Fire-Boltt, the Trailblazer in the Indian Smartwatch Market, Maintains Dominance in Q3
- As per the latest IDC report, the brand holds firm at the top with 23.6% market share
- The brand recorded a remarkable 27% YoY growth, leaving behind its competitors with a significant margin
Fire-Boltt, a homegrown smart wearable brand has yet again grabbed the No.1 spot in the Indian smartwatch market with 23.6% market share in the third quarter of 2023, as per the latest IDC report. The brand recorded 27% year-on-year growth as “Made in India” products continue to witness huge demand from consumers in non-metros. The key factors contributing to Fire-Boltt’s growth include a well-rounded product portfolio spanning various price ranges and a robust omnichannel presence. The Phoenix Series and Ninja Call series played pivotal roles in driving the brand’s success in the third quarter of 2023, complemented by a robust offline strategy that saw the opening of numerous exclusive brand kiosks. These kiosks aim to provide consumers with a firsthand experience of Fire-Boltt’s smartwatches, further solidifying the brand’s position in the market.
On retaining the number one position, Arnav Kishore & and Ayushi Kishore, Co-Founders of Fire-Boltt said, “We are thrilled to reach this significant milestone in the smartwatch market. Our dedicated team has exerted tremendous effort in crafting and innovating products that cater to the ever-changing demands of our customers. This acknowledgment is a clear testament to our unwavering commitment to delivering state-of-the-art technologies to our customers.
The demand for Made in India products, particularly in the realm of smart wearables, is substantial. Our ongoing efforts to create and manufacture innovative designs tailored for Indian consumers are yielding positive results. We anticipate sustaining this momentum in the upcoming quarters as well.”
Since its debut in the smartwatch segment in October 2020, Fire-Boltt has experienced remarkable growth. Transforming from a modest 0.3% market share, the brand has ascended to become the leading smartwatch brand in India and the second-largest globally. Over the past six months, Fire-Boltt has introduced more than 30 smartwatches with a diverse array of options that boast the latest industry features at accessible price points. This strategic proliferation of products, coupled with smart features and affordable pricing, has firmly established Fire-Boltt as a major player in the smartwatch category.
Commencing its journey in 2015, Fire-Boltt was one of the first brands to revolutionize the Indian smartwatch market with top-tier products incorporating cutting-edge technology. Under the leadership of young co-founders Arnav Kishore and Aayushi Kishore, the brand has not only set industry benchmarks but has also cultivated an explosive product portfolio through vigorous marketing and sales initiatives. Fire-Boltt’s rise to the top of the smartwatch market yet again is a significant achievement, and the company is poised to uphold its leadership position with its commitment to innovation, quality, and customer satisfaction.
Fire-Bollt, which has roped in acclaimed Bollywood and sports personalities such as M S Dhoni, and Kiara Advani, as brand ambassadors, is incubated and backed by Savex Technologies, India’s third-largest IT and telecom products distributor based out of Mumbai.
According to latest IDC India Monthly Wearable Device Tracker (Q3 2023), smart-watches remained the fastest growing category with 16.9 million units, growing by 41.0% YoY as heavy discounting and offers across channels led to a 35.3% YoY drop in smartwatches’ average selling price to US$26.7 in 3Q23.
“Brands have upped the game with high-end specifications at entry-level pricing. This combined with high-decibel marketing campaigns and promotions will drive 4Q23 shipments, resulting in strong double digit annual growth in 2023. In 2024, we will see an enhanced focus on localization of UI/UX, in-house app integration, SIM-based or standalone calling and Wi-Fi connectivity on basic smartwatches,” says Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India.
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https://www.idc.com/getdoc.jsp?containerId=prAP51388723
