Considered the largest smartwatch market in the world, India will soon receive two new models of smart rings. After introducing features such as sleep and health monitoring in watches, BoAt and Noise, two leading Indian companies in the smartwatch market, are expanding their business to smart rings.
Often included among the top five wearable manufacturers, the two companies have been gaining more and more ground in this market, competing with giants such as Apple, Samsung and Huawei. And both have already announced the launch of their smart rings for the near future.
BoAt and Noise will accelerate interest in smart rings.
According to market research firm Counterpoint, India will experience 167% growth in its smartwatch market by 2022. In the third quarter of last year, the country became the world's largest market for such wearables, surpassing other major manufacturers such as the United States and China.
Shipments of wearables, including smartwatches and wireless headphones, coming into the South Asian country are also coming from major companies such as Apple and Samsung. However, the Indian market has also received a strong push from local players. BoAt and Noise stand out, reaching a market share of 26.6% and 13.5%, respectively, in Q3 2022.
Although the smart ring market in the country is not yet that powerful, the arrival of BoAt and Noise's products is expected to accelerate the interest of local consumers. And one of the main reasons for the growth of the two local manufacturers in the country may be another incentive for further adoption of the rings: affordable prices.
According to a market survey, the average selling price of smartwatches in India has dropped by 44.9% compared to products from companies outside. Although they come with fewer features, the low-cost devices still offer as much functionality as possible and are proving popular.
BoAt and Noise share the market with two other local players, Ultrahuman and Pi Ring, as well as China's Oppo and U.S. start-ups such as Oura.
More accurate tracking is the main advantage of the smart rings
Like the rings already made by Ultrahuman and Pi Ring, BoAt and Noise want to bring to market products with more precise sleep and health tracking functions. This type of wearable has become a good option for health tracking because it accesses arteries that a smartwatch cannot reach.
According to Mohit Kumar, founder and CEO of Ultrahuman, "If you have a medical-grade oximetry device, you wear it on your finger. You don't put it on your wrist. That's mainly because it's a much better source of data," he said in an interview with TechCrunch. Ultrahuman currently has investments from iSeed, Steadview, Nexus Venture Partners and Blume.
It also makes a continuous glucose monitor (CGM), used by pre-diabetics or diabetics, and Ultrahuman has plans to integrate the device into its smart monitoring ring.
What the prices of the new rings should be.
Currently, Ultrahuman's Ring Air retails for $349. Kumar said the startup is trying to make the device more affordable, but the care taken to maintain the medical accuracy of the ring's functions still precludes lowering the price.
BoAt, meanwhile, promises to launch a smart ring priced under $80, while Noise revealed that this time its new product was aimed at the premium segment.
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