Can You Guess Where the Largest Smartwatch Market Is?
By Greg Kahn
Emerging Tech Exchange
Founder & CEO
Published on August 15, 2023
I’m sure India immediately came to mind.
And while April’s news that China ceded its long-held status as the world's most populous country to India makes the smartwatch milestone seem obvious, there’s a lot more to it than mere people numbers.
The news actually came In the third quarter of 2022. But since TechCrunch is reporting it now, I can confirm that the South Asian nation became the world’s largest smartwatch market, with 167% year-on-year growth, according to market research firm Counterpoint. India also recently surpassed the U.S. and China per IDC.
My point here has to do with the growth of technology outside the U.S. and that we should all be paying closer attention. And India, as well as the Middle East and parts of Africa, are deserving of that greater notice.
Still, some context: India's population is estimated by the United Nations to be 1,425,775,850 people, matching and then surpassing the population of mainland China. China’s population reached its peak size of 1.426 billion in 2022 and has started to fall. Projections indicate that the size of the Chinese population could drop below 1 billion before the end of the century. By contrast, India’s population is expected to continue growing for several decades.
A recent report by the firm shows the country saw a 37.2% year-on-year growth in the overall wearable market, with 32.8 million wearables shipped in the second quarter of 2023. India’s smartwatch shipments almost doubled to 12.8 million in the quarter, whereas earbuds saw a 15.2% year-on-year growth.
The opportunities for smartwatches and related applications — particularly in healthtech — will remain enormous in the U.S. But now is the time for investors, brands, and entrepreneurs to take greater consideration of their positions in India, or be forced to play catch-up later.
Greg Kahn
Emerging Tech Exchange
Founder & CEO
