The year 1972 has a marked significance in that it was the first time ever that computers became small enough to fit in a wristwatch. Hamilton Pulsar was the first-ever digital watch released that year. Another was the Calcron calculator watch that featured a nine-digit display. In the year 1983, the Seiko Data 2000 was released which was one more smartwatch predecessor. This watch could store two memos of 1000 characters each. It could also be attached to a keyboard that came with the watch, used to type memos.
Since then, smartwatches have evolved to now being able to track, store and transit complex data about the wearer. They can now monitor fitness information, monitor and spot potential medical conditions as well as transmit location information through GPS in the event of an emergency.
By the year 2021, the global smartwatch industry size was a whopping USD 30434.1 million which is expected to grow at a CAGR of 8.2% between 2022 and 2030. This increase is attributed to the growing inclination for fitness tracking and the health monitoring features available on smartwatches.
Smartwatches Global Revenue
As per the report from the International Data Corporation (IDC), the wearables market of India saw a robust YoY (Year-on-Year) growth of 46.9% in the year 2022 with shipments reaching 100.1 million units. Of this total number of shipments, 30.7% were smartwatches. Growing exponentially from a shipment size of 4.95 million in the fourth quarter of 2021 to 8.59 million in the fourth quarter of 2022, smartwatch shipments represent a 73.6% YoY growth. Of the many models of smartwatches, basic smartwatches have continued to dominate the market showing an annual growth of 158% in the year 2022.
This growth has shown no signs of abating as the first quarter of 2023 shows that the Indian smartwatch market has recorded a 121% YoY growth. Putting it simply, India has emerged as the biggest market for smartwatches with a 27% market share.
Reasons for Growth of the Smartwatch Market in India
The numbers showcase a consistent and exponential growth of smartwatches in India. The growth has been significant, especially since the global covid-19 pandemic as people have become more health conscious. The first quarter of 2023’s recorded growth of 121% is also important as global sales actually declined during this time period due to macroeconomic situations. However, it was India’s growth contribution that restricted the decline in global shipments to 1.5%.
Product Affordability
One of the primary reasons for the growth is also the availability of affordable smartwatches.
Anshika Jain, an analyst at Counterpoint Research says – “India’s smartwatch market grew 121% YoY in Q1 2023 driven by affordability, rising customer demand, and availability of a wide variety of options in the budget segment.”
This growth comprised more than 40% of smartwatches sold priced under INR 2000. There are other reasons that have played a key role in the growth of the Indian smartwatch market.
Rise of Local Smartwatch Makers
Indian smartwatch makers dominated the smartwatch market claiming more than 90% of sales.
Anshika Jain added – “The share of India-based players crossed 90% for the first time as they were quick in terms of upgrading their portfolios and adapting their products to customer needs at a reasonable price point.”
In terms of global smartwatch shipments, Indian smartwatch maker Fire Boltt outpaced Samsung and reached the second position in the first quarter of 2023. Fire Boltt increased its shipments of affordable smartwatches three times YoY.
Globally, India also became the largest market for smartwatches, accounting for 27% of all worldwide smartwatch sales. North America accounted for 26% of global sales while China was a distant third with a 18% market share.
India’s lion market share of the smartwatch market is occupied by budget users looking for smartwatches that are affordable, medium, and premium. Customers want and expect certain features in a smartwatch – battery life, screen size, price, calling features, health tracking features, and last but certainly not least, style. Some of the best budgets buys within the Indian brand offerings are Titan, Noise, boAt, Fire Boltt, etc. These brands offer smartwatches that meet all customer demands and they are also quick to respond to new market demand with designs that are sleek while keeping the cost low.
5 Best boAt Smartwatch between 2000 – 5000 Top 5 Smartwatch by boAt
Conclusion
The Indian smartwatch market is growing and is showing no signs of slowing down even amidst the global smartwatch shipment decline and other economic problems. Indian brands are gaining prominence amongst strong global players and making a strong place for themselves.
FAQs
What are the reasons for the growth of the smartwatch market in India?
The reasons for the growth of the smartwatch market in India are:
Product affordability
Rise of Local Smartwatch Makers
Which Indian brands offer reasonable smartwatches?
Some of the best budgets buys within the Indian brand offerings are Titan, Noise, boAt, Fire Boltt, etc.
Imagine Marketing Services Pvt. Ltd., is the parent company that conducts business operations under the brand name ‘boAt’ and markets audio-focused consumer electronic products. It was incorporated in India in November 2013 by Sameer Ashok Mehta and Aman Gupta.
Its product repertoire includes wireless earbuds, wired headphones, wireless speakers, home audio equipment, smart watches, and a range of mobile phone accessories. The company also produces special editions of its various audio hardware products, which form a part of its promotions or collaborative tie-ups with other brands.
boAt has raised USD 177 million in funding over 7 funding rounds spread across 6 different venture capitalists. These were Fireside Ventures, Navi Loan, InnoVen Capital, Warburg Pincus, Qualcomm Ventures, and Malabar Investment Advisors. Below is a brief timeline of the year, the type of funding, and the amount raised.
Announcement Date
Transaction
Amount Raised (In Rupees)
October 28, 2022
Convertible Note
500 crores
April 16, 2021
Series B Funding
50 crores
January 5, 2021
Series B Funding
10 crores
September 1, 2020
Debt Financing
25 crores
July 26, 2019
Debt Financing
16 crores
July 17, 2019
Debt Financing
20 crores
May 3, 2018
Venture Round
60 crores
Reasons for Cancelling IPO
Why boAt Cancels its 2000 Crore IPO?
In February this year, boAt filed IPO papers with SEBI (Securities and Exchange Board of India) to raise a massive amount of INR 2000 crores. However, according to SEBI regulations, the company was allowed to raise a maximum of INR 180 crore equity. boAt succeeded in raising INR 500 crores (approximately USD 60 million) from its current investor Warburg Pincus and a new investor Malabar Investments through a private placement of preference shares. In light of receiving this amount of funding, boAt proactively delayed the launch of its IPO (Initial Public Offering). According to various reports, Malabar and Warburg Pincus will be able to convert those preferred stocks into equity at a valuation of INR 120 crores whenever boAt goes ahead with its IPO.
The primary reason behind the canceled IPO of boAt is the volatility that currently afflicts the global market at large, be it the ongoing Russia-Ukraine War, the impending recession, the stock market crash, etc. boAt has followed companies like Mobikwik, PharmEasy, and Droom by its IPO cancellation.
Future Plans of boAt with New Cash Infusion
Earlier, a majority of the boAt products were made in China, and boAt is now attempting to diversify its production base. Towards this end, it has formed a joint venture with Dixon. It has also moved a sizeable portion of its production to India where it now produces a million devices every month. Aman Gupta, Co-Founder and Chief Marketing Officer of boAt said –
“We are the second largest player internationally in earwear and have established leadership in our core individual audio segment. Being one of the top brands in the world with a brand that was created in India is a source of tremendous pride. We now want to make smart watches our second core and will rebuild the boAt digital strategy to become global leaders in this sector as well. The additional capital will enable us to dramatically increase our investments to disrupt the smartwatch markets with more cutting-edge technologies. We are also delighted that investors remain firmed convinced of and confident in the boAt narrative.”
Following this, Sameer Mehta, Co-Founder and Chief Product Officer said –
“The majority of companies lack control over the end-to-end stack necessary to provide customers with attractive features because the market is still in its early phases of evolution. Great potential exists to develop the market and provide more innovative and cutting edge solutions. The next generation of devices is being developed by boAt laboratories, our 120-person internal R&D team and KaHa Technologies, a world class IoT and wearables platform with 64 pending and granted patents. These gadgets will give users more in-depth wellness information and extensive features enabling them to live healthier and more fulfilling lives.”
From their interviews, it is clear that boAt intends to do two main things with the cash infusion –
Attack the smartwatch market
Pay off its debts
boAt’s Marketing Strategy
The smartphone ecosystem in India has grown exponentially which has flooded the market with accessories like headphones and earphones with a big brand presence like Apple, JBL, Sony, Bose, etc. However, the Indian consumer is price sensitive and wants value for the amount spent. The accessories that these brands offer are expensive and Indian consumers are used to using earphones that came packaged with smartphones. Hence, the need to pay a premium price for audio accessories and purchase them separately was a problem. Also, Chinese products and second copies of well-known brands were freely available with street vendors and were cheap but lacked quality and durability.
boAt identified this gap and its target customer segment – the Millennials who looked for quality at a reasonable price. Recently boAt was listed as one of the world’s top five brands in IDC’s wearables and hearables list along with names like Apple, Xiaomi, Huawei, Samsung, and Fitbit. 60% of boAt’s business comes from its headphones. Its sharp pricing makes the company’s products aspirational and affordable.
Conclusion
boAt’s earphones have a special message for all its users as soon as it is turned on. It says – “You are plugged into Nirvana.” The boAt company has skyrocketed its India and Global presence in a short space of time and managed to launch affordable, stylish, and excellent quality consumer electronic products.
FAQ’s
Who is the CEO of boAt?
Vivek Gambhir is the Chief Executive Officer of boAt.
Who invested in boAt IPO?
Current investor Warburg Pincus and a new investor Malabar invested USD 60 million in boAt IPO.
What is the reason behind boAt’s success?
The primary reason behind boAt’s increasing revenue and profitability is the growing demand for affordable and high-quality audio products in the country.
Who are the biggest competitors of boAt?
The top competitors of the Boat are Gonoise, Mivi, and Skullcandy.
An endorsement is a form of brand communication in which a famous personality acts and speaks on behalf of the brand to attract the audience’s attention. Endorsements are one of the most prominent marketing strategies for brands as it helps to show a brand’s authenticity and develops trust among the audience. Celebrity endorsement was once regarded to give a distinct differentiator in a market with a high proliferation of local, regional, and international businesses.
Almost every big business tries to include a famous celebrity suitable for their brand promotions. One great example of a celebrity here is Jasprit Bumrah. He is a well-known Indian cricketer, who happens to be the top-most choice of many brands for their promotions. As per CAknowledge, Jasprit Bumrah’s Net Worth is $7 Million (Rs.52 Crore) in 2022. Although the main source of his income comes from cricket, Bumrah is also known to endorse various brands for which he earns a good amount of money as well. In this article, we will go through some of the most popular brands endorsed by Bumrah.
Bumrah has a sporty and energetic personality. This makes him an appealing choice for many brands. The following are the brands endorsed by Jasprit Bumrah:
ASICS
Asics – Brands endorsed by Jasprit Bumrah
It is a sports apparel company. Jasprit Bumrah being a sportsperson seems to be a perfect choice for the brand’s endorsement. ASICS’ Pace to Glory campaign included Jasprit Bumrah and fast bowler Bhuvaneshwar Kumar. Ravindra Jadeja, an Indian cricket all-rounder, and actor Tiger Shroff are also its brand ambassadors.
Rajat Khurana, the Managing Director of ASICS India said about the brand’s association, “We are extremely delighted to bring on board leading cricketers of our Indian cricket team as the brand ambassadors for Asics India. Their commitment to fitness on and off-field leading to team India’s success is commendable, they truly resonate the brand’s core value. This partnership is also an extension of the Global ‘I Move Me’ campaign for ASICS.”
Following this, Bumrah said, “I want to make the most of our association where we inspire and motivate people to move and be a part of the larger movement started by ASICS.”
OnePlus Wearables
OnePlus Wearables – Brands endorsed by Jasprit Bumrah
OnePlus is Bumrah’s another major brand endorsement. The company has named cricketer Jasprit Bumrah as the brand ambassador for its wearables category. The cooperation with Bumrah reaffirms the brand’s ‘Never Settle’ concept and the company’s quest for perfection.
Bumrah represents a passion for a healthy, fit, and active lifestyle for today’s youth. All this truly connects with what OnePlus wearables’ category stands for.
“As a brand, OnePlus has always believed in challenging itself, constantly redefining standards and delivering on our promise to ‘Never Settle.’ A disruptor throughout his career, we see these ideologies reflected in Jasprit, his grit and his determination,” said a OnePlus spokesman.
Seagram’s Royal Stag
Seagram’s Royal Stag – Brands endorsed by Jasprit Bumrah
Another popular brand endorsed by Bumrah is Seagram’s Royal Stag, an alcoholic beverages company. The company has signed Jasprit Bumrah, India’s new pace sensation as its brand ambassador. Bumrah is an expression of brilliance and great potential, and fits in nicely with the brand’s attitude.
Jasprit said on his association with the brand, “I am delighted to be associated with a brand that constantly inspires India with the power of sports & amp; spirit of make it large. I feel that my journey as a cricketer and my achievements were driven by an underlying passion of Making it Large irrespective of the challenges and hurdles I faced”.
“Royal Stag has always been an iconic brand that has inspired people to dream, achieve and make it large in life. We are extremely excited to have Jasprit Bumrah on board. His journey from debut till today, has been inspirational, where now, he is unanimously acknowledged as one of the greats of the game across all formats. He is a source of inspiration to the millions across the country who are ambitious, embody self-belief and are willing to go the distance to fulfil their dreams”. said Kartik Mohindra, CMO, Pernod Ricard India.
Jasprit Bumrah, India’s bowling sensation, has been named a Brand Ambassador for Zaggle, payments and group dining platform. This partnership comes at a time when Zaggle is rapidly expanding its market share in the Indian domestic payments market.
Mr Raj N Phani, Founder of Zaggle, remarked of the partnership with Bumrah, “It is a perfect alignment for Zaggle. We at Zaggle, like Jasprit Bumrah, are performing at our best, and are catering to the needs of our customers and captain respectively. I congratulate Bumrah on becoming the second fastest 50 wickets taking bowler in India and wish him many successes in the times ahead. ”
“I am happy to be in association with Zaggle. Being a foodie myself, I could instantly relate the offerings on Zaggle App, and am confident; customers will find it hugely beneficial. And the campaign we shot will be out soon and will capture the imagination of all.” said Jasprit Bumrah on his association with Zaggle.
boAt
boAt – Brands endorsed by Jasprit Bumrah
Bringing in a cricketer as a brand ambassador is a significant investment for a lifestyle brand like boAt that sells consumer audio goods. Shikhar Dhawan and Jasprit Bumrah have been appointed as brand captains to help connect and increase the brand’s appeal among the target demographics. Jasprit Bumrah and other cricketers now represent the company, making it an appealing brand in the eyes of the audience.
Dream11, India’s leading fantasy sports platform is another big name on the list that brought Bumrah for its brand endorsement. It is a co-sponsor of the Indian Premier League and has a huge number of cricketers representing their brand, similar to boAt. During the IPL, Jasprit Bumrah was also a part of a fun ad that the brand ran.
Unix
Unix – Brands endorsed by Jasprit Bumrah
Another name on the list is Unix. It is an Indian mobile accessories manufacturing brand. The brand offers a wide variety of products like chargers, earphones, wireless speakers, power banks, and many more. The brand signed Bumrah as his brand ambassador to increase its visibility and attract more customers.
On the brand’s association with Bumrah, Imran Kagalwala one of the company’s founder said that “we see a lot of our Unix brand traits matching with Jasprit Bumrah and we hope to have a fruitful association with Jasprit Bumrah.”
Conclusion
Brand endorsements is one of the most popular marketing strategies for the big brands. These endorsements helps a brand to promote their products or services and develop a sense of trust among the audience. Jasprit Bumrah being a famous cricketer, is one of the most popular choice for many brands’ when it comes to endorsements. He is known to be associated with many famous names like boAt, Dream11, OnePlus wearables, and more.
FAQs
Which brands are endorsed by Jasprit Bumrah?
Brands endorsed by Jasprit Bumrah are:
Asics
OnePlus Wearables
Seagram’s Royal Stag
Zaggle
boAt
Unix
Who is Brand Ambassador of Unix?
The Indian cricketer, Jasprit Bumrah is the brand ambassador of Unix.
As we develop multi-folds in the direction of technological advancements, we leave enormous amounts of things behind this trail. Yes, of course, leaving unnecessary things behind is a good way for going ahead in life. As technology gets more and more compact, we are witnessing the devices also get more compact. Data transfers are fast and now happen at unbelievable speeds. All these advancements are taking us to the new future, the future that is wireless.
Wires are a thing of the past now. Who knows them? What are they? this might not be a valid question today but for real, who knows the future? we might be talking about them in stories only. Like we talk about floppies, telegraph, and analogue television. We live in a wireless world now.
With the onset of the covid 19 pandemic and the spread of social distancing norms, we all are witnessing more wireless stuff than ever. Wireless is not even the near future, it is already here. Not only this it has transformed into multiple forms, like those of wearables.
Technology was in your hands in the form of smartphones, but now it is getting smarter and has even managed to enter your humble wardrobe. As devices are getting diverse in features they provide, they are also turning into something that can be worn. That is what we mean by wearables.
They are wireless gadgets with an inbuilt battery to support themselves. It can be a smartwatch, a fitness band, a wireless earphone, a smart pair of sunglasses and many more. These gadgets have already flooded the tech market in all forms, shapes and sizes, heavily democratising the market.
They are the new trend. I use the word ‘trend’ here because they are used more in a fashion sense rather than being used as a convenient device. The fight between the idea of “need to have” or “nice to have” always goes on. You will find people saying a lot of things about both the arguments everywhere. There cannot be a single accepted conclusion.
In Fact, the way they have entered the market is a unique way and it tells a story when we trace it. Smartphones were not considered something that was needed when they were just starting out. Feature phones were the ubiquitous devices that everyone used to call each other.
Soon when people saw these little palm handed devices, they were in awe. Curiosity drove them to these and smartphones made the magic spell work. The result was that humans fell in love, so much so that it is now a necessity for everyone to have a smartphone. This is the point in time when wearables are at their initial beginning, and they’re already flooding the market.
How Does This Wearables Technology Work?
We can say that wearable devices were present for a long time. Their instances have to be said from the very past of eyeglass discovery. When eyeglasses were popularised, people saw a new perspective of gadgets that can be worn.
Many years after that, when we have evolved technology so far and tiny, this tech is returning with big hope. Now, we can incorporate nano-transmitters coupled with an internet connection to a handheld device. These microprocessors are no less than a computer and can perform almost all the smart functions of a computer bigger in size.
Also, the growth in the domain of smartphones also helped the development of smart wearables. The betterment of mobile networks helmed the development of the wearable industry. That being said, fitness trackers were the first kind of wearables that were popularised around the world. The moment they became famous and made their own market, more features and forms got into the market. The humble wristwatch evolved to incorporate a screen into itself.
Wired headsets went on to rethink their purpose and Bluetooth headsets took their throne. A simple sunglass also was taken hostage by more smart and web-enabled glasses that could do more than just being sunglasses. The gaming industry was also stormed with virtual reality headsets and augmented reality screens and wearables.
India and the Wearables Industry
Smartphones in India and elsewhere started as an item of luxury and wasn’t really something that everyone could own. This situation saw a drastic change as technology penetrated deeper and deeper roots in India and everywhere else. This change can be observed quite easily. There is however a very good chance that smartphones could become a thing of the past in our future.
“Smart wearables are not just something that you can wear on your wrist and it will perform basic already told functions but it will be much more than that. In maybe three to five years this will replace smartphones and phones will be obsolete by then”, says GOQII’s chief executive officer, Vishal Gondal
The above sentence is proven right with these numbers. India’s wearable market grew about 93.8 per cent year on year in the July to September quarter, this year. India shipped 23.8 million units. Moreover, all these skying numbers are despite tough logistics challenges, increased freight charges, aggressive vendors at the other end.
India Wearables Industry
A famous wearable, smartwatch remained a heated up category all the way. It saw 4.3 million shipments in India in the third quarter. Wristbands or the infamous fitness bands saw a decline, IDC reports said.
This is what people are feeling about smart wearables. This really is looking like something that will most probably shape the future of technology in India.
Let us talk about some numbers in this rising trend. Before we go into the shipments and surge in demand for these tech wearables in India, we need to know about the information provider.
May 2021
The wearable market in India grew about 170.3 per cent on a year over year basis in the first quarter of 2021 (January to March). India saw a shipment of 11.4 million units according to the International data corporation, IDC.
The first quarter of 2021 also saw a surge in the domain of the watch and earwear category. Watches saw a growth in demand up to a wonderful 463.8 per cent year on year basis in the very first quarter. Comparing both the demand for earwear and the watches segment watches had a higher share of magnitude in numbers.
Even with that partition, earwear has managed a handsome three-digit growth in the first quarter. All these wearable surges show how people are reacting to the health situation in India. We are all more vocal about our health than ever.
August 2021
Following the previous growth trend, wearable grew even more by now. It saw a massive growth of about 118 per cent on a YoY basis (Year on year) in the second quarter of 2021 (April to June). It also saw a shipment of 11.2 million units of wearables, according to the recent IDC data. Watches continued to be the fastest-growing segment in the world of wearables and covered up to 81 per cent share in the write wear domain.
The category of wristwear grew at 35 per cent from that of a year ago. Another important trend that was seen was due to the COVID 19-second wave. The second wave impacted the overall wearable shipments by about 1.3 per cent in the second quarter of the year. This slump however did not impact vendors because they know that the demand will rise again once the situation is normal. So they tried to stockpile for next quarter.
Over the quarters, the smartwatch form factor seems to be appealing to the consumers, and Indian brands have been quicker to leverage this trend and align their device portfolio.
November 2021,
IDC’s report mentioned that India’s wearable market grew by 93.5 % year over year (YoY) in the third quarter (July to September). India saw shipping of 23.8 million units to its borders. In the third quarter, the growth can be seen even with the fact that logistics was hard and freight costs were increased after the decline in covid 19 cases.
In the month of September, the shipments saw a surge that surpassed 10 million. This was a record growth in wearable devices in the face of the month-long festival season in India. India’s favourite wearable in terms of shipments was again the category of smartwatches. Watches continued to be the fastest-growing pace at 4.3 million shipments in the third quarter.
While wristbands or fitness bands saw a decline consecutively for the seventh quarter. Other than that TWS (Truly wireless) came into the big picture, by reaching a 39.5 per cent share of earwear in the third quarter. However, the ear market is seen to be dominated by over-ear and tethered gadgets.
“The proliferation of new entrants in the mass market segment has increased competition, putting a lot of pressure on brands to differentiate in a market that is getting inundated with lookalike products,” said Jaipal Singh, Research Manager, Client Devices, IDC India.
“Celebrity endorsements are a key tactic for brand recall. However, to maintain the growth momentum they must invest more in newer designs and aesthetics, as well as newer collaborations with existing franchises, Singh further added.
All these trends point to a booming future in the land of this diverse country, India. There are many reasons why this type of technology is a hit in India, they are convenient and easy to use in any field domestically.
In a developing country like India where tech is still getting bigger, this technology seems to be driving the growth. Let us see how this field is becoming the trendsetter in India, and thus the advantages it provides to the general tech-savvy public.
Even if you are not a fan of the wireless movement, you will notice some brands that shine all over the place. Yes, we can call this time “The wireless movement” where everything is going wireless. Now we will talk about some brands that are the top players in this market segment.
Even when you think you are away from these names, you will hear them from your friend or a friend of a friend. These brands have made their presence heard, quite literally. The brands that are leading the wearables market in India are listed as follows.
A Gurgaon based company leads the sales and revenue for the sixth straight quarter of the smart segment wristwatch market. That company is “Noise”. Noise is able to create a sound in its wristwatch segment this year. It had about 26 percent of the market share in the quarter that ended on September 30.
After Noise, the next brand is an Indian brand that primarily manufactures audio devices, but also got into the smartwatch segment. “Boat” is that brand after the 26 percent share of Noise, it has more than about 23 percent share of the whole watch industry. After these top two brands, there are several others who are cashing on the growing demand.
The third, fourth and fifth name according to the market share is Fire-Boltt, Realme and Zepp (Amazefit). All these brands are combined covers the hundred percent of shipments that came to Indian borders this year.
After we talked about the watch market, now is the time to jump on another trend. That trend is most recent to get hyped among millennials. That wearable is the Wrist band, or commonly known as the fitness band.
After the pandemic refused to go back, people became super conscious of their health. They choose health over anything else and of course life over death. Among the new year resolutions, this segment also saw a jump in sales. Let us see who are the masters in this product segment,
Top Wristband Companies
Xiaomi undoubtedly rules the Indian wristband industry. The reason is the affordability aspect of their products. Xiaomi bands are easy on the pocket and do most of the work that a fitness tracker does. It has scored decent marks in all the spheres where people want it to perform. This is the biggest reason why Xiaomi alone covers almost 50 percent of all the market share of this product segment.
Followed by the Chinese Xiaomi, Titan ruled the market with a share of about 16.5 percent which is a subsidiary of Tata. Titan has made its place in people who like a little luxury, they have provided value over the past years consistently to increase customer loyalty. That is the reason why they now cover 16 percent but it has declined from the Q2.
Then comes the OnePlus, the brand that is originally a startup but has managed to own brand equity and great goodwill. OnePlus is seen as the premium segment of smartphones and wearables. It is the reason why it has seen a jump in market share from quarter 2 to quarter 3.
The wearables market is not complete if we do not talk about the earwear product segment. Ear Wear products include all ranges of sound devices. It includes headphones, earphones, and everything that has to do with sound. This product segment has also seen immense growth in the recent past. Let us see which brands rule this product segment,
Top Earwear Companies
Imagine marketing or the famous brand “Boat” is the top player in the earwear industry. The marketing is so smooth and viral that it covers almost about half the total Earwear market (shipment of units). Not only this, Boat has managed to increase the market share from about 45.5 percent in quarter 2 to 48 percent in quarter 3. This proves how people love products from Boat and how it delivers on the value that it stands for.
Next in the line is Realme, it is also a famous brand but it lags much behind Boat in terms of market share this year. Realme has to work hard to gain more market share next year. Then there is the premium smartphone producer OnePlus that has its Oneplus buds in the market and is quite famous among brand enthusiasts.
Samsung saw a decline and went from 7.9 percent of market share in quarter 2 to 5.3 percent market share in quarter 3. Ptron became a little famous but the growth seems to be declining for the brand.
It is to be noted here that even though most of the market is covered by these key players, there is still about 27 percent of the market that is free. That 27 percent of the market is owned by other brands that are not mainstream. This creates enough space for the above-mentioned brands to work harder and poach more market share for themselves.
Seeing the current trend we can predict that these brands are already fighting for more market share for the bright future in India.
While they are compact and pocket friendly, they may raise concerns over the effectiveness and efficiency of these gizmos. That is quite a legit question which we will be covering in this paragraph. For example, Smartwatches can help people with Parkinson’s disease track symptoms and then transmit the data to authorities, so that more personalised treatment plans can be developed.
We will see here how these devices are changing how we track, move and live our everyday life. Read on to remind yourself how useful these apps are.
Fitness tracking
Smartwatch
As watches and bands have conquered the market, the most famous purpose for wearables is to track fitness norms. It is however to be noted that we are talking mainly about smartwatches and fitness bands. They help in tracking calories, steps walked, heart rate, blood spo2(Oxygen level) in some pro gizmos and many more. It helps all the fitness freaks stay on track and be honest about their calorie intake. This also helps as a motivator for workout sessions.
Location and direction
Smartwatches in these times also have a feature of maps. They can help provide accurate direction and location services, that too without looking at your phone screen again and again. This helps for people who are mostly on road or travelling often.
Portability (Hands-free)
The most useful aspect of all the best features is the portability of these devices. Portability is the ability to be portable, that can be taken anywhere without much of a hassle. Whether you are using a truly wireless headphone or a smartwatch, this feature is the prime one that comes in handy. It lets you move freely and you can now do more activity than before.
Wireless Headphone
Here the winners are the headphone segment as wireless is winning every now and then. If you are in a gym, running or doing any physically taxing work then being hands-free or portable feels really helpful. That is why people are forgetting wired earphones or headphones and buying earwear that is wireless.
Key Challenges in the Wearables Industry
There are many challenges in this field of technology. We have made it possible for devices to be that small that can be worn but still there is some time left to truly reach a point in time of efficiency.
There have been notable failures too like that of Google Glasses. With these failures, it raises questions of feasibility in this segment of products. While the future of smart glasses is in an uncertain circle and that too we will have to see by ourselves. There are however more universal problems for smart wearables that have to be constantly tackled to provide value uninterrupted.
Battery Life
Due to the compact size of these devices, it is relatively harder to put batteries in there. Thus, they have to rely on smaller batteries that are easily discharged if not taken enough care of. Moreover, as these wearables get smarter and smarter, they get more features than before, which is also a load on the battery. It is not a new issue but an age-old issue with consistency. However, brands are trying their best to tackle this problem.
Inaccuracy
This is a highly debated issue but the news and further testing and testing tell us that there can be inaccurate information on your wearable screen. That little compact device may not be able to fully function as the big machine for a purpose. For example blood oxygen data or heartbeats information can be a little inaccurate.
Sync Issues
Larger brands with deep pockets don’t have these issues. But however, the market being open and everyone trying to tap the potential in this sector has enabled issues in the working of wearables. A brand like Apple cannot afford to have even a little problem with their devices like its watch series or Airpods.
Apple Watch
Trying to be like big brands, have led companies to just release stuff without proper user testing. Sometimes, there are syncing issues or irregular syncing with wearables like wireless earphones and smartwatches.
Data security and privacy issues
With the internet being the place where now most people live, privacy concerns are at an all-time high. With compact devices all over the place, this has further widened. Moreover, with the presence of China as a key player in the fitness band range, a red alert on privacy can be seen. We are not really sure about how companies use our data, what purpose that data fills and how it can be used in future. Our data ownership is being shared with big corporate technological giants and we have to be cautious of this act.
Technology was in your hands in the form of smartphones, but now it is getting smarter and smaller and has even managed to enter your wardrobe. As devices are getting diverse on the basis of features they provide, they are also turning into something that can be worn. The demand is massive in this sector. These smart wearables can be multi-purpose. The hands-free nature of these devices acts as the prime differentiating factor from other heavy/bulky gadgets.
They are changing and getting smarter, Microchip implants are now being used to replace keys and passwords. They are placed on your fingertip and the chips use near-field communication (NFC) or radio-frequency identification (RFID). IDC reports forecast good demand generation in the future for their smart compacts. There exists also Indian players like that of ‘GOQII’ in line who are trying to tap this huge potential. Whatever the future holds, one thing is for sure that it is interesting.
FAQ
What are the leading brands in the Indian wearables market?
Noise, BoAt, and Realme are some of the leading brands in the wearables market in India.
What is the market size of the Indian wearables market?
India’s wearable market grew 93.8 per cent year-on-year (YoY) in the July-September 2021 quarter.
It is become common in corporate India, to sign the top or upcoming cricket celebrities as brand ambassadors. Cricketers have mass appeal and are trusted by the audience of different age groups; this is why many cricketers are offered huge amounts of money to promote brands.
One such young and upcoming Indian cricketer is Rishabh Pant, who plays as a middle-order wicket keeper batsman. Rishabh Pant has so far played for India in the Under 19 Cricket World Cup (2016), Twenty20 International (from 2017), and has also captained the Indian Premier League (IPL) team Delhi Daredevils.
The cricketer debuted in The One Day International (ODI) in 2018. In the year 2019, the Rishabh was awarded the ICC emerging player of the year at the event of ICC awards. Recently in February 2021, Rishabh pant became the Men’s player of the month by ICC awards. What made him famous was his performances in 2015 to 2016 Ranji Trophy and Vijay Hazare Trophy.
One of his best performances was when he scored 308 in the 2016 to 2017 Ranji Trophy against Maharashtra and became the third youngest Indian to score a triple century in First class cricket. He was brought by the Delhi Daredevils team for Rs 1.9 crore in 2016 and in 2018 he scored 128 not out from just 63 balls for the team making him the highest individual score by an Indian cricketer in Indian Premier League history.
Because of these performances he was made the captain of the IPL team Delhi Daredevils, making him the 4th youngest Indian to captain an IPL team. Rishabh Pant also became the part of the Indian Team as a replacement for an injured Shikhar Dhawan for 2019 Cricket World Cup. Rishabh pant performance in Gabba will go down history as he helped the team beat Australia and win the Border Gavaskar Series in 2021.
Many media outlets called him as definition of an ideal T20 batsman. The estimated net worth of Rishabh pant is $5 million in 2021. While he is known to charge over Rs 20 to 30 Lakhs per endorsement deal. Some of the brands endorsed by Rishabh Pant are Noise, JSW Steel, The pant project, Himalaya, Boost, Cadbury fuse, Boat, Realme 3, among others.
Noise is India’s biggest wearables company that was founded by Amit Khatri and Gaurav Khatri in 2014. The company also makes smartphones cases, headphones, earbuds and other accessories for various types of smartphones. This made in India company has its headquarters in Gurugram and sells most its products on Amazon and Flipkart.
As of 2020, Noise ranked among top 5 brands in India in wireless earphones as it has so far come up industry leading and path breaking innovations in audio and smartwatch technology. Noise is currently renewing its focus on smart wearables and hearables and that’s why it signed Rishabh Pant as its brand ambassador in 2021.
The company also aims to reach out to young sports enthusiast across India and strengthen its position as the leader in the smartwatch market. Rishabh Pant has also appeared in many of the brands multimedia ads. According to the company Rishabh is true to his spirit and values and listened to his own just like the “Dil Ka Shor” campaign and so fits the brand.
JSW Steel
JSW Steel is one of the most popular Indian multinational steel manufacturing company and is a subsidiary of JSW Group. The company has its headquarters in Mumbai, Maharashtra and has a global footprint of 140 countries including USA, India, South America and Africa. JSW Steel is among the fastest growing companies in India as it has a total installed capacity of 18 MTPA.
The JSW Group is a part of the O.P Jindal Group which is in sectors such as Steel, Energy, Infrastructure, Cement, Ventures and Sports. The company signed Rishabh Pant as its brand ambassador in 2020 for a period of three years. The cricketer has been featured in an ad campaign which promoted the product JSW Colouron+ colour coated sheets and JSW Neosteel TMT bars.
Commenting on the association, the cricketer said that he is happy to partner with JSW Steel and sincerely believes that it will be very long and exciting association. He also added that he is proud to partner with a company that he admires for leadership journey, innovative products and future-ready capabilities.
Himalaya is a popular Indian multinational pharmaceutical company that was founded by Mohammed Manal in 1930. The company has its headquarters in Bengaluru, Karnataka and is known for its personal care, baby care, well-being, nutrition and healthcare products for using organic or ayurvedic ingredients.
Its products can be found in over 106 countries around the world, in 2015 it sold its products to over 91 countries from it generated over 50% of its revenue outside India. The company signed Rishabh Pant along with Virat Kohli as its brand ambassador in 2019. The two cricketers are seen to be endorsing the company’s face care products for men with the tagline of ‘Looking Good and Loving It’ in the ad commercial.
With the duo endorsing the brand, it hopes to grow the male grooming sector and gain a huge market share in the coming years. Rajesh Krisnamurthy the business head for Himalaya said that both the cricketer were their first choice as they perfectly symbolise the Himalaya’s promise to make every young man look good and feel confident.
Boost
Boost is one of India’s leading malt-based health food drink that is under Unilever. The brand was initially launched in 1975 and is clinically proved to increase stamina up to three times more.The brand is targeted towards people who need a nourishing beverage for extra nutrition or to fill gaps in their diets and for people who have lost their appetite, etc.
The drink is available Chocolate flavor and ‘Ready to Sip’ pack and continues to be a well known health food drink in the market. The company has always been synonymous with choosing its brand ambassador as they are all leading cricketers of their time like Kapil Dev, Sachin Tendulkar, Virender Sehwag to Mahendra Singh Dhoni, Virat Kohli.
The brand signed Rishabh Pant and Shreyas Iyer as its brand ambassadors in 2019. According to the brand both the cricketers are young achiever in Indian cricket and so are the perfect for the brand that aims to empower kids become champions in sports and life.
Cadbury Fuse is well known chocolate bar that is manufactured by Cadbury in India and initially produced in UK. The chocolate bar is said to be made up of 70% a solid bar of milk chocolate while the other 30% consists of nuts, raisins, crisp cereal pieces put within it. This chocolate bar was the centre of a large marketing campaign which lead to a national launch of the product on “FuseDay” on 24thSeptember 1996.
This campaign was successful that it sold over 40 million Fuse bars were sold in the first week of its release. However, the brand was discontinued until its was launched again under Cadbury’s India in 2016. The brand signed Yuvraj Singh, along with Rishabh Pant as its endorsers in 2019 during the IPL season.
The two cricketers showed their fun side in the ad campaign that had a tagline of “Cricket is a gentleman’s game, but hunger is certainly not!”. The motive of this campaign was to endorse the brand while also providing cricket fans the necessary excitement they wanted. Cadbury Fuse was also the official hunger partner of IPL team Sunrisers Hyderabad 2019.
The Pant Project
The Pant Project is a full service online tailoring option for custom made pants for men across the country. The brand was launched in October 2020 with an aim of becoming the country’s top direct to consumer clothing brand especially in time of a global pandemic where people prefer to buy clothes online at the comfort and safety of their homes.
Rishabh Pant was signed as the brand ambassador for The Pant Project and has featured in many of its multimedia ad campaign endorsing the PanT20 Collection. The PanT20 collection will include pants, shorts and chinos custom made from comfortable, breathable cotton perfect for Indian Summer and will be prices Rs. 1990 to Rs. 2990.
Commenting on the association, Dhruv Toshniwal, the Founder and CEO of The Pant Project said that, “Not only does the cricketer share the name with the brand but his personality is also perfect for our custom-made e-tailoring brand.” He also added that just like the cricketer’s dynamic and adaptability towards playing all format of the game like T20s, ODIs and Test matches, similarly the company is all about custom-made and doesn’t believe in the one size fits all approach.
BoAt is a leading consumer electronics company in India founded by Sameer Mehta and Aman Gupta in 2013. The company has its headquarters in New Delhi and is known for its range products like headphones, speakers, mobile phone accessories, smartwatches, stereos, travel chargers, power banks, sound bars, etc.
BoAt is also the 5th largest wearable brand in the world in 2020 with a market share of 3.5% in the global market. Boat was also the official audio sponsor of over six IPL teams in 2020. The company signed Shikhar Dhawan, Jasprit Bumrah, Rishabh Pant and Prithvi Shaw as its brand ambassadors in 2019 and have appeared in ad campaigns together.
With the help of the cricketers the company aims to strengthen the brand’s appeal among the Gen Z audience. Since it collaborated with IPL teams, Boat launched a limited-edition headphone which was inspired by the insignia and colours of the respective teams to cater to their fans.
Realme
Realme is one of the top Chinese smartphone company that has its headquarters based in Beijing, China. The company was founded by Sky Li, while it’s the sub-brand of Oppo and a subsidiary of BBK Electronics. Realme is known for its products such as smartphones, earphones, power banks, Realme UI, Smartphones, phones cases, etc.
In 2018, the brand grew to become number 1 emerging brand in the Indian smartphone market. The company is pioneer in smartphone Indian market as it was the first 64MP smartphone, fastest-charging smartphone, and first 5G smartphone in India. According to a report, Realme sold over 4.7 million units worldwide in 2019 making it among the top 10 mobile phone manufactures in the world.
It currently has more than 10 million users globally. Rishabh Pant was made the brand endorser for the Realme 3 series of smartphones in 2019. In the ad, Rishabh showcases the features of the Realme 3 pro with the tagline #3stepsahead.
Rishabh Pant at a young age of 23 years old has given outstanding performance and has been behind big victories India has achieved in the recent times. Brands also look for get sports celebrities who are at an early stage of the career so that the brand can grow along with the sportsperson.
Rishabh Pant has recently become popular in the advertising world because of his good track record, right attitude, competitive on-field and friendly off field, fan following and trending.
Frequently Asked Questions
Who is Rishabh Pant?
Rishabh Pant is an upcoming middle order wicket keeper batsman from India.
What is the net worth of Rishabh Pant?
The estimated net worth of Rishabh Pant is $5 million in 2021.
How much does Rishabh Pant charge for brand endorsements?
Rishabh Pant is known to charge over Rs 20 to 30 Lakhs per endorsement deal.
What are brands endorsed by Rishabh Pant?
Some of the brands endorsed by Rishabh Pant are Noise, JSW Steel, The pant project, Himalaya, Boost, Cadbury fuse, Boat, Realme 3, among others.
Harshit Verma
