NEW DELHI: Homegrown handset maker Lava will launch its first wearable device, a smartwatch, which will have features specifically designed for Indian consumers, and it will also come equipped with artificial intelligence (AI) enhancements, market sources told ETTelecom.
Lava’s smartwatch is expected to be priced at less than Rs 4,000 and will be retailed offline and online, according to the sources, but they declined to divulge further details. With this foray, the Noida-based firm would find itself pitched against established brands such as Fire-Boltt, Noise, and Boat.
This marks a strategic pivot for Lava, which to date, has been driving its business majorly through feature phone and smartphone sales.
Rival smartphone companies such as Xiaomi, Oppo, OnePlus, and Vivo already sell wearable products like true-wireless stereo (TWS) and smartwatches.
“Not just among Indian brands, but across smartphone brands, Lava is among very few brands whose equity with the target market segment is rising,” said Faisal Kawoosa, Chief Analyst at market tracker Techarc. “It makes a very logical extension for Lava to widen its portfolio and leverage this equity by offering other smart gadgets and devices that these users need to build their digitally driven lifestyle.”
To put the market in perspective, smartwatch shipments in India soared by 73.7% last year to reach 53.4 million units. Within the broader wearables market, its share jumped from 30.7% in 2022 to 39.8% in 2023, according to the International Data Corporation (IDC).
As per IDC, festive season sales and heavy discounts led to a 38.7% drop in the smartwatch average selling prices (ASPs) from $42.5 (~Rs 3,500) to $26.1 (~Rs 2,100).
For the entire calendar year 2023, IDC said wearable shipments in India grew by 34% to a record 134.2 million units.
The fast-growing wearables market in India was dominated by Boat (Imagine Marketing), Noise, and Fire-Boltt with a volume share of 26%, 12.1%, and 10.1%, respectively in 2023, as per IDC.