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India’s Wearable Device Market Declines for the First Time Ever, by 10.0% YoY in 2Q24 Contact
August 8, 2024 | IDCEstimated reading time: 2 minutes
According to International Data Corporation’s (IDC) India Monthly Wearable Device Tracker, India’s wearable device market declined for the first time ever, by 10.0% year-over-year (YoY) to 29.5 million units. The first half of 2024 declined by 4.7%, shipping 55.1 million units. Cautious inventory stocking by the vendors with a focus on clearing the old stock before the festive season begins and fewer new launches were the key reasons for this decline. The average selling price (ASP) for the overall wearables also hit a record low, declining by 10.3% from US$21.0 to US$18.8 in 2Q24.
Key Highlights of 2Q24:
- Smartwatch category continued to struggle, declining by 27.4% YoY to 9.3 million units. The share of smartwatches within wearables dropped to 31.5% from 39.0% in 2Q23. Channel inventory, especially of previous generation models, and innovation exhaustion are restricting growth. Smartwatch ASP dropped to US$20.6 from US$25.6 a year ago due to price cuts to clear inventory and discounts/offers by brands, Advanced smartwatches grew by 21.9%, with market share increasing from 1.5% to 2.5%.
- Earwear category remained flat, growing by 0.7% YoY with 20.1 million units. Within earwear, the share of Truly Wireless Stereo (TWS) segment reached a record 71.0% from 65.5% a year ago, growing by 9.1% YoY. Earwear others (which includes Tethered and Over Ear) shipments declined by 16.1% with 5.8 million units. Earwear ASP declined by 4.2% to US$17.2.
- Also, a new subcategory within the earwear segment emerged, namely OWS/OES (Open Wireless Solution/ Open Ear solution). Currently, a niche segment, with vendors like PTron (Palred), Truke (Eccentric Enterprises), and Noise (Nexxbase), have launched models in the affordable price segment, with Bose at the premium end.
“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. While several smaller brands rely on offline channels, the major players remain heavily dependent on online channel,” said Anand Priya Singh, Market Analyst, Smart Wearable Devices, IDC India. Share of the online channel increased to 63.4% from 62.0% in 1Q24, growing by 17.6% QoQ. While offline channel shipments witnessed 11.1% growth QoQ.
Smart ring category continues to grow, with more than 72 thousand smart rings shipment in 2Q24 at an ASP of US$204.6. Ultrahuman led with a 48.4% share, followed by Pi Ring at 27.5% and Aabo at third with a 10.5% share. IDC expects the launch of more affordable smart rings by incumbent wearable brands during the upcoming festive season in the next few months.
Commenting on the smartwatch market outlook for the year, Vikas Sharma, Senior Market Analyst, Smart Wearable Devices, IDC India says, “Several new model launches by incumbent brands are expected during the upcoming festive season which may help in arresting this decline. However, the annual shipments for smartwatches are expected to decline by 10% in 2024. We will also possibly see refreshed smartwatch portfolios by the smartphone vendors at low to mid-price segments.”
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