In the latest IDC report for the third quarter of 2023, Fire-Boltt, a leading Indian smart wearable brand, has secured the coveted No.1 position in the Indian smartwatch market, boasting an impressive 23.6% market share. The brand’s stellar performance is underlined by a robust year-on-year growth of 27%, reinforcing its stronghold in the highly competitive market.
The key driver behind Fire-Boltt’s ascendancy is its commitment to crafting “Made in India” products, responding to the escalating demand from consumers in non-metro areas. The brand’s comprehensive product portfolio, spanning various price ranges, has resonated well with consumers, contributing significantly to its market share. Notable contributors to this success include the Phoenix Series and Ninja Call series, which played pivotal roles in the brand’s stellar performance during the third quarter of 2023.
The co-founders of Fire-Boltt, Arnav Kishore and Ayushi Kishore, expressed their excitement about retaining the No.1 position. They stated, “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.”
The demand for domestically produced smart wearables has been substantial, and Fire-Boltt’s efforts to create and manufacture innovative designs tailored for Indian consumers have paid off. The brand’s success is further solidified by its robust omnichannel presence and a strategic offline strategy, including the opening of exclusive brand kiosks. These kiosks offer consumers a firsthand experience of Fire-Boltt’s smartwatches, contributing to the brand’s overall market positioning.
Since it entered into the smartwatch segment in October 2020, Fire-Boltt has experienced remarkable growth. Rising from a modest 0.3% market share, the brand has become India’s leading smartwatch brand and the second-largest globally. Over the past six months, Fire-Boltt has introduced more than 30 smartwatches, offering various options with the latest industry features at accessible price points.
Arnav Kishore and Ayushi Kishore further mentioned, “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.”
Fire-Boltt’s achievement is not only a testament to its commitment to innovation but also to its strategic marketing and sales initiatives. The brand has not only set industry benchmarks but has also cultivated an explosive product portfolio. Fire-Boltt’s rise to the top of the smartwatch market once again is a significant achievement, and the company is poised to uphold its leadership position with its unwavering commitment to innovation, quality, and customer satisfaction.
Supported by acclaimed Bollywood and sports personalities like M S Dhoni and Kiara Advani as brand ambassadors, Fire-Boltt, incubated and backed by Savex Technologies, is making significant strides in shaping the Indian smartwatch market. The IDC India Monthly Wearable Device Tracker for Q3 2023 reveals that smartwatches remain the fastest-growing category, with 16.9 million units and a remarkable 41.0% year-on-year growth.
Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India, emphasized, “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.”
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