India Smartwatch Market Sees Record 274% Growth in 2021; Local Brand Noise Remains Leader

  • Domestic brands captured over 75% of the total market shipments.
  • Noise led the market in 2021 with a 27% share, while boAt captured the top spot in Q4 2021.
  • Around 80 brands are present in India’s smartwatch market. Over 10 brands entered the market in 2021.
  • 78% of the shipment came from online channels, where Flipkart and Amazon contribute 48% and 43% shares respectively.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – February 9, 2021

India’s smartwatch market saw record growth of over 274% YoY in 2021 shipments, according to the latest research from Counterpoint’s IoT Service. Further, with QoQ growth of over 8%, Q4 2021 became the market’s biggest ever quarter.

Commenting on the market trends, Senior Research Analyst Anshika Jain said, “The smartwatch market is showing tremendous growth, which is attributed to increased health awareness, affordable prices, growth of new entrants, discount schemes and numerous launches of feature-packed products throughout the year. More than 86% of the total shipments were driven by the under-INR 5,000 price band, compared to 59% in the previous year. Many of the features which were earlier present in the INR 3,000 – INR 5,000 price band smartwatches are now found in the INR 2,000 – INR 3,000 segment, like SPO2, blood pressure monitoring, voice assistance and larger display. Even features which were earlier prominent in premium smartwatches, like ECG and Bluetooth calling, can be seen in smartwatches priced under INR 5,000.”

India Smartwatch Market Share of Top 5 Brands, 2021 vs 2020

India Smartwatch Market Share of Top 5 Brands, 2021 vs 2020

Source: India Smartwatch Shipments Model Tracker, 2021


Commenting on domestic manufacturing, Jain said, “Although only 1% of the total smartwatches shipped were domestically assembled, this number is likely to jump many times due to duty structure changes and government push.”

Commenting on market trends, Research Associate Harshit Rastogi said, “Indian players led the market by capturing over 75% share. The top three brands captured two-thirds of the total smartwatch market in 2021, compared to just half in 2020. The market saw over 10 new entrants in 2021, intensifying the competition. The market is estimated to grow by around 50% in 2022 considering the high demand and brands’ dedicated efforts to bring additional capabilities to their devices.”

India Smartwatch Market Share of Top 5 Brands, Q4 2021 vs Q4 2020

India Smartwatch Market Share of Top 5 Brands, Q4 2021 vs Q4 2020

Source: India Smartwatch Shipments Model Tracker, Q4 2021


Market Summary:

  • Noise led the market in 2021 with a 27% share and over 278% YoY growth. Portfolio expansion towards lower price points, emphasis on community building, designing products according to preferences backed by a strong consumer database, and new alliances and partnerships helped the brand become the market leader. Four out of the top 10 models in 2021 were from Noise. The ColorFit Pro 2 remained the brand’s most popular smartwatch.
  • boAt captured the second spot in 2021 with a 26% share. It was at the first position in Q4 2021. boAt completed a year in the smartwatch market in Q4 2021. It has launched over 10 models so far. Its Storm was the best-selling smartwatch in 2021.
  • Fire Boltt was one of the key new entrants in the smartwatch market. It quickly managed to capture the third position with more than 20 models across price bands. It has a presence in more than 600 cities, major large retail formats, and online The brand also entered the Middle East in 2021.
  • realme grew 23% YoY in 2021 to take the fourth position driven by a well-balanced portfolio and strong online partnerships. The Watch S contributed to around 30% of its total sales.
  • Amazfit registered 65% YoY growth and captured the fifth position in the smartwatch market. It led the market in the INR 10,000 – INR 15,000 price band with over one-third of the total shipments. The brand refreshed its portfolio in Q4 2021 with the launch of three new devices – GTR 3, GTR 3 Pro and GTS 3.
  • Samsung grew more than 2x in 2021 driven by its most popular model, the Galaxy Watch Active 2. The newly introduced Galaxy Watch 4 series contributed to over 16% of its total shipments.
  • Apple remained flat in 2021 with the Watch SE contributing around 44% of its total volume. The refreshed line-up of Series 7 saw a great start with shipments crossing 100,000 units in Q4 2021.
  • Dizo entered the smartwatch market in Q3 2021. With successful launches in the budget segment, the brand managed to capture a position in the top 10 The Watch 2 model drove most of its volume.
  • India’s smartwatch market is mostly online driven, with 78% of the shipment coming from online channels, where Flipkart and Amazon contribute 48% and 43% shares respectively.


Note: boAt’s share includes Tagg’s share


Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Anshika Jain

Harshit Rastogi

Counterpoint Research



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