India’s Wearable Device Market Dropped 20.7% in 3Q24

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According to International Data Corporation’s (IDC) India Monthly Wearable Device Tracker, India's wearable device market declined for the second consecutive quarter by 20.7% year-over-year (YoY) to 38 million units. This downturn can primarily be attributed to a reduction in new product launches and a cautious inventory strategy, even during the festive season. For the first time since 2Q19, the average selling price (ASP) for overall wearables grew by 1.3% to $21.3 in 3Q24.

Key Highlights of 3Q24:

• Smartwatches continued to struggle, declining by 44.8% YoY to 9.3 million units. During the festive period sales, brands focused on clearing older inventory by offering upfront discounts especially on e-tailer platforms. Smartwatch ASPs increased by 1.4% from $25.8 to $26.2. Advanced smartwatches also declined by 39.9% YoY, though the share increased marginally from 2.4% to 2.6%.
• The earwear category declined 7.5% YoY to 28.5 million units. Within earwear, the share of Truly Wireless Stereo (TWS) reached a record 73.2% from 68.2% a year ago, declining by 0.7% YoY. Other earwear, including tethered and over ear shipments, declined by 22.0% to 7.6 million units. Earwear ASPs increased by 5.9% to US$19.2.
• Noise (Nexxbase) continued to lead the smartwatch category, while boAt (Imagine Marketing) focused on stock clearance during festive sales. Boult and realme were the only companies among the Top Five to register growth of 32.5% and 56.5%, respectively. In the TWS category, Boult and realme registered growth of 55.0% and 94.6%, respectively, among the Top Five. The smartphone brand Nothing grew by a healthy 308.2% YoY in the overall wearable market.

In the earwear category, shipments to the offline channel grew by 9.4% YoY, with a share increasing from 29.1% to 34.4% in 3Q24. Online shipments declined by 14.4%YoY. Notably, in the smartwatch category, the share of online channels has increased for the past three quarters to 63.8% in 3Q24.

Smartwatch shipments by the long tail brands, including white boxes, decreased significantly by 59.1% in 3Q24, after seeing a strong growth of 328.8% YoY in 3Q23.

“As smartwatch shipments saw a swift uptake in 2023, white box shipments also increased multifold during the year. However, 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.

The smart ring category continued to grow, with over 92 thousand smart rings shipped in 3Q24 and a reduction of 16.2% YoY in ASP to $162.1. Ultrahuman led with 36.8% share, boAt (Imagine Marketing) landed at second position with 20.5% share, and Pi Ring was third with 16.3% share. The growing popularity of smart rings is also evident from the lowering of prices and new launches expected in upcoming quarters.

Commenting on the smartwatch market outlook for the year, Vikas Sharma, senior market analyst, Smart Wearable Devices, IDC India says, “The smartwatch category remains stressed as we head into r 2025 due to undifferentiated products and a limited number of brands in play. Its market is expected to remain flat or decline marginally in 2025. However, we are seeing early signs of a gradual consumer shift from basic to advanced smartwatches, as the need for better health tracking with efficient sensors and advanced functionality is gradually coming to the fore.”