Apple Watch shipments in India declined by 57% year-over-year (YoY) in 2023 owing to longer replacement cycles and higher ASP [average selling price] coupled with iPhone-only compatibility, according to Counterpoint Research.
The brand maintained its lead in the shrinking INR 20,000 and above retail price band. With increased iPhone sales in India in 2023, Counterpoint says we can expect gradual growth in Apple Watch shipments in 2024.
Overall, India’s smartwatch shipments grew 50% YoY in 2023, according to Counterpoint. The research group says this growth was driven by the rising penetration of smartwatches, proliferation of low-cost devices to target first-time users, and enhanced efforts by Indian brands through extensive marketing and distribution, promotions and local manufacturing. In addition, there is growing awareness and interest among customers to track their health vitals, utilize the device as a style statement, or leverage it for gifting purposes.
