Wearable device market in India has declined by 10 percent to 29.5 million units during the April-June quarter of 2024.
IDC report said the wearable device market in India during the first half of 2024 fell by 4.7 percent to 55.1 million units.
Boat (26.7 percent share), Noise (13 percent), Boult (8 percent), Fire Boltt (8 percent), Oppo + OnePlus (7.6 percent), and Others (36.6 percent) are the leading vendors in the wearable device market in India.
Main reasons for the decline in the wearable device market in India were cautious inventory stocking by the vendors with a focus on clearing the old stock before the festive season and fewer new launches. The average selling price (ASP) for the wearables declined by 10.3 percent to $18.8 in 2Q24 from $21.
The report said smartwatch category declined 27.4 percent to 9.3 million units. The share of smartwatches within wearables dropped to 31.5 percent from 39.0 percent in 2Q23. Channel inventory, especially of previous generation models, and innovation exhaustion are restricting growth. Smartwatch ASP dropped to $20.6 from $25.6 a year ago due to price cuts to clear inventory and discounts/offers by brands.
Earwear category grew 0.7 percent to 20.1 million. Within earwear, the share of Truly Wireless Stereo (TWS) segment reached 71 percent from 65.5 percent. Earwear others (which includes Tethered and Over Ear) shipments declined by 16.1 percent with 5.8 million units. Earwear ASP declined by 4.2 percent to $17.2.
“The offline channel remains underutilized, often serving merely as a means for brands to offload excess inventory. Due to cost pressures, many brands are shifting their focus toward e-tailer channels, particularly during festive periods,” said Anand Priya Singh, Market Analyst, Smart Wearable Devices, IDC India.
Share of the online channel increased to 63.4 percent from 62 percent in 1Q24, growing by 17.6 percent QoQ. While offline channel shipments witnessed 11.1 percent growth QoQ.
Shipments for smartwatches are expected to decline by 10 percent in 2024. “We will also see refreshed smartwatch portfolios by the smartphone vendors at low to mid-price segments,” Vikas Sharma, Senior Market Analyst, Smart Wearable Devices, IDC India, said.
