According to the latest IDC research, Fire-Boltt, a native smart wear manufacturer, has again led the Indian wristwatch market with a 28.6% market share. The firm also had 224.2% YOY growth in 1Q23.
Affordability and a range of unique designs, including metal straps and casings, have driven brand development. Smartwatch shipments increased 178.9% YoY to 10.4 million. The smartwatch’s ASP fell 42.0% YoY to US$29.2 from US$50.4. In 1Q23, the basic smartwatch share increased from 187.4% to 98.0%.
Innovation, quality, and affordability have driven the company’s success. Fire-Boltt’s smartwatches have garnered a dedicated following among users who enjoy improved functionality, increased battery life, and easy interaction with popular applications. With over 30 launches in the last 6 months, Fire-Boltt has inflexed the market with multiple options for smartwatches and has set a benchmark in the industry.
“We at Fire-Boltt, are thrilled to have clinched this extraordinary feat in the smartwatch market,” stated CEO and founder Arnav Kishore. This award honours our team’s hard efforts to innovate and develop solutions that satisfy our customers’ changing demands. Our persistent devotion to cutting-edge technology will help us reach new heights.”
“We are committed to delivering innovative products that exceed customer expectations,” Fire-Boltt Co-Founder Aayushi Kishore said. Our smartwatch success will be driven by affordability, unique designs, including metal bands and casings, and cutting-edge technology. We intend to provide all types of smartwatches, from outdoor, affordable, luxury, and women-centric, and become the go-to brand in the smartwatch and audio categories.
Since October 2020, Fire-Boltt has grown rapidly. The brand went from 0.3% to 11.6% in a year. Fire-Boltt dominated the smartwatch industry within 15 months following its debut smartwatch launch in 2022. Despite the industry’s stagnant growth, the brand took the industry by storm with a 24.6% market share in Q122 and 2000% YOY growth.
Fire-Boltt entered the Indian market in 2015 with cutting-edge goods. With its rapid product variety, relentless marketing, and sales, the company has established an industry standard under its youthful co-founders. With its focus on innovation, quality, and customer satisfaction, Fire-Boltt is poised to maintain its smartwatch market leadership.