Fastrack’s latest addition is a smartwatch that comes equipped with Bluetooth calling. The existing products in the brand’s portfolio include watches, sunglasses, bags, and perfumes. Fastrack entered the wearable tech segment in 2021 with the introduction of activity trackers and truly wireless earbuds.
India’s smartwatch market rose 173% YoY in Q1 2022, according to a recent analysis from Counterpoint’s IoT service (January-March). According to the same report, Noise, Fire-Boltt, and boAt each have a 23%, 21%, and 18% market share, respectively. More than 10 brands, including Fastrack and Reebok, entered this burgeoning sector in Q1 2022 to compete, according to the survey.
Actors Rohit Saraf and Sanya Malhotra have been chosen as the brand’s new ambassadors. Ajay Maurya, marketing head at Fastrack says post-COVID, people are keen to track health parameters, such as oxygen levels and step count.
It’s a powerful insight, according to Maurya, that people want Bluetooth calling capabilities for their smartwatches. With its square dial, Apple had initially popularised the smartwatch. The square dial is the most widely used design across our whole line. Additionally, round watch faces are strongly resurfacing.
Navkendar Singh, associate vice president with IDC India, says that Fastrack’s Reflex Play range has smartwatches with Bluetooth calling priced at Rs 9,995. Noise and boAt offer entry-level variants of their smartwatch at relatively lower prices. He calls them ‘wrist wearables’. According to him, There are four types of wrist wearables in the market right now – activity tracker, smartwatch, digital watch, and analog watch.
Smartwatches, as a category, aren’t doing very well in India. Basic digital watches are doing much better in the market right now. Brands like boAt, Amazfit, Fire-Boltt, etc., are doing well in the Indian market, explains Singh. A senior analyst at Counterpoint Technology with a focus on smartwatches and wearable technology is Anshika Jain. “The client will weigh the features while purchasing to reach a decision. Loyalty has no bearing on the choice. Customers choose watches based on how they feel and appear.
Singh adds, “Titan and Fastrack have overtaken Fastrack as the top two brands in the wearables category in India. Jain argues that TWS earphones are more durable and will be seen by customers as easily replaceable. Since Fastrack’s smartwatches are priced at Rs 6,000-9,000, a customer may opt for a branded watch instead.”
While claiming that the wearables market has developed rapidly in recent years, Maurya counters that the popularity of wearables and smartwatches should not always come at the expense of traditional timepieces.
Singh also adds that Indian brands like boAt, Fire-Boltt, Noise, etc., are stealing the show when it comes to wearables and smartwatches. Consumers in India are known to be loyal to smartphone brands, internalizing the ownership to make it a part of their identity.
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