The Indian wearables market place has been witnessing one of its finest phases through the pandemic. After attaining record shipments last year, the segment once again posted volumes of 11.4 million units through January-March 2021, the highest ever recorded in the very first quarter of any calendar year.
The market place grew 170.3% year on year (y-o-y) in Q1 2021 on the back of a powerful momentum in watch and earwear categories, IDC India stated. Watches grew 463.8% y-o-y to develop into the quickest-expanding category in wearables, replacing earwear. A total of 1.4 million watches had been shipped in Q1 2021, the second quarter in a row to record more than a million shipments for watches, it stated.
The general wristwear category, which includes wrist bands and watches, grew 74.8% y-o-y in the very first quarter.
“The ongoing consumer enthusiasm for earwear devices demonstrates the category’s healthy appetite. Vendors are trying to capitalise on the ride with low- and mid-priced devices. This is not only helping lower the category’s average selling price (ASP) but also adding improved features to acquire new users,” IDC India market place analyst Anisha Dumbre stated.
In watches, with a surge of low-price devices in the market place, the ASP fell to $88 (about Rs 6,000-Rs 6,200). Moreover, the ASP also declined by 31% from the preceding quarter, highlighting that vendors are aggressively capitalising on this market place by introducing more inexpensive devices.
The offline channel, which faced challenges due to Covid-19, began to witness some normalcy and vendors explored offline expansion as a vital signifies to strengthen corporations in each hearables and wristwear, she stated.
However, the second wave has once again halted retail sales as essential cities are going via lockdowns, additional pushing the offline expansion of organizations for the next two quarters, Dumbre stated.
On the development of the Indian wearables market place, IDC India associate analysis manager (client devices), Jaipal Singh stated, “From style to health monitoring, 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 infections has impacted planned launches and delayed deliveries. However, more than the last year, the worth of wearables has swiftly expanded. The demand for these devices is anticipated to continue powerful in 2021, he stated.