Fire-Boltt, an Indian smartwatch brand, has maintained its leading position in the country’s market, holding a 23.6% share in the third quarter of 2023. This achievement is highlighted in the latest IDC report, which also notes the brand’s 27% year-on-year growth. The company’s success is attributed to its diverse product range and strong omnichannel presence, with the Phoenix Series and Ninja Call series playing significant roles.
- Fire-Boltt holds a 23.6% market share in the Indian smartwatch sector for Q3 2023.
- The brand recorded a 27% year-on-year growth, according to the IDC report.
- Fire-Boltt’s growth is driven by its diverse product portfolio and strong offline and online presence.
- The brand’s success in Q3 was significantly boosted by its Phoenix Series and Ninja Call series.
- The company has expanded its offline presence with exclusive brand kiosks.
Fire-Boltt, founded in 2015, has shown consistent growth in the smartwatch market since its entry in October 2020. Starting from a mere 0.3% market share, it has now become the leading brand in India and the second-largest globally. Over the past six months, the company has introduced over 30 smartwatch models, featuring the latest industry features at accessible prices.
Arnav Kishore and Aayushi Kishore, Co-Founders of Fire-Boltt, expressed their satisfaction with the company’s performance and its commitment to delivering advanced technology to customers. They also highlighted the significant demand for ‘Made in India’ products in the smart wearable segment.
The IDC India Monthly Wearable Device Tracker for Q3 2023 reveals that smartwatches were the fastest-growing category with 16.9 million units sold, a 41.0% year-on-year increase. The report also predicts a strong double-digit annual growth for 2023, driven by competitive pricing, high-specification models at entry-level prices, and aggressive marketing.
Vikas Sharma, Senior Market Analyst, Wearable Devices at IDC India, commented on the industry’s dynamics, anticipating an enhanced focus on localization, in-house app integration, and connectivity features in the coming years.
Fire-Boltt, backed by Savex Technologies, has also gained attention for its marketing strategies, including collaborations with celebrities like M.S. Dhoni and Kiara Advani as brand ambassadors. The company’s journey from a start-up to a market leader exemplifies its commitment to innovation, quality, and customer satisfaction in the competitive smartwatch market.