Goqii tops India's wearable market in Q4 2016: IDC India
According to International Data Corporation(IDC), Goqii tops India's wearable market in CY Q4 2016.
The wearable market in India observed total shipments of 2.5 million units in 2016 as per IDC Worldwide Quarterly Wearable Device Tracker.
Total wearable shipment in Q4 2016 was 675,000 units which includes both smart wearables that can run third party apps and basic wearables. Wearables shipments declined 19.6 percent sequentially as basic wearables which accounts to 86.4 percent of total wearable declined 23.9 percent in Q4 2016.
"Shipments declined in the last quarter of the year after a sharp spike in Q3 owing to channel preparation for festive season in October," says Navkendar Singh, senior research manager, IDC India.
"However, smart wearable shipments grew 23.6 percent in CY Q4 2016 as new vendors like Fossil's made their entry into Indian wearable market and fresh shipments of new models from vendors like Apple and Samsung fuelled the growth," adds Singh.
In terms of price, <$50 segment continues to dominate the category accounting for 73 percent of total wearable shipments in CY Q4 2016. This entry level segment is dominated by fitness trackers from vendors like Goqii and Xiaomi while Intex shipments shrunk in CY Q4 2016.
Online shipments of wearables at 63.1 percent in CY Q42016, down from previous quarter as retail and commercial shipments grow. "Although majority of shipments continue to sell through online platform, few vendors especially premium basic wearable (Fitbit, Garmin and Tomtom) and smartwatch vendors are exploring avenues in offline channel. Offline channel enables such niche vendors to showcase their products and value it offers to their respective target segment," adds Karthik.
GOQii bounce back to lead Indian wearable market with 15.5 percent share. Over 60 percent of Goqii's shipments comes from commercial segment which is relatively higher compared to other vendors in India.
Xiaomi slipped to second position with 13.2 percent vendor share as shipments declined 29.9 percent in Q4 2016 over previous quarter. Fitbit moves up to third place in CY Q4 2016 as shipments grew 21.2 percent sequentially. Growth in commercial segment, price discounts on certain devices are few key factors that drove Fitbit's growth.
The wearable devices market saw a sharp growth in 2016 and this traction is expected to continue even in 2017. Karthik J says, "while wearable market is seeing some consolidation, several new vendors are expected to enter Indian wearable market. Basic wearable would continue to be key driver and especially sub $50 segment would see more action with new product launches from both existing and new vendors."
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