India’s wearable device market declined for the second consecutive quarter by 20.7 per cent year-over-year (YoY) to 38 million units in the third quarter of FY2024, as per data sourced from the International Data Corporation’s (IDC).
While the IDC’s Monthly Wearable Device Tracker attributed the downturn to a reduction in new product launches and a cautious inventory strategy, it noted that the average selling price (ASP) for overall wearables also grew by 1.3 per cent to $21.3 for the first time since the second quarter of 2019.
Smartwatch shipments declined by 44.8 per cent YoY to 9.3 million units. Advanced smartwatches declined by 39.9 per cent YoY, though the share increased marginally from 2.4 per cent to 2.6 per cent.
Noise continued to lead the smartwatch category. Further, smartwatch shipments by the long tail brands, including white boxes, decreased by 59.1 per cent in the third quarter of 2024 after a strong growth of 328.8 per cent YoY in the same quarter last year.
“Tapering demand for smartwatches in 2024 led to a sudden drop in share of these long tail brands, significantly impacting the overall festive shipments,” said Anand Priya Singh, market analyst, Smart Wearable Devices, IDC India.
Boult and realme were the only companies among the Top Five to register growth of 32.5 per cent and 56.5 per cent, respectively. Smartwatch ASPs increased by 1.4 per cent from $25.8 to $26.2.
According to Vikas Sharma, senior market analyst, Smart Wearable Devices, IDC India, the smartwatch category will remain flat or decline marginally in 2025 but noted early signs of consumers moving from basic to advanced smartwatches for health tracking and functionality features.
The earwear category declined by 7.5 per cent YoY to 28.5 million units with the share of Truly Wireless Stereo (TWS) declining by 0.7 per cent YoY. In the TWS category, Boult and realme registered growth of 55 per cent and 94.6 per cent, respectively, among the top five brands. Other earwear, including tethered and over ear shipments, declined by 22.0 per cent to 7.6 million units. Earwear ASPs increased by 5.9 per cent to US$19.2.
Meanwhile, the smart ring category grew with over 92,000 smart rings shipped in this quarter and a reduction of 16.2 per cent YoY in ASP to $162.1. Ultrahuman led with 36.8 per cent share, boAt landed at second position with 20.5 per cent share, and Pi Ring was third with 16.3 per cent share. IDC said that the lowering of prices and new launches in coming quarter indicate growing popularity of smart rings.