Indian brands now dominate country's wearables market
Indian wearable brands now comprise 55 per cent of market share
In a major boost to Asia's third largest economy's towering ambitions to dominate the smart devices market, India's home grown brands now comprise 55 per cent of the country's accessories' space, data by market intelligence-major IDC India showed. The accessories' space includes hearables, wearables and power accessories.
The IDC India attributed the dominance of Indian wearable brands to new launches, discounts across channels, and aggressive marketing by brands. Following this, despite an overall pessimism in smartphone manufacturing space due to fears of global recession, the Indian wearable brands are reportedly doubling down on manufacturing and subsequent expansion.
Which Indian brands are dominating the wearables market?
Of the top five wearable brands in the country, the top three are Indian brands. They are Imagine Marketing (BoAt) with over 32 per cent, Nexxbase (Noise) with close to 14 per cent share, and Fire-Boltt with close to 9 per cent share.
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China-headquartered OnePlus (more than 8 per cent) and Realme (more than 4 per cent) also make it among the top five wearable brands in India.
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Why Indian brands are dominating smart accessories' space?
During last few years that had COVID-19 pandemic challenging the growth ambitions of industries worldwide, the existing smartphone players who were widely expected to take over a significant pie of wearables' market in India. The Chinese brands, that sit over about 62 per cent share of India's smartphone market couldn't make strides into new segments like wearables.
"I think a lot of smartphone players, because the opportunity was so much bigger in smartphones, remained focused on smartphones with 4G and now 5G coming in, especially during the pandemic when they had to handle supply chain disruptions," Vivek Gambhir, CEO at Imagine Marketing (BOAT) was quoted as saying by Economic Times.
"They were focused on their existing markets and weren't really looking at creating new markets," he added.
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