Indian wearables market sees triple digit growth in 2020, driven by smartwatches, earbuds: IDC
Wearables have been one of the quickly growing markets in India. According to a report by research firm International Data Corporation (IDC), the Indian wearable market posted a 144.3 percent year-on-year growth in 2020. Shipments in 2020 exited at 36.4 million units. Further, India was the only country in the top 20 to see triple-digit growth in wearables in 2020 and continues to be the third-largest wearables market globally.
This growth was majorly driven by the increasing acceptance of wearable earbuds and upgrades to smartwatches from fitness bands, both recording their highest annual shipments in 2020.
As per the report, the earwear shipments grew over three times in 2020 compared to 2019. Demand for more units was driven by newer, more affordable launches that now began being used for non-entertainment use-cases too. These include virtual meetings and e-learning requirements. TWS earbuds also featured the highest gains in shipments with a total of 11.3 million units shipped in 2020.
“Hearables became one of the most sought-after electronic categories in 2020. The newer version of hearables are much better in managing the increased audio usages and improved aesthetic and design also made them the trendsetter,” Anisha Dumbre, Market Analyst, IDC India said.
“TWS category saw the much-needed price corrections with several vendors launching devices at more affordable price points leading to the drop in the average selling price of TWS to $45 (about Rs 3,274) in 2020 from $110 (about Rs 8,005) in 2019,” she adds.
Watches and fitness bands recorded the biggest quarter in India in Q4 2020 as vendors shipped 15.2 million units, showing a growth of 198.2 percent year-on-year. Additionally, this was also the first quarter when shipments of watches crossed the one million mark, with shipments reaching 1.3 million units in the quarter. The growth was driven by new launches from brands like Noise, Realme, Apple, and Amazfit.
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