New Delhi, May 28 (IANS): Homegrown smart wearables brand Fire-Boltt has grabbed the second spot in the global smartwatch market.

According to Counterpoint Report Q1 2023, Fire-Boltt is now leading India's positioning in the global smartwatch market with a 9 per cent market share.

"This milestone is a testament to our strong focus on innovation, quality, and affordability. Our agile product strategy, a strong focus on R&D, and our unwavering commitment to providing the most affordable yet quality products to our consumers have been some of the biggest drivers of our extraordinary growth," Fire-Boltt Co-Founders Arnav Kishore and Aayushi Kishore said in a statement.

As per the latest Counterpoint report, Fire-Boltt's shipments increased by approximately three times compared to the previous year and the brand registered a 57 per cent growth in Q1 2023.

The report also highlighted the impressive growth of India's smartwatch market, registering a 121 per cent (year-on-year) growth in Q1 2023.

Moreover, the company said that it has registered phenomenal growth since it launched its first-ever smartwatch in October 2020.

The brand started with a mere 0.3 per cent market share and leapfrogged to a staggering 11.6 per cent within a year.

In 2022, Fire-Boltt became the number one smartwatch brand within 15 months of its first smartwatch launch, the company said.

The brand captured a market share of 24.6 per cent in Q1 2022 and registered a whopping 2,000 per cent (year-on-year) growth.