- The Indian wearable market has declined for the second consecutive quarter.
- The smartwatch segment has recorded a huge decline in shipments in Q3 2024.
- The earwear segment has also declined, while the smart ring segment remains strong.
According to a report by the International Data Corporation, 38 million devices were shipped in the country’s wearables market in Q3 2024. The decline is being attributed to a reduction in new product launches and a cautious inventory strategy.
Smartwatch shipments decline
The smartwatch category recorded a decline of 44.8% as shipments declined from 16.92 million devices in Q3 2023 to 9.34 million in Q3 2024. Not just the basic smartwatches, the shipments of premium smartwatches also declined by 39.9% year-on-year.The Smartwatch average selling price (ASP) however increased by 1.4% from $25.8 to $26.2.
The wristband category, which remained strong in Q2 has also declined in Q3, recording a 48.4% year-on-year decline in shipments.
The earwear category also struggled, with a 7.5% decline in shipments from 30.29 million in Q3 2023 to 28.52 in Q3 2024.
The smart ring category continues to shine
The smart ring market has remained strong, with 92 thousand smart rings shipped in Q3 2024. The quarter also recorded a decline in the average selling price of 16.2% to $162.1.Ultrahuman continues to lead the smart ring category in India with a 36.8% market share, boAt comes in second with a 20.5% share and Pi Ring is third with a 16.3% market share.
Smartwatch market share in India
Source: IDC
Noise continues to dominate the Indian smartwatch market with a 27.4% market share in Q3 2024, up from a 20.7% market share in Q3 2023. boAt comes in second with a 16.7% market share, up from a 14.2% market share in Q3 2023.
“Amid market trends like consolidation, premiumization, and evolving consumer expectations, we have not only weathered these changes but thrived, with a 10-15% year-on-year increase in average selling prices across marketplaces,” said Amit Khatri, Co-Founder, Noise in a statement to Business Insider India.
“The smartwatch category remains stressed as we head into 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,” said Vikas Sharma, senior market analyst, Smart Wearable Devices, IDC India.
“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,” Sharma added.
TWS market share in India
Source: IDC
boAt continues to be the market leader in the TWS segment in Q3 2024 despite a decline in its market share. The company leads the market with a 36.8% market share, with Boult a distant second with a 13.5% market share.
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