India wearable market contracts for the first time in 2024: report

India’s annual wearable shipments declined for the first time ever in 2024 by 11.3% YoY to 119 million units after falling for three consecutive quarters, according to an International Data Corporation (IDC) report released Friday. Smartwatch shipments declined by 34.4% to 35 million, as did the average selling price (ASP), which dropped by 7.1% to Rs 1,719. The share of smartwatches in the wearable segment also shrank to 29.4% from 39.8% in 2023. 

This decline in smartwatch shipments reflects the fading interest in low cost smartwatches offered by Indian brands. Lack of “meaningful innovations” and “technological advancements” contributed to the decline, according to IDC. 

“It (smartwatch) was plagued by undifferentiated products, fewer launches and consolidation of long tail of brands in 2024,” said Anand Priya Singh, market analyst for smart wearable devices at IDC India. 

Advanced smartwatches, which includes premium products such as the Apple Watch and Samsung Galaxy Watch, also declined by 13.1% YoY, but their market share grew from 2.1% to 2.8%. 

The earwear segment, which now accounts for 59% of wearables, grew at a modest 3.8% to 83.5 million units with truly wireless stereo (TWS) accounting for 70.9% of the shipments. Smart rings, a new segment within wearables, had a triple digit growth rate of 186.8% in 2024. 

The share of offline shipments grew by 7.2% in 2024 to 37.8%, while online shipments fell by 19.7%. 

IDC analysts expect 2025 to remain flat as the decline in the smartwatch segment will continue to offset growth in earwears and smart rings.  “Emerging categories like smart rings and smart glasses are expected to see high double-digit growth,” said Vikas Sharma, senior market analyst for smart wearable devices at IDC India.

Sharma added that growth in the upcoming quarters will be driven by innovation in advanced sensing technologies, artificial intelligence (AI) applications and health tracking features such as blood pressure monitoring. 

In terms of market share, Imagine Marketing that sells under the Boat brand, continues to be the leading wearable brand in India with 27.6% of shipments. Nexxbase, which sells under the Noise brand, was the second leading brand with 12.2% of shipments. Boult (8.6%), Oppo (6.7%) and Fire-Bolt (5.2%) were the other three top wearable brands in 2024. 

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