India Set to Become World’s Largest Wearable Market in 2023

India Set to Become World’s Largest Wearable Market in 2023

India is poised to become the world’s largest market for wearables in 2023, according to market research firm IDC. Out of the 504.1 million units of wearables expected to be shipped globally this year, India is expected to account for 130-135 million units, accounting for 26 percent of the total units shipped around the world.

Last year, the Indian market shipped 100 million units out of a total of 492 million units, second only to China and North America.

Another research firm, Counterpoint in a report in May said that the Indian wearables market registered a growth of 121 percent year-on-year in the first quarter of 2023. This was largely fuelled by low-cost wearables from companies such as Fire-Boltt, Noise and boAt. Counterpoint report, however, said that India would account for 27 percent of the total units this year.

The research firms agree that the increase of wearables is spurred by the number of smartphone users, who also owned a smartwatch. IDC said that India had already surpassed the United States and China in terms of market size and will continue to grow further. Counterpoint said that for every smartphone sold in India, there was also a smartwatch sold.