Today, smartwatches can do a lot more starting from providing directions, monitoring your health & fitness to facilitating phone calls. Smartwatches are coming in so many models both in terms of appearance and functions, and it can be a challenge to figure out which version and model suits your needs and preferences better. There has been an increase in demand for smartwatches with aesthetical appealing designs and multiple features in one device.
Mobility Magazine talked to some of the leading smartwatch providers in India about the latest technologies, market trends and new innovations that will disrupt the smartwatch segment in 2024.
Industry View
According to the IDC Report, India’s wearable market shipped a record 48.1 million units in 3Q23 (July-Sep), a healthy 29.2% year-over-year (YoY) growth. The market has shipped 105.9 million units in the first three quarters of 2023, which is more than 100.1 million units shipped in 2022. The brands that topped the list in terms of market share include: boAt (Imagine Marketing), Noise (Nexxbase), Fire-Boltt, OPPO (OPPO + OnePlus), and Boult Audio.
Market Summary
• Fire-Boltt led the market with a 30% share. The brand maintained its focus on offering a wide SKU portfolio and a strong offline presence.
• Noise (along with sub-brand Alt) captured the second spot with a 26% market share. The Noise Colorfit Icon 2 and Colorfit Icon Buzz were the best-selling smartwatches in 2023. The brand expanded its retail presence in 2023 and also expanded its portfolio in the kids smartwatch category.
• boAt (with sub-brands TAGG and Defy) maintained its third spot in the market with a 17% share and 40% YoY growth. The brand sported its widest portfolio in 2023 and also introduced its Crest+ OS. Besides, it launched limited-edition smartwatches for the Cricket World Cup in 2023.
• Fastrack registered the highest shipment growth among major OEMs to move to the fourth spot with a 5.4% market share. With existing brand value and wide offline presence, it has expanded rapidly.
• Boult captured the fifth spot with a 3.8% market share. It had the lowest ASP among the top five OEMs.
• Samsung declined by 3% YoY in 2023 but registered 17% YoY growth in Q4 2023. The Galaxy Watch 4 continued to be the brand’s best-selling model owing to its promotional pricing, making it the best-selling WearOS smartwatch in India.
• Apple’s shipments declined by 57% YoY in 2023 owing to longer replacement cycles and higher ASP coupled with iPhone-only compatibility. The brand maintained its lead in the shrinking INR 20,000 and above retail price band. With increased iPhone sales in India in 2023, we can expect gradual growth in Apple Watch shipments in 2024.
VIEWS OF INDUSTRY LEADERS
Below we mentioned the views and expectations of the industry leaders regarding the latest technologies, future innovations and market trends in the fast growing segment of smartwatches.
Growth & Demand
“In Q3 of 2023, the Indian Smartwatch shipments grew by 21% YOY, with the market share of domestic manufacturing reaching the highest at 82% (Counterpoint Research). Despite being a new brand, BOULT grew rapidly and captured a share of 3.4% in the smartwatches market in India and we are amongst the top five brands in the market. The BOULT Drift smartwatch has been a big hit in the market. Attractive price, quality, features and stylish designs are the dominant factors that the customers are attracted to,” Mr. Varun Gupta, Co-Founder, BOULT,
Mr. Vikas Jain, Co-Founder & CEO, World of Play, “Today, India is one of the biggest markets for smartwatches. Fitness monitoring features, calling option, better form factors, connecting the smartwath to the mobile phone, bigger display and higher battery backup are some of the trends in the smartwatch segment.”
Mr. Arnav Kishore, CEO & Founder, Fire-Boltt, “Today, in addition to timekeeping, consumers want multiple functions such as fitness tracking, notifications, and standalone communication capabilities in smartwatches. Additionally, the continuous improvement in design, higher battery life, and the expanding app ecosystem are contributing to the sustained popularity of these devices.”
Mr. Aashish Kumbhat , Co-Founder, URBAN Smart Wearables, “Beyond sleek designs and budget-friendly pricing, users want health monitoring functions, easy to use interfaces and attractive designs.”
Mr. Aneef Tas, CEO, Endefo, “Many consumers in India today are adopting smartwatches to monitor their health. The introduction of budget-friendly options, stylish designs and advanced features are driving the demand for smartwatches.”
Mr. Ujjwal Sarin, Founder, Nu Republic, “Consumers today are increasingly looking for multifunctional devices that integrate of health & fitness tracking, notifications, and connectivity with smartphones.”
Mr. Aayushmaan Wassan, MD, CallMate, “The Indian smartwatch market has experienced a phenomenal growth in 2023. Contributing significantly to this surge is the domestic manufacturing sector, boasting a remarkable market share of 82%. Additionally, the incorporation of larger screens and OLED displays in the Rs 2,000-Rs 3,000 price range has fuelled consumer interest, making smartwatches more accessible and appealing.”
Mr. Vijay Venkateswaran, Co-Founder, Wings, “In the past few years, the smartwatch tech has become user-friendly, the prices have never been lower, and the consumers see an overall benefit in terms of cost benefit ratio.”
Mr. Akhilesh Chopra, Director, Bluei, “The demand for smartwatches has experienced significant growth in recent years. The integration of health and fitness features, along with the ability to receive notifications, has contributed to the rising popularity of smartwatches. Our market research indicates a sustained upward trend in demand for smartwatches as versatile lifestyle accessories.”
Mr. Varun Aggarwal, Founder & MD, Mobatree, “Convenience of having health monitoring, communication, fitness tracking features, and compact and stylish designs are making the smartwatches a popular choice for consumers.”
Evolving Trends
“Smartwatch is evolving into a backup mobile device. With the recent buzz about AI and similar platforms, most brands are trying to use the smartwatch form factor to enable the same for the end consumers,” Mr. Vikas Jain of World of Play,
Mr. Arnav Kishore of Fire-Boltt, “The AI enables better health tracking, optimizing fitness routines, and enhancing overall user engagement. The incorporation of blood sugar monitoring represents a significant step appealing to individuals with diabetes. These trends underscore the increasing convergence of technology and healthcare, positioning smartwatches as indispensable tools for holistic well-being.”
Mr. Ujjwal Sarin of Nu Republic, “The AI-enabled smartwatches provide users with personalized recommendations for their health. Features such as blood sugar monitoring that go beyond conventional functionalities are in great demand today.”
Mr. Varun Gupta of BOULT, “Today, smartwatches have evolved into a necessity for millennials and the older population. Smartwatches with AI-based features and advanced voice technology are transforming the overall device ecosystem as never before.”
Mr. Aashish Kumbhat of URBAN Smart Wearables, “Features such as AI and blood sugar monitoring that help in proactive health management is making smartwatches valuable tools.”
Mr. Akhilesh Chopra of Bluei, “Today, the smartwatches with AI capabilities and health monitoring features, such as blood sugar tracking, are enhancing the user experiences by personalizing recommendations and improving device responsiveness.”
Mr. Aneef Tas of Endefo, “Today, the AI algorithms in smartwatches are designed to monitor user behaviour and preferences, and recommend tailored health recommendations, fitness goals, and notifications. For example, AI can predict when a user is likely to be most active during the day and suggest optimal times for workouts based on historical data. Smartwatches are increasingly equipped with advanced sensors to monitor various health metrics. In addition to heart rate monitoring and sleep tracking, some devices now include SpO2 (blood oxygen) sensors, skin temperature sensors, and more.”
Mr. Varun Aggarwal of Mobatree, “Many smartwatches now come equipped with heart rate monitors, sleep trackers, and activity trackers, allowing users to monitor their health and fitness levels in real-time. The AI algorithms can now analyze the patterns and trends in blood glucose data to predict future highs and lows. By giving users access to real-time health insights, this new technology will benefit a wider audience.”
Mr. Aayushmaan Wassan of CallMate, “CALLMATE recognizes the evolving trends, especially the integration of Artificial Intelligence (AI) for enhanced user experiences into smartwatches. CALLMATE’s commitment to advancing technology aligns with the increasing consumer demand for health-centric smartwatches.”
The Importance of Style Quotient
“Today, consumers want to digitally track their fitness schedule, health parameters and also want to be fashionably savvy,” Mr. Vikas Jain of Play,
Mr. Aashish Kumbhat of URBAN Smart Wearables, “Today, in addition to fitness tracking, and instant connectivity features, users also want their smartwatches to be fashionable and attractive.”
Mr. Aneef Tas of Endefo, “Brands are investing in developing feature-rich sporty, slimmer and lightweight smartwatches to cater to different tastes. Collaboration between tech companies and renowned fashion brands has become more common. Today, celebrities wear smartwatches in ads and public appearances contributing to the perception of smartwatches as being trendy accessories. The younger generation sees smartwatches as an extension of their lifestyle, driving brands to focus more on design and aesthetics. “
Mr. Varun Gupta of BOULT, “Today, style has become one of the main factors that enable the penetration into certain segments and brands are developing custom smartwatches to target these consumer segments.”
Mr. Ujjwal Sarin of Nu Republic, “At Nu Republic, we believe that smartwatches are not just functional gadgets but also powerful style statements. Our products are designed with a focus on expression and innovation, combining cutting-edge technology with exquisite craftsmanship. Customers embrace our products as accessories that complement their unique personalities and style.”
Mr. Vijay Venkateswaran of Wings, “Smartwatches with all their packed features for health and connectivity are also fashion statements for people to express themselves. If they were only tech-oriented, there wouldn’t be so many variants.”
Mr. Akhilesh Chopra of Bluei, “Smartwatches have evolved beyond being mere gadgets; they are now an integral part of one’s style. We design our smartwatches not just as functional devices but as stylish accessories. The customization options we offer, from watch faces to bands, allow users to express their individuality. We believe that a smartwatch should seamlessly blend into one’s lifestyle, making a fashion statement while delivering on functionality.”
Mr. Arnav Kishore of Fire-Boltt, “The customization options have transformed smartwatches into wearable expressions of individuality. Today, consumers seek not only advanced features but also aesthetically pleasing devices. By offering a diverse range of styles, bands, and watch faces, smartwatches have successfully merged technology and style, appealing to a broader audience with varying fashion preferences.”
Mr. Varun Aggarwal of Mobatree, “The integration of advanced health and fitness tracking features and cellular connectivity are key trends in the market, but smartwatches are also viewed as fashion accessories with customizable features that enable users express their personality and match their various outfits.”
Mr. Aayushmaan Wassan of CallMate, “Beyond their technological prowess, smartwatches have transcended into fashion statements. CALLMATE understands the importance of aesthetics and strives to position its smartwatches as more than just gadgets – as fashion-forward accessories that reflect the wearer’s personality and tastes.”
Emergence smart watches for kids and senior citizens
“In India, most of the educational institutes prohibit the student to be accompanied with electronic consumer electronic products like smartwatches and mobile phones. This demands that we develop special smartwatches for kids. Next, much need to be done to develop medical grade sensors that can accurately predict and monitor the health features of the senior citizens,” Mr. Vikas Jain of World of Play,
Mr. Aashish Kumbhat of URBAN Smart Wearables, “Smartwatches for our little ones and elders are a game-changer in India. With GPS tracking and emergency features, kid-friendly watches ease parental worries. Watches for senior citizens are packed with health monitoring and fall detection, which add an extra layer of care. Embracing these smart solutions ensures our loved ones stay connected and safe, blending tradition with the convenience of modern tech.”
Mr. Ujjwal Sarin of Nu Republic, “The emergence of smartwatches for kids and senior citizens represents a thoughtful expansion of the wear-tech market. For kids, these smartwatches offer features like GPS tracking, parental controls and educational apps, providing a balance between entertainment and safety. Smartwatches for senior citizens often include health monitoring features, emergency alerts, and simplified interfaces for ease of use. At Nu Republic, we recognize the diverse needs of our customers and our product range caters to various age groups, ensuring that everyone can experience the benefits of wear-tech.”
Mr. Akhilesh Chopra of Bluei, “The emergence of smartwatches for kids and senior citizens is a testament to the expanding demographic reach of wearable technology. For children, our smartwatches prioritize safety features, enabling parents to monitor their location and well-being. In the case of seniors, health tracking and emergency response functionalities take precedence. We acknowledge the diverse needs of these age groups and are committed to developing age-appropriate, user-friendly solutions that cater to their unique requirements.”
Mr. Aayushmaan Wassan of CallMate, “CALLMATE recognizes the need for different functionalities combined with simplicity for kids and senior citizens. With features like location tracking for kids and health monitoring for seniors, CALLMATE’s smartwatches aim to provide peace of mind to families while ensuring a seamless integration of technology into daily life.”
Mr. Varun Aggarwal of Mobatree, “Smartwatches for kids need features like GPS tracking, video calling, safe zone alerts, parental controls etc and likewise, senior citizen-specific smartwatches need easy user interfaces, health tracking, and GPS to improve safety and well-being.”
Mr. Arnav Kishore of Fire-Boltt, “The emergence of smartwatches tailored for kids and senior citizens reflects a growing recognition of diverse user needs. For kids, these devices often focus on safety features like GPS tracking and parental controls, providing peace of mind for parents. On the other hand, smartwatches for senior citizens prioritize health monitoring, medication reminders, and simplified interfaces for ease of use.”
Mr. Aneef Tas of Endefo, “Many smartwatches for kids come equipped with GPS and location tracking features which allow parents to monitor the child’s whereabouts in real-time, providing an added layer of safety. Kid-friendly smartwatches often include basic communication features, such as voice calls and messaging and are designed to be user-friendly, allowing children to stay connected with their parents or guardians. Smartwatches for seniors often prioritize health monitoring features. These may include heart rate monitoring, fall detection, medication reminders, and even ECG functionality, providing valuable health insights. Many smartwatches for seniors include an emergency SOS button that can be pressed to quickly call for help. Additionally, these watches may send alerts to the designated contacts in case of an emergency. For seniors dealing with conditions such as dementia, smartwatches with GPS tracking capabilities can assist in locating them if they wander away from a designated area.”
Mr. Arnav Kishore of Fire-Boltt, “For kids, these devices often focus on safety features like GPS tracking and parental controls, providing peace of mind for parents. On the other hand, smartwatches for senior citizens prioritize health monitoring, medication reminders, and simplified interfaces for ease of use. Today, there is a broader market acceptance and acknowledgment of the gadgets catering to these specific requirements.”
Brand Positioning
“Care for consumer data protection is mandated by the government and is becoming of utmost importance to the Indian consumers. The continuity of data monitoring using the smartwatch while changing the mobile device or the smartwatch has started being a preferred feature for consumer delight and retention. At PLAY, we focus on a seamless integration of hardware, software and data hosting and privacy to provide a total customer satisfaction,” Mr. Vikas Jain of World of Play,
Mr. Aneef Tas of Endefo, “What sets Endefo apart from the competitors are our product features, quality, pricing, customer service, and the unique value proposition that addresses specific market needs. Consistent branding across marketing channels helps us to create a recognizable and trustworthy image for Endefo in India, we will be implementing the same product positioning that we have been other parts of the globe successfully. Our tagline is ‘we give the best technology to Indian consumers at a very affordable price.’”
Mr. Varun Gupta of BOULT, “Consumer-centricity is at the heart of our company’s belief and this is what has helped us build a strong wearable tech brand. Apart from ensuring that our products are top notch in its technological prowess, we have kept our focus on design and a competitive price-point throughout. Our commitment is to be Made in India brand where over 90% of our products sold in India today are made in India. Today, BOULT has emerged as the second-largest audio company in India. We grew about 66% in 2022-23 to around Rs 500 crore and in 2024 we are expecting our revenues to grow to Rs 1,000 crore with a four-fold jump in our sales of smartwatches.”
Mr. Aashish Kumbhat of URBAN Smart Wearables, “Our brand takes pride in being an aspirational choice, positioning itself at the intersection of style, durability, stable functioning, and affordability. We redefine the market by offering not just attractive designs but also ensuring the longevity and stability of our products. Recently, we were recognized with ‘The Most Promising Watches of the Year 2023 and URBAN Dream Best Smart Watch for Women’ awards.”
Mr. Ujjwal Sarin of Nu Republic, “Nu Republic positions itself as a pioneer in Indian wear-tech. Our products, aimed at the youth, including personal audio devices, TWS, speakers, smartwatches and accessories, reflect our commitment to innovation and help self-expression and fashion. We aim to be the preferred choice for the young generation, offering vibrant and cutting-edge products that resonate with the dynamic lifestyle of our customers. We are accessible through various distribution channels worldwide, ensuring that our products reach a global audience.”
Mr. Akhilesh Chopra of Bluei, “We position our brand as a leader in delivering high-quality, feature-rich smartwatches that seamlessly integrate technology into everyday life. Our focus on innovation, reliability, and user-centric approach distinguishes us. Offering a diverse range of products, we aim to establish ourselves as a trusted and preferred choice in the smartwatch industry.”
Mr. Aayushmaan Wassan of CallMate, “In the first quarter of the financial year 2024-25, CALLMATE is set to launch 10 new innovative smartwatch models. With a diverse range catering to various preferences and needs, CALLMATE is committed to deliver quality, innovation, and affordability and positions itself as a frontrunner in the competitive landscape.”
Mr. Vijay Venkateswaran of Wings, “We are creating stylish and sleek smartwatches which will be selling at great prices, making a space for ourselves within an affordable market range.”
Mr. Arnav Kishore of Fire-Boltt, “We deliver innovative and stylish smartwatches that seamlessly integrate advanced technology for different demographic segments. We prioritize user experience, combining cutting-edge features like AI-enabled functionalities and health monitoring with a commitment to design excellence. Our brand is synonymous with reliability, user-centric design, and a forward-thinking approach.”
Mr. Varun Aggarwal of Mobatree, “Mobatree has been able to position itself as the most affordable brand. Mobatree has come up with smartwatches at affordable costs with the utility features at disposal and become more productive through communication at your wrist, idle alerts, weather forecast, setting alarms and more.”
Latest Innovations
“The rollout of 5G networks is expected to bring significant improvements in Internet speed, connectivity, and overall network performance. This can lead to advancements in augmented reality (AR), virtual reality (VR), and the Internet of Things (IoT). AR and VR technologies are expected to evolve, offering more immersive experiences in various industries, including gaming, education, healthcare, and virtual collaboration. Endefo will be one of the brands in the gadget industry that will bring the above-mentioned technology to Indian Citizens,” Mr. Aneef Tas of Endefo,
Mr. Aayushmaan Wassan of CallMate, “CALLMATE will offer cutting-edge features, improved health monitoring capabilities, and sleek designs in the upcoming smartwatch models.”
Mr. Varun Aggarwal of Mobatree, “Mobatree is dedicated to satisfy the evolving demands of the smartwatch market. We also provide long lasting, high-performing lithium-ion batteries for smartwatches and other devices.”
Mr. Ujjwal Sarin of Nu Republic, “As a brand dedicated to innovation & style, Nu Republic is constantly exploring new avenues to enhance user experience and to stay at the forefront of wear-tech advancements. Whether it’s incorporating the latest technological breakthroughs or exploring unique design elements, our commitment to transforming the mundane world of electronics remains unwavering.”
Mr. Akhilesh Chopra of Bluei, “We are actively researching and developing features that enhance user experiences and anticipate evolving needs. From advanced health monitoring capabilities to novel materials and designs, our forthcoming innovations will further solidify our position as a leader in the smartwatch market.”
Mr. Aashish Kumbhat of URBAN Smart Wearables, “Our new wearables will do more than ever with the integrated IoT features. Watch out for our upcoming eSIM and 4G Variants. Our new releases will have Payment Gateway functions also.”
Mr. Arnav Kishore of Fire-Boltt, “We are exploring advancements in health monitoring, including the integration of novel sensors for more comprehensive biometric tracking. AI will continue to play a pivotal role, to enhance predictive analytics and personalization features.”
Mr. Varun Gupta of BOULT, “In Q2 2024, we will unveil smartwatches with our latest true wireless sound and cutting-edge features. We are introducing technologies such as Cordic Accelerate Engine – Sonic Core Dynamics/ Binary Beat that ensures low power consumption, accurate and superior noise cancellation, intelligent voice recognition and sharpness in sound. Apart from this we will also be introducing Prism Voice PLC – an AI enabled system that helps in reducing conversation lags and enhances the gaming experience on the TWS device. Finally, the new devices shall also boast of Dual Core Digital Signal Processors (DSP), helping in simultaneous audio processing, extended battery life, swift and synchronous audio transfer and adaptive equalization mode.”
Mr. Vikas Jain of World of Play, “In the coming months, our focus will be on employing medical-grade sensors in our smartwatches. Health, fashion and entertainment will be the key covenants to drive further adoption of smartwatch in the Indian markets.”
Nutshell
With a focus on health concerns and the myriad benefits offered by the tiny-screen gadget, Indians are increasingly turning to smartwatches to enhance their overall well-being like never before. Smartwatches for kids and the elderly is another segment that is evolving. AI is set to play big role in designing new smartwatches.
Covered By: Mobility India / Smartwatch
If you have an interesting Article / Report/case study to share, please get in touch with us at editors@roymediative.com roy@roymediative.com, 9811346846/9625243429.
