In addition to smartphones, there are currently two products that brands are most concerned about, one is a smart watch, and the other is TWS. From a global perspective, Apple and Samsung are still the top brands, but in the special market of India, Apple and Samsung cannot enter the top five.
If you don't believe it, look at the Indian smartwatch market report released by Counterpoint on February 7, which shows that the Indian smartwatch market has increased by 50% year-on-year in the past 2023. But the top five are all unknown brands, Apple, Samsung, Xiaomi, and so on are not on the list.
The data shows that the first place in this market is Fire Boltt, with a market share of 30%; In second place is noise, with a market share of 25%; In third place is Boat with a market share of 17%. In fourth place is Fastreck with a market share of 54%；In fifth place is Boult with a market share of 37%。The latter two are in the top five for the first time, and Samsung, which was ranked fourth the year before, has been squeezed out of the top five in 2023.
See? In the Indian market, Apple, Samsung, Xiaomi is not easy to make at all, everyone recognizes their own local brands, mainly because Samsung, Apple, Xiaomi and other brands of smart watches are not close to the people, and local consumers like the most cheap smart watches.
For this, analyst Har***Rastogi believes that in the past 2023, there are 125 smart watch brands on sale in the Indian market, but the market has begun to converge on the top brands, and the top five brands together have an overall share of 81%. Moreover, in this market, user demand is further inclined to low-** products, and the proportion of products priced at 2,000 rupees in 2023 will reach 54%, compared with 26% in 2022, which is equivalent to more than double.
And low-** smart watches are exactly what brands like Apple and Samsung do not have. That's why their products aren't popular in the Indian market. Of course, Apple and Samsung are unlikely to cater to the needs of Indian consumers and come up with suitable watches in the low ** range.