beatXP enters into smartwatch segment, targets 10% market share by 2023

Fitness gear maker beatXP has entered into the smartwatch segment with an aim to capture 10 per cent market share by the end of 2023, the company said on Friday.

beatXP Business Director Ashish Dhuwan told PTI that the company has garnered an average sale of Rs 1 crore per day during the limited launch about 10 days back which gives it a confidence to comfortably achieve the set target. Founded in late 2021, beatXP's consolidated business has crossed the Rs 100 crore mark.

Dhuwan said the company has incorporated six physical sensors including one for ECG (electrocardiogram) to target the affordable segment market.

"beatXP aims to capture 10 per cent of the smartwatch market share by the end of 2023 to become one of the top-selling brands in this category. There is a huge gap in the wearables category where most brands in the affordable segment offer non-accurate sensors such as heart-rate, SPo2. beat XP's Exact smartwatch is offering ECG and family remote health monitoring which is not available in the competitor's brands," he said.

According to Counterpoint Research, India's smartwatch market grew 167 per cent year-on-year to become the biggest smartwatch market in the world in July-September 2022.

beatXP will target the age group of 24-35 years including working professionals, fitness enthusiasts, and affordable performance seekers.

"We are looking at launching more products based on customer requirements. We are also extending the reach through online and offline platforms. Our marketing team will also be launching a robust influencer outreach program on social media," Dhuwan said.