The global smartwatch market grew by 24% annually in 2021, and the Indian market was among the highest takers for this segment. According to market research firm Counterpoint Research’s global smartwatch shipment numbers, high demand for smartwatches priced below $100 (approx. Rs 7,500), alongside a 274% growth in smartwatch shipments in India, contributed sharply to the overall growth of this segment of consumer gadgets in the world last year.
Counterpoint data further claims that the last three months of 2021 accounted for the highest shipments of smartwatches ever – with Q4 2021 accounting for over 40 million smartwatches shipped globally. India, on this note, saw its smartwatch shipments grow nearly 4x in comparison to 2020. According to the firm’s numbers, while India accounted for about 3% of global smartwatch shipments in 2020, the same grew to around 10% in 2021.
However, North America and China continue to be the highest takers for smartwatches globally. Counterpoint states that while North America saw shipments grow by 14% to account for three out of every 10 smartwatches shipped in the world, China saw shipments grow 10% to account for 24% of all smartwatches in the world.
Indian brand Noise was the biggest growth factor for smartwatches in the country in 2021. Talking about the brand’s performance, Anshika Jain, senior research analyst at Counterpoint, said, “Noise is the No.1 Indian smartwatch brand and leads the growth of the local market. It captured the top position in 2021 due to its diverse product portfolio targeting the budget and mid segments, as well as strong partnerships with e-commerce players, financial institutions and celebrities.”
Jain also added that Noise reduced the overall pricing to “make its smartwatches accessible to a larger group of people,” a strategy that reportedly made the brand the third largest smartwatch brand in the Asia-Pacific region in 2021 – just behind Apple and Samsung.
On a global scale, Counterpoint said that Apple remained the top smartwatch brand in 2021, with a 30% overall market share. Samsung stood second with 10.2% of the global market, reviving demand for its watches driven by its partnership with Google’s Wear OS.
Talking about the overall demand for smartwatches, Sujeong Lim, associate director at Counterpoint, added, “With their ability to monitor important health parameters like blood pressure, ECG and SPO2, these devices are becoming popular. Further, the attractiveness of smartwatches as independent wearable devices will increase if more of them start supporting cellular connectivity.”