NEW DELHI: India’s wearables market grew 113% year-on-year to ship 23.9 million units in Q2 2022, while the first half (January-June) recorded shipments of 38 million units, growing at 65.8% year-on-year supported by new launches, discounts, and affordable devices<\/a>, according to the latest market data released by International Data Corporation (IDC<\/a>) on Wednesday.
But despite the strong growth all-around, the overall average selling price (ASP) declined by 7.2% year-on-year in the second quarter, as per IDC<\/a>.
The research firm now forecasts that the shipments of wearables will exceed a record of 90 million in 2022.
Watch-based wearables continued to be the fastest-growing category shipping 6.4 million units, growing by 298.4% year-on-year. With a strong push for entry-level price points, the ASP declined by 28.9% year-on-year to reach $45.1 (vs $63.4 a year back).
Wrist bands declined by 630% year-on-year as weaker demand continues to restrict its growth, on the other hand, hearables accounted for 72.6% of the overall wearables category. Truly wireless (TWS) now accounts for half of the earwear shipments growing by 187.4% year-on-year, the data showed.
Imagine Marketing (BoAt<\/a>) led the overall market with a 34.3% market share in Q2 growing 76.6% year-on-year. It led earwear devices<\/a> with a 42.8% share (in TWS) and widened its watch-based wearables portfolio. Nexxbase (Noise<\/a>) stood in second place with an 11.5% market share, while OnePlus<\/a> came in at the third spot in the overall wearable category growing by 129.7% year-on-year, as per IDC data.
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