Lava, a homegrown handset maker, is set to make its foray into the wearables market with the launch of its first smartwatch. The smartwatch will be equipped with artificial intelligence (AI) enhancements and will have features specifically designed for Indian consumers. This move marks a strategic pivot for Lava, which has primarily focused on feature phone and smartphone sales in the past.
Lava’s smartwatch is expected to be priced at less than Rs 4,000 and will be available for purchase both offline and online. By offering an affordable smartwatch, Lava aims to compete with established brands such as Fire-Boltt, Noise, and Boat in the Indian market. The company’s decision to enter the wearables market is driven by the rising equity it has gained among its target market segment. Lava plans to leverage this equity and expand its portfolio to cater to the digitally-driven lifestyle of its users.
The Indian market has witnessed a significant increase in the demand for smartwatches. According to the International Data Corporation (IDC), smartwatch shipments in India grew by 73.7% in the previous year, reaching 53.4 million units. The share of smartwatches within the broader wearables market also increased from 30.7% in 2022 to 39.8% in 2023. The festive season sales and heavy discounts contributed to a drop in the average selling prices of smartwatches, making them more accessible to consumers.
Lava has been making strides in the Indian smartphone market. It has emerged as the fastest-growing smartphone brand in the Rs 10,000-Rs 20,000 price range for the entire year of 2023. The company’s growth rate in this category was an impressive 213%.
RTM Watch’s Take
Lava’s entry into the wearables market with an AI-equipped smartwatch is a strategic move to capitalise on the growing demand for smartwatches in India. By offering an affordable option, Lava aims to compete with established brands and leverage its rising equity among Indian consumers. With its track record of success in the smartphone market, Lava has the potential to make a significant impact in the wearables space. As the market continues to evolve, it will be interesting to see how Lava’s smartwatch fares against the competition and how it contributes to the company’s overall growth.
