In between the rising concern of the pandemic from the first to second phase especially in India, the fitness wearable market in the country has witnessed a steep rise in demand for its fitness wearables accessories. Having a boost in its shipment last year, the fitness wearable market posted volumes of 11.4 million units during January-March 2021, the highest ever recorded in the first quarter of any calendar year.
According to the reports released, it has been stated, that the market grew 170.3% year on year in Q1 2021 on the back of strong momentum in watch and earwear categories. As confirmed by IDC India, “Watches grew 463.8% year on year to become the fastest-growing category in wearables, replacing earwear. A total of 1.4 million watches were shipped in Q1 2021, the second quarter in a row to record over a million shipments for watches. The overall wristwear category, including wrist bands and watches, grew 74.8% y-o-y in the first quarter.”
Regards to the steep rise, Anisha Dumbre, Market Analyst, IDC India said, “The ongoing consumer enthusiasm for earwear devices demonstrates the category’s healthy appetite. Vendors are trying to capitalize on the ride with low and mid-priced devices. This is not only helping lower the category’s ASP but also adding improved features to acquire new users.”
Commenting on the offline expansion, Anisha Dumbre further said, “The challenges faced by the offline channel due to pandemic had started to witness some normalcy, and vendors also explored the offline expansion as a crucial means to improve their businesses in both hearables and wristwear category. However, the onset of the second wave has again halted the retail sales as most of the key cities are going through lockdowns, further pushing the offline expansion of companies for the next two quarters.”
However, the wristbands category saw a decline of 22.4% YoY in 1Q21, finishing the quarter with 760 thousand-unit shipments. The category also witnessed a sequential decline of 13.9% as the users continue to migrate to watches. Xiaomi maintained its lead with a 37.3% category share in this quarter. OnePlus, the new entrant in this category, finished second, replacing realme with a 25.2% share in 1Q21.
Commenting on the growth of the Indian wearables market, Jaipal Singh, Associate Research Manager, Client Devices, IDC India said, “From style to health monitoring, the wearables have now become one of the most sophisticated devices in recent times. The category is witnessing a constant shift in the competitive landscape with new players entering the segment.”
“The second wave of the pandemic has caused a sudden stir across vendors and channel partners, impacting the planned launches to postpone and delay in deliveries. However, over last year, the value of wearables has rapidly expanded, and hence, the demand for these devices is expected to continue strong in 2021,” he added.
A total of 1.4 million watches were shipped in 1Q21, the second quarter in a row to record over a million shipments for watches. Noise continued to lead the category with a 26.7%share, followed by BoAt with a 21.9% share in 1Q21. Being just two-quarters old, with aggressive shipments, BoAT has emerged as a strong player in the watch category. With a surge of low-cost devices in the market, the ASP of the category fell to $88, down from $166 in 1Q21. Moreover, the ASP of the category also declined by 31.0% from the previous quarter. This trend highlights that vendors are aggressively looking to capitalize on this market by introducing more affordable devices.
The Earwear category grew 209.3% YoY with 9.3 million shipments in the first quarter of the year. BoAt, with its multiple devices in its portfolio, continued to lead the overall earwear category with a 29.3% share, followed by OnePlus accounting for a 15.1% share in this category.
The Truly Wireless Stereo (TWS) category grew 284.4% YoY with a 35.0% share in the overall earwear category. This is primarily due to market players focusing more on affordable devices, making TWS devices a popular choice for users. The ASP of the TWS devices further declined by 39.4% YoY in 1Q21. This category was also led by BoAt with a 25.6% share and One Plus finished second with an 11.9% share in 1Q21, mainly supported by OnePlus Buds Z.
About IDC
Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world’s leading tech media, data, and marketing services company. It is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC’s analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives.
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