India Smart Watch Market Shipment Analysis
India Smart Watch Market registered a growth of 36.2% in value shipments in 2022 as compared to 2021 and a decrease of -9.44% CAGR in 2022 over a period of 2017. In Smart Watch Market India is becoming more competitive as the HHI index in 2022 was 3707 while in 2017 it was 3773. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Smart Watch Market.
India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Smart Watch Market in 2022 was 7.13 while in 2017 it was 15.56. China, Hong Kong SAR, Switzerland, China, Germany and United Arab Emirates were among the top players of the market in 2022, where China, Hong Kong SAR acquired the largest market share of 42.53% with a shipment value of 18.38 million USD in 2022 China, Hong Kong SAR also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Smart Watch Market. In 2017 Switzerland had the largest market share of 47.87% with the shipment value of 27.54 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although Switzerland offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the India Smart Watch Market in 2017.
