected the large markets of the country. In addition, Indian brands have expanded their product range by introducing affordable products. Brands like Noise, BoAt and Fire-Boltt produce affordable smartwatches with larger screens. Melu itself grew by 218 percent year-on-year to reclaim the top spot as a smartwatch company in the Indian market.
Conclusion
So far this year, the Indian market has been huge for smartwatches. According to a report by Canalys, India has overtaken the United States as the biggest smartwatch market in the world. This is huge news for companies like Samsung and Apple, as both companies have been focusing a lot of their attention on the Indian market in recent years. While this report is still preliminary, it provides a valuable snapshot of the current state of the smartwatch market in India.
FAQ
India is now the biggest smartwatch market in the world: Report?
According to Counterpoint Research's latest global smartwatch model tracker, India became the world's biggest smartwatch market in the third quarter of calendar year 2024. According to the study, local brands were a significant part of the 171% year-on-year growth in the Indian market.
How big is the smartwatch market in India?
In 2024, the Smartwatches category is expected to bring in US$86.69 million. The projected market volume by 2027 is expected to be US$124.80m, with an annual growth rate CAGR 2024-2027 of 7.56%. In 2024, user penetration will be 0.05%, and by 2027, it will have reached 0.05%.
How big is the smartwatch industry?
The smartwatch industry is expected to reach USD 80.1 billion by 2028, growing at a CAGR of 18.8% throughout the period, according to the study report. Apple Inc. is the Leading Player in the Smartwatch Market.
What is the smartwatch industry?
Report Overview is the name of the report. From 2024 to 2030, the worldwide smartwatch market is projected to grow at an annual compound growth rate of 8.2%, reaching a total value of USD 30,434.1 million in 2021. Because of the rising interest in fitness tracking and health monitoring capabilities, the market is expected to see a rise in adoption.
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