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<ul><li>The Indian truly wireless stereo (<keyword id="5617680" type="General" weightage="80" keywordseo="tws" source="Orion">TWS</keyword>) earbuds segment has reported an 85% growth in 2022.</li><li>Indian companies accounted for 80% of devices sold in the country.</li><li>boAt occupied seven positions in the top ten sold earbuds list.</li></ul> The truly wireless stereo (TWS) earbuds segment in India saw a huge boost in 2022, as the sales nearly doubled with an 85% growth in the year. The increased sales have been attributed to increased local manufacturing, affordable devices, and sales hosted by e-commerce giants. According to a<a href="https://www.counterpointresearch.com/india-tws-market-shipments-85-yoy-2022-top-5-spots-taken-indian-players-first-time/"> report</a> by Counterpoint Research, the shipments of TWS grew by 85% in 2022, and for the first time, Indian companies occupied the top five spots, led by Aman Gupta’s boAt. <cmsannotation type="cmsannotation" annotationid="Indian players continue to dominate" comment="subhead" text="Indian players continue to dominate">Indian players continue to dominate</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market share </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">39.7% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.7% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult Audio </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.2% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MIVI </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.2% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">pTron </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.2% </td></tr></tbody></table> Source: Counterpoint Research The TWS segment is one of the few segments in smartphone-related industries where Indian players are performing well, and, in this industry, their performance is unparalleled. In 2022, the top five spots in the TWS segment were occupied by Indian companies. While Indian companies have been performing well, this is the first time that Indian companies have held all five positions. <cmsannotation type="cmsannotation" annotationid="Four out of five TWS earbuds sold in Indian" comment="subhead" text="Four out of five TWS earbuds sold in Indian">Four out of five TWS earbuds sold in Indian</cmsannotation> Indian companies accounted for 80% of total TWS shipments in 2022, their highest share ever, with the top five brands accounting for 66% of total shipments. This means that for the first time, four out of five TWS earbuds sold in India were from an Indian company. “Four-fifths of the total market was captured by Indian brands, their highest-ever share. For the first time, the top five spots were taken by local brands, which captured two-thirds of the total TWS shipments in India,” said Anshika Jain, senior research analyst at Counterpoint Research. <cmsannotation type="cmsannotation" annotationid="boAt continues to lead the market" comment="subhead" text="boAt continues to lead the market">boAt continues to lead the market</cmsannotation> boAt, which has been the market leader, topped the list for the third year with a 39.7% market share in 2022, up from 38.9%. The company has reported an 89% year-on-year growth. The company captured seven spots in the top ten TWS devices sold in the country, and its Airdopes 131 earbuds alone occupied a 10% share of the total TWS shipments. <cmsannotation type="cmsannotation" annotationid="MIVI reports record growth" comment="subhead" text="MIVI reports record growth">MIVI reports record growth</cmsannotation> Another player that performed quite well in 2022 was MIVI. The domestic manufacturer reported a 544% year-on-year growth to occupy the fourth position with a market share of 6.2%, up from 1.8% in 2021. This has been attributed to new launches from the company and its presence in the popular sub-₹2,000 segment. <cmsannotation type="cmsannotation" annotationid="Domestic production increases 15x" comment="subhead" text="Domestic production increases 15x">Domestic production increases 15x</cmsannotation> Domestic production of TWS also received a huge boost in 2022, with the market share of domestic production in total shipments rising from 2% in 2021 to 30% in 2022, registering a 15x increase. “Domestic manufacturing saw rapid growth, contributing 30% of the total shipments in 2022, compared to just 2% in 2021. Key homegrown brands boAt, Mivi, and pTron ramped up their local manufacturing capabilities to account for 73% of the domestic shipment volume in 2022,” said Liz Lee, associate director, of Counterpoint Research. SEE ALSO: <a href="https://www.businessinsider.in/tech/gadgets/news/boat-noise-boult-mivi-ptron-companies-dominate-the-tws-segment-with-over-70-of-the-market-share/articleshow/94024965.cms">Indian companies dominate the TWS segment with over 70% of the market share, but domestic manufacturing remains at 16% at best</a> <a href="https://www.businessinsider.in/tech/news/homegrown-brands-dominate-the-truly-wireless-earbud-segment-as-shipments-double-in-india/articleshow/95602624.cms#:~:text=Indian%20companies%20dominate%20the%20TWS%20segment&amp;text=Of%20the%20top%20five%20companies,%2C%20Mivi%2C%20and%20Boult%20Audio.">Homegrown brands dominate the truly wireless earbud segment as shipments double in India</a> <a href="https://www.businessinsider.in/tech/mobile/news/four-out-of-five-smartphones-sold-in-india-were-from-chinese-companies/articleshow/93701715.cms">Chinese smartphones continue to lead the market share despite crackdown by the Indian government</a>

Four out of five wireless earbuds sold in India in 2022 were from an Indian company

<ul><li>The <keyword id="5617680" type="General" weightage="80" keywordseo="tws" source="Orion">TWS</keyword> earbuds shipments in India have doubled in Q3 2022.</li><li>Indian companies have reported a 79% market share in the TWS segment.</li><li>Domestic manufacturing has increased to an all-time high of 34% of total shipments.</li></ul>The True Wireless Stereo (TWS) earbuds industry in India has received a huge boost as the shipments in Q3 2022 have doubled year-on-year. An early festive season, new launches, and discounts, among other factors, have boosted the numbers. According to a report by Counterpoint Research, Indian companies reported a strong quarter with a 143% year-on-year growth in Q3 2022. On the other hand, Chinese companies reported an increase of just 13%, with <keyword id="2210217" type="General" weightage="50" keywordseo="oneplus" source="Orion">OnePlus</keyword> taking the lead. Premium brands like Apple, <keyword id="10591" type="General" weightage="50" keywordseo="samsung" source="Orion">Samsung</keyword>, and JBL reported a 9% growth. <cmsannotation type="cmsannotation" annotationid="Indian companies dominate the TWS segment" comment="subhead" text="Indian companies dominate the TWS segment">Indian companies dominate the TWS segment</cmsannotation> Indian companies have continued to dominate the TWS segment in <a href="https://www.businessinsider.in/tech/gadgets/news/boat-noise-boult-mivi-ptron-companies-dominate-the-tws-segment-with-over-70-of-the-market-share/articleshow/94024965.cms">Q2</a>, with boAt occupying the top spot. Of the top five companies, four spots are occupied by Indian companies – boAt, <keyword id="41854" type="General" weightage="50" keywordseo="noise" source="Orion">Noise</keyword>, Mivi, and Boult Audio. While boAt, Noise, and Mivi occupied the top three spots, Boult Audio occupied the fifth spot. pTron, which occupied the fifth position in Q2 2022 has been pushed out with the entry of OnePlus. While boAt retained the top position in the TWS segment, its market share has come down from 46% in Q2 to 42% in Q3, as per Anshika Jain, senior research analyst, at Counterpoint. Noise increased in market share from 8% to 9% during the same period. Mivi continues to command a 6% market share. <cmsannotation type="cmsannotation" annotationid="Four out of five TWS are from Indian companies" comment="subhead" text="Four out of five TWS are from Indian companies">Four out of five TWS are from Indian companies</cmsannotation> The Counterpoint report has revealed that Indian companies command a 79% market share, meaning nearly four out of five TWS sold in the country are from Indian companies. <cmsannotation type="cmsannotation" annotationid="OnePlus enters the top five" comment="subhead" text="OnePlus enters the top five">OnePlus enters the top five</cmsannotation> OnePlus has entered the top five list this quarter, making it the only non-Indian company on the list. The company occupied the fourth position, driven by its two recent launches, the <a href="https://www.businessinsider.in/tech/oneplus-nord-buds-review-a-good-balance-of-price-and-performance/articleshow/91322115.cms">Nord Buds</a>, and <a href="https://www.businessinsider.in/tech/gadgets/news/oneplus-nord-buds-ce-review-an-affordable-tws-with-good-battery-life/articleshow/94177016.cms">Nord Buds CE</a>. Both earbuds were launched with an affordable price tag, with the Nord Buds CE being offered as the most affordable TWS option from the company. <cmsannotation type="cmsannotation" annotationid="boAt dominates the top 10 list" comment="subhead" text="boAt dominates the top 10 list">boAt dominates the top 10 list</cmsannotation> boAt has occupied seven spots in the list of most sold TWS devices, leaving two spots for OnePlus and one spot for Noise. The boAt Airdopes has become the most sold device for the sixth consecutive quarter with a market share of 9%. “We have continued to be leaders for nine successive quarters in our core personal audio and the earwear category. We will stay committed to strengthening category leadership within audio by enhancing R&amp;D and design capabilities and supporting the building of a local manufacturing ecosystem under the Make-in-India initiative,” said Vivek Gambhir, chief executive officer, boAt in a comment to Business Insider India. <cmsannotation type="cmsannotation" annotationid="Indian companies virtually own the affordable segment" comment="subhead" text="Indian companies virtually own the affordable segment">Indian companies virtually own the affordable segment</cmsannotation> According to Counterpoint, the domination of Indian companies is much higher in the budget segment, with domestic companies commanding a 95% market share in the below ₹2,000 segment. <cmsannotation type="cmsannotation" annotationid="Domestic manufacturing gets a boost" comment="subhead" text="Domestic manufacturing gets a boost">Domestic manufacturing gets a boost</cmsannotation> Domestic manufacturing has greatly boosted in Q3, with a 288% quarterly growth. With this, the domestic production of TWS devices has reached an all-time high of 34% of all shipments. <cmsannotation type="cmsannotation" annotationid="E-commerce is the preferred medium" comment="subhead" text="E-commerce is the preferred medium">E-commerce is the preferred medium</cmsannotation> E-commerce platforms such as Amazon and Flipkart remain the go-to option for customers, as 79% of devices sold in Q3 were in the online market. Flipkart has emerged as the leader among online platforms, with more than 50% of the online market share. “It is still challenging for brands to strengthen their presence in offline channels, as a huge share of 79% still comes from the online market,” said Liz Lee, associate research director, Counterpoint. SEE ALSO: <a href="https://www.businessinsider.in/tech/gadgets/news/boat-noise-boult-mivi-ptron-companies-dominate-the-tws-segment-with-over-70-of-the-market-share/articleshow/94024965.cms">Indian companies dominate the TWS segment with over 70% of the market share, but domestic manufacturing remains at 16% at best</a> <a href="https://www.businessinsider.in/tech/mobile/news/mukesh-ambani-reveals-reliance-jio-and-google-are-working-on-an-affordable-5g-smartphone/articleshow/93876846.cms">Amid reports of ban on Chinese budget smartphones, Mukesh Ambani reveals Reliance Jio and Google are working on an affordable 5G smartphone</a> <a href="https://www.businessinsider.in/business/auto/news/best-festive-auto-sales-in-the-last-4-years-but-sales-may-decline-says-fada-report/articleshow/95354054.cms">Best festive auto sales in the last 4 years, but sales may decline says FADA report</a>

Homegrown brands dominate the truly wireless earbud segment as shipments double in India

<ul><li>The Indian true wireless earbuds shipments have recorded a 168% growth in Q2 2022.</li><li>Domestic companies account for over 70% of the <keyword id="5617680" type="General" weightage="100" keywordseo="tws" source="Orion">TWS</keyword> market in the country.</li><li>The local production by these companies has reached 16%, an all-time high.</li></ul> True wireless earbuds (TWS) have become as common as smartphones in India and have become one of the most common accessories a smartphone user buys in the country and are no longer something only the rich buy. The increased popularity of TWS earbuds has greatly boosted their shipments in the country. In Q2 2022, TWS earbuds shipments recorded a 168% year-on-year growth and a 62% quarter-on-quarter growth. “India’s TWS market continues to show phenomenal growth due to the reasons like availability of low-priced new TWS devices, better features and functionalities like ANC, innovative designs, and low-latency mode for gaming,” said Anshika Jain, senior analyst, Counterpoint Research. <cmsannotation type="cmsannotation" annotationid="Dominance of domestic companies" comment="subhead" text="Dominance of domestic companies">Dominance of domestic companies</cmsannotation> When we talk about audio devices, the first companies that come to your mind may be Sony, Bose or JBL. You may also think about companies like Samsung, Apple and OnePlus that offer popular TWS devices. However, the <keyword id="14911125" type="General" weightage="20" keywordseo="tws-segment" source="Orion">TWS segment</keyword>’s growth is fueled by domestic companies like boAt, noise and Boult Audio. In fact, Indian companies occupied the top five positions in terms of shipments in Q2 2022 and reported a combined market share of over 70%. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q2 2022 share </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">boAT </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">46% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">noise </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Boult Audio </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">MIVI </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">pTron </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr></tbody><tbody></tbody><tbody></tbody></table> boAt is the current leader of the TWS segment and reported a 46% market share, capturing nearly half of the market. The next four positions were captured by noise, Boult, MIVI and pTron. Aman Gupta and Sameer Mehta led boAt has been dominating the TWS segment in India for quite some time now due to its affordable offerings. The company reported a staggering 236% year-on-year growth in Q2 2022. Speaking about the dominance of the Indian companies in the TWS segment, Liz Lee, the associate research director at Counterpoint, said, “These brands together took over 70% share and were quite aggressive in their marketing strategies, introducing new advanced alternatives at affordable prices along with discount schemes through various sales events. Besides, there has been a growing emphasis on roping brand ambassadors to capture customer mindshare.” <cmsannotation type="cmsannotation" annotationid="Most of it is imported" comment="subhead" text="Most of it is imported">Most of it is imported</cmsannotation> Despite domestic companies dominating the TWS segment in the country, over nearly 85% of the devices are still being imported from other countries, mainly China. <cmsannotation type="cmsannotation" annotationid="Domestic production gets a push" comment="subhead" text="Domestic production gets a push">Domestic production gets a push</cmsannotation> In Q2 2022, the share of domestic manufacturing was just 16%; however, this is an all-time high and is expected to grow further in the coming quarters. “The share of domestic manufacturing stood at 16%, the highest ever. With boAt, Noise, Mivi and pTron ramping up their local manufacturing capabilities, these brands together accounted for 98% of the domestic shipment volume in Q2 2022,” said Jain. Domestic production has received a boost as companies are looking to expand production in the country as part of the “Make in India” scheme. “Made in India has been taking the spotlight since this year. But more brands started focusing on local manufacturing this quarter,” Jain added. The Indian government has announced several schemes such as the Production Linked Incentive (PLI) scheme, which offers incentives based on the production to companies who produce domestically. The government also <a href="https://www.business-standard.com/budget/article/budget-2022-imported-headphones-umbrella-solar-cells-to-be-costlier-122020101088_1.html">increased</a> the customs duty on headphones and earphones during the Budget 2022, making it costlier to import these devices. <cmsannotation type="cmsannotation" annotationid="boAt and pTron speak about their existing manufacturing and future plans" comment="subhead2" text="boAt and pTron speak about their existing manufacturing and future plans">boAt and pTron speak about their existing manufacturing and future plans</cmsannotation> “We have manufactured more than 4 million units in FY23 (to date) under our Make in India strategy. Some of our best-selling products like Airdopes 131, Airdopes 411 ANC, Xtend Sport and Storm Pro are being manufactured locally and are available on all major sales platforms. We plan on further increasing our production quarterly,” said Vivek Gambhir, chief executive officer, boAt. “We have made significant investments in building an Indian manufacturing ecosystem and are keen to capitalize on the “Make-in-India” initiative through contract manufacturing. We have begun working with over 10 suppliers in India for products across categories. We facilitate development and procurement for these suppliers while making investments in moulds, and establishing quality parameters and testing protocols,” Gambhir added. “Being a home-grown brand, we constantly strive to offer our consumers best in terms of features and pricing which requires tremendous research and better control on production. Hence, moving the production to India is an important step for us to have better pricing control while ensuring great product quality,” said Ameen Khwaja, chief executive officer, pTron. “Currently 10% of our products are manufactured in India and aim to increase this to up to 50% by end of the year,” Khwaja added. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/mukesh-ambani-reveals-reliance-jio-and-google-are-working-on-an-affordable-5g-smartphone/articleshow/93876846.cms">Amid reports of ban on Chinese budget smartphones, Mukesh Ambani reveals Reliance Jio and Google are working on an affordable 5G smartphone</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-phone-brands-may-not-be-able-to-fill-the-void-that-chinese-budget-phone-ban-may-create/articleshow/93751192.cms">Indian phone brands may not be able to fill the void that Chinese budget phone ban may create</a> <a href="https://www.businessinsider.in/tech/mobile/news/four-out-of-five-smartphones-sold-in-india-were-from-chinese-companies/articleshow/93701715.cms">Chinese smartphones continue to lead the market share despite crackdown by the Indian government</a>

Indian companies dominate the TWS segment with over 70% of the market share, but domestic manufacturing remains at 16% at best

<ul><li><keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s offline wearable market has also seen a boost in shipments, as per IDC.</li><li>In 2023, 134.2 million wearables, which includes <keyword id="19901569" type="General" weightage="20" keywordseo="smartwatches" source="keywords">smartwatches</keyword> and earwear, were shipped in India.</li><li>Smartwatches recorded a 73.7% growth, while earwear reported a 16.9% growth.</li></ul> The Indian wearables market has continued to perform well in 2023, reporting a growth of 34% during the year. The last quarter of the year however reported a 12.7% year-on-year growth with 28.4 million devices shipped in the last quarter of the year. According to a report by the International Data Corporation (IDC), 134.2 million wearables were shipped in India in 2023. This includes smartwatches and earwear such as truly wireless earbuds (<keyword id="19964109" type="General" weightage="20" keywordseo="tws" source="keywords">TWS</keyword>) and neckbands. During the fourth quarter (Q4) of 2023, the average selling price (ASP) of the overall wearables market declined from $25 (approx. ₹2,075) to $21.2 (approx. ₹1,760), reporting a 15.4% decline. <cmsannotation type="cmsannotation" annotationid="Smartwatches report good growth" comment="subhead" text="Smartwatches report good growth">Smartwatches report good growth</cmsannotation> Smartwatch shipments grew by 73.7% year-on-year in 2023, with 53.4 million devices shipped during the year. The sales received a boost due to the festive season and heavy discounts offered by companies. At the same time, this led to a decline in the ASP from $42.5 (approx. ₹3,530) to $26.1 (approx. ₹2,170). <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023 share </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 share </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fire Boltt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.3% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">69.8% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.1% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.2% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">41.3% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">29.3% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.2% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.4% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">283.4% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">BeatXP </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.8% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr></tbody></table> Source: IDC The Indian smartwatch segment was led by <keyword id="20503201" type="General" weightage="20" keywordseo="fire-boltt" source="keywords">Fire Boltt</keyword>, which reported a slight decline in its market share despite recording a 69.8% increase in shipments. BeatXP, a new entrant in the market has managed to make it to the top five, with a market share of 3.8% during 2023. “Affordability, low product penetration and a plethora of options led to a surge in demand for smartwatches. However, the growing popularity of non-branded watches is impacting the incumbents, offering cheap alternatives of popular models, and are even bundled with multiple watch straps,” said Anand Priya Singh, market analyst, wearable devices, IDC India. “In 2024, we will see a proliferation of smartwatches with LTE SIM/eSIM connectivity, advanced health sensors, and multiple GPS navigation,” said Vikas Sharma, senior market analyst, wearable devices, IDC India. <cmsannotation type="cmsannotation" annotationid="TWS take the lead in the earwear segment" comment="subhead" text="TWS take the lead in the earwear segment">TWS take the lead in the earwear segment</cmsannotation> The earwear segment reported a growth of 16.9% in 2023, with 80.4 million devices shipped during the year. The earwear segment was led by TWS devices, which recorded a 67.3% share, up from 55.3% in 2022. This means that the consumer preference is moving from neckbands to TWS. The ASP of earwear declined by 8.2% to $18.2 (approx. ₹1,510) in 2023. Speaking about the future of earwear, Sharma said, “In earwear, premium features like Active Noise Cancellation (ANC), and multi-device pairing will be available at affordable pricing.” <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023 share </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 share </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.9% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.5% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.2% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult Audio </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.7% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.5% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">136% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.8% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.8% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo and OnePlus </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.1% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">30.8% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mivi </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.4% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.2% </td></tr></tbody></table> TWS shipments, IDC The TWS segment was led by boAt, which reported a decline in overall market share from 38.5% in 2022 to 33.9% in 2023. This is despite a 25.2% increase in shipments. <cmsannotation type="cmsannotation" annotationid="Offline sales receive a boost" comment="subhead" text="Offline sales receive a boost">Offline sales receive a boost</cmsannotation> The shipments to the offline market received a boost in 2023, recording a 55.6% year-on-year growth. The share of shipments to the offline market increased from 26.7% in 2022 to 31% in 2023. Companies focused on expanding their retail presence in 2023. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8-pro-review/articleshow/107726935.cms">Pixel 8 Pro review: ‘Okay Google’ – The flagship smartphone ticks almost all boxes</a> <a href="https://www.businessinsider.in/tech/mobile/news/poco-oneplus-top-indian-smartphone-shipment-growth-but-overall-reading-flat/articleshow/107681294.cms">Poco, OnePlus top Indian smartphone shipment growth but overall reading flat</a> <a href="https://www.businessinsider.in/tech/mobile/news/seven-out-of-top-10-smartphones-sold-worldwide-in-2023-were-iphones/articleshow/107617907.cms">Apple domination: Seven out of top 10 smartphones sold worldwide are iPhones</a>

Fire Boltt, Noise lead India’s wearable market growth which sees a 34% spike

<ul><li>India’s TWS market witnessed the highest ever shipments in Q3 2021.</li><li>Local brands took up 63% of the total market share thanks to festive sales, and aggressive pricing.</li><li>This quarter also had the most number of TWS launches ever.</li></ul>The Indian TWS (True Wireless Stereo) market grew 55% Year-over-Year (YoY) in the quarter ending October with three local players comprising 63% of the total market share. The <a href="https://www.businessinsider.in/tech-buying-guides/best-true-wireless-earbuds-in-india/articleshow/81424971.cms">Indian TWS</a> market also witnessed its highest shipments ever at around 8 million units in Q3 2021 thanks to festive sales and discounts, and entrants in the budget price segments, according to the<a href="https://www.counterpointresearch.com/india-tws-shipments-reach-record-8-mn-q3-2021-boat-continues-dominate-apple-bounces-back/"> latest data</a> from Counterpoint Research. <a href="https://www.businessinsider.in/tech/enterprise/news/like-apple-and-samsung-boat-makes-earphones-and-smartwatches-in-vietnam/articleshow/85889423.cms">Boat</a> continued to lead the market for the fifth consecutive quarter with a total share of 35.8%. Realme and Noise grabbed the second and third spots with 8.1% and 7.7% shares, respectively. Another Indian company that made it to the top five is Boult Audio which grabbed the fifth spot. This is also the first time that the company took the fifth spot with a 5.3% market share and a 147% YoY growth. In addition to its products being priced at entry-level and mid-range segments, discounts during the Amazon Great Indian Festival also helped the company push its way up. Brands also pushed local manufacturing as boAt launched its first made-in-India TWS Airdopes 101, and Ptron launched its second TWS Bassbuds Ultima. Noise also partnered with Optiemus and Realme with Khy Electronics to offer more locally produced products, while Ambrane set up a local manufacturing unit. <div type="image" title="ezgif.com-gif-maker (24)" msid="87502536" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s TWS market share in Q3 2021.&amp;lt;/p&amp;gt;"></div> Counterpoint also highlighted the partner brand or sub-brand strategy of Realme’s Dizo and 1MORE’s Omthing that aggressively launched new products in this segment. This led to the TWS market witnessing the most number of new launches in Q3 2021 in addition to recording the highest ever shipments. Most of the new products were priced below ₹2,999. In the premium segment (₹5,000 and above), Apple took the first spot with a 64% share, and it’s also the fourth largest brand overall with a 7.6% share. The AirPods 2 were a popular choice among consumers and sales like the Apple Days, Back to School program and the free AirPods with iPhone 12 scheme helped the company’s growth, according to the report. Joining Apple in the premium segment is <a href="https://www.businessinsider.in/tech/news/nothing-ear-1-truly-wireless-earbuds-review/articleshow/84859480.cms">Carl Pei’s Nothing</a> that debuted its first product ear (1) in August this year. Nothing managed to take the third spot in the premium segment with a 7% share. Sitting in between Apple and Nothing is Samsung which took the third spot and sales were driven by its existing Galaxy Buds models. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/microsoft-is-bringing-3d-avatars-and-metaverses-to-teams/articleshow/87501008.cms" data-type="tilCustomLink">Microsoft wants to make virtual meetings more immersive with 3D avatars and metaverses</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-may-soon-allow-you-to-delete-messages-going-back-several-years/articleshow/87500597.cms" data-type="tilCustomLink">WhatsApp may soon allow you to delete messages going back several years</a>

Indian brands lead TWS market — local players record country’s highest ever shipments in Q3 2021

With smartwatches leading the pack, Indian wearables market grows over 50% in the first half of 2023

<ul><li>The Indian wearable <keyword id="20103884" type="General" weightage="20" keywordseo="shipments" source="keywords">shipments</keyword> have reported a 2.1% year-on-year growth in <keyword id="21174432" type="General" weightage="20" keywordseo="Q1-2024" source="keywords">Q1 2024</keyword>.</li><li>According to an IDC report, 25.6 million <keyword id="20018806" type="General" weightage="20" keywordseo="wearables" source="keywords">wearables</keyword> were shipped in the country in Q1 2024.</li><li>There was a nearly 20% decline in the average selling price of wearables in Q1 2024.</li></ul> The Indian wearables market has continued to perform well in 2024, reporting a 2.1% year-on-year growth in Q1 2024. The wearables market recorded<a href="https://www.businessinsider.in/tech/news/fire-boltt-noise-lead-indias-wearable-market-growth-which-sees-a-34-spike/articleshow/107813888.cms"> double-digit growth</a> in 2023. According to a report by the International Data Corporation (IDC), 25.6 million wearables were shipped in Q1 2024. Wearables include smartwatches and earwear such as truly wireless earbuds (TWS) and neckbands. While a small growth has been recorded in the first quarter, the growth was hindered by high inventory carried over from the festive season in 2023. The share of offline channels in shipments increased to 37.9% in Q1 2024 from 26.1% in Q1 2023. The online channel shipments declined by 14.1% year-on-year in Q1 2024, the second consecutive quarter of decline. “Vendors have started focusing on retail expansion via partnerships with large format national and regional retail chains and bundling wearables with other product categories like smartphones, laptops, etc. It will be interesting to see if these initiatives help bring back the growth momentum, especially in the festive sales period in the second half of the year,” said Anand Priya Singh, Market Analyst, Smart Wearable Devices, IDC India. <cmsannotation type="cmsannotation" annotationid="Decline in average selling price" comment="subhead" text="Decline in average selling price">Decline in average selling price</cmsannotation> Amid the launch of several affordable options, there was a significant decline in the average selling price (ASP) of wearables. In Q1 2024, the ASP declined by 17.8% from $22.62 (approx. ₹1,885) to $18.59 (approx. ₹1,550), a record low in wearables ASP. <cmsannotation type="cmsannotation" annotationid="Fire Boltt leads the smartwatch segment" comment="subhead" text="Fire Boltt leads the smartwatch segment">Fire Boltt leads the <keyword id="21772954" type="General" weightage="20" keywordseo="smartwatch-segment" source="keywords">smartwatch segment</keyword></cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 2024 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 2023 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fire - Boltt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.50% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">28.60% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-24.00% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.80% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.60% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.30% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.50% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-61.30% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.70% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.30% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">91.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">BeatXP </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.10% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.10% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">232.10% </td></tr></tbody></table> Source: IDC While the overall wearables segment recorded a slight increase, there was a decline in smartwatch shipments. According to the report, the smartwatch shipments declined by 7.3% to 9.6 million devices, recording the first decline in shipments since Q4 2018. The decline has been attributed to excess inventory in the online channel and fewer new launches. The ASP of smartwatches declined to $20.65 (approx. ₹1,720) from $29.24 (approx. ₹2,435). Fire-Boltt emerged as the market leader, despite a decline in shipments. The company recorded a 23.5% market share in Q1 2024, down from 28.6% in Q1 2023. <cmsannotation type="cmsannotation" annotationid="boAt leads the TWS segment" comment="subhead" text="boAt leads the TWS segment">boAt leads the <keyword id="21772955" type="General" weightage="20" keywordseo="TWS-segment" source="keywords">TWS segment</keyword></cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 2024 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 2023 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.90% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">30.70% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">31.50% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.00% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.60% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-8.00% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.70% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.40% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">116.80% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Realme </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.60% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.60% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">70.00% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo and OnePlus </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.30% </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.50% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.80% </td></tr></tbody></table> Source: IDC The earwear category reported a growth of 8.3% year-on-year in Q1 2024, shipping 15.9 million units. In the overall earwear category, the share of TWS devices increased to 70.1% from 63.8% in Q1 2023, recording a 19% growth. The ASP of earwear declined to $16.62 (approx. ₹1,385). boAt continues to lead the segment, with a 33.9% market share, up from 30.7% in Q1 2023. The collective share of the top five companies declined from 63.9% to 59.9%. 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India’s wearable shipments rise by 2.1% in Q1 2024, average price declines

<ul><li>The Indian wearable market has declined for the second consecutive quarter.</li><li>The smartwatch segment has recorded a huge decline in shipments in Q3 2024.</li><li>The earwear segment has also declined, while the smart ring segment remains strong.</li></ul>The <keyword id="22725790" type="General" weightage="20" keywordseo="Indian-wearables-market" source="keywords">Indian wearables market</keyword> has declined for the second consecutive quarter, recording a 20.7% year-on-year decline in shipments in Q3 2024. There was a 10% decline in shipments in Q2 2024. 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. <h2>Smartwatch shipments decline</h2>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. <h2>The smart ring category continues to shine</h2>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. <h2>Smartwatch market share in India</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.40% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.20% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.60% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fire-Boltt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.60% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.30% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.10% </td></tr></tbody></table> 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. <h2>TWS market share in India</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">36.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.50% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.10% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Realme </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.90% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo + OnePlus </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.00% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.10% </td></tr></tbody></table> 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. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms">Tata to buy a majority stake in Pegatron's iPhone plant in India</a> <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a>

Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle

<ul><li>India has emerged as the biggest <keyword id="2497807" type="General" weightage="20" keywordseo="smartwatch-market" source="Orion">smartwatch market</keyword> in the world in Q3 2022.</li><li>The Indian smartwatch market reported a 171% growth in the third quarter.</li><li><keyword id="41854" type="General" weightage="20" keywordseo="noise" source="Orion">Noise</keyword>, <keyword id="12080950" type="General" weightage="20" keywordseo="fire-boltt" source="Orion">Fire Boltt</keyword>, and <keyword id="53189" type="General" weightage="20" keywordseo="boat" source="Orion">boAt</keyword> have emerged as the top three players in the domestic market.</li></ul>The Indian smartwatch market emerged as the biggest in Q3 2022. The global smartwatch market has registered a year-on-year growth of 30%, driven by the basic smartwatch segment. According to a report by Counterpoint, the Indian smartwatch market reported the highest growth and occupied the top spot for the first time, up from the third position last year. While the rest of the global markets reported growth, China and Europe reported a decline. <cmsannotation type="cmsannotation" annotationid="India registers a 171% growth" comment="subhead" text="India registers a 171% growth">India registers a 171% growth</cmsannotation> The Indian smartwatch market has reported a 171% year-on-year growth, occupying nearly a third of the global market with a 30% market share. At the same time, North America reported a 21% growth, and China reported a 6% decline. <cmsannotation type="cmsannotation" annotationid="Domestic companies dominate the market" comment="subhead" text="Domestic companies dominate the market">Domestic companies dominate the market</cmsannotation> Indian companies may not have a huge market share when it comes to smartphones, but domestic companies are thriving in other markets. After <a href="https://www.businessinsider.in/tech/news/homegrown-brands-dominate-the-truly-wireless-earbud-segment-as-shipments-double-in-india/articleshow/95602624.cms">dominating</a> the TWS segment, domestic companies have occupied nearly 80% of the Indian smartwatch market. India’s top domestic companies, Noise, Fire Boltt, and boAt alone, have occupied 79% of the Indian smartwatch market, taking the top three positions. Noise has also occupied the third position globally, just behind Apple and Samsung. Noise reported a 30% market share in Q3 2022, and Fire Boltt is a close second with a 29% market share. boAt has come in third with a 20% market share. This means that four of five smartwatches sold in the country are Indian. <cmsannotation type="cmsannotation" annotationid="Experts credit the festive season and affordable devices to India’s growth" comment="subhead" text="Experts credit the festive season and affordable devices to India’s growth">Experts credit the festive season and affordable devices to India’s growth</cmsannotation> The 42-day-long festive season is one of the reasons behind the growth of the Indian market. Additionally, the affordable prices of watches being launched in the country and the push for domestic production have also been credited for the growth. “The main factor behind the record quarter was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth,” said Anshika Jain, Senior Analyst, Counterpoint Research. <cmsannotation type="cmsannotation" annotationid="Customers prefer watches with Bluetooth calling" comment="subhead" text="Customers prefer watches with Bluetooth calling">Customers prefer watches with Bluetooth calling</cmsannotation> The analyst added that Bluetooth calling has emerged as an important feature in the Indian market. Over 58% of smartwatches sold in the country offer Bluetooth calling, the highest ever share for the feature. Additionally, over half of the shipments feature big displays, ranging from 1.5 inches to 1.69 inches. <cmsannotation type="cmsannotation" annotationid="Noise reports over 200% growth" comment="subhead" text="Noise reports over 200% growth">Noise reports over 200% growth</cmsannotation> Noise reported year-on-year growth of 218% to regain the top spot in the Indian market. Fire Boltt claimed the second spot in the Indian market; despite flat growth, it retained the fourth spot globally. India’s third smartwatch brand boAt occupied the sixth spot globally, behind Huawei, which recorded zero shipments in India for the first time since 2018. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/homegrown-brands-dominate-the-truly-wireless-earbud-segment-as-shipments-double-in-india/articleshow/95602624.cms">Homegrown brands dominate the truly wireless earbud segment as shipments double in India</a> <a href="https://www.businessinsider.in/tech/gadgets/news/boat-noise-boult-mivi-ptron-companies-dominate-the-tws-segment-with-over-70-of-the-market-share/articleshow/94024965.cms">Indian companies dominate the TWS segment with over 70% of the market share, but domestic manufacturing remains at 16% at best</a> <a href="https://www.businessinsider.in/business/auto/news/best-festive-auto-sales-in-the-last-4-years-but-sales-may-decline-says-fada-report/articleshow/95354054.cms">Best festive auto sales in the last 4 years, but sales may decline says FADA report</a>

Affordable smartwatches make India the biggest smartwatch market in the world

<ul><li>The Indian wearable market has declined by 10% in Q2 2024, its first ever decline.</li><li>The smartwatch segment has recorded a huge decline in shipments in Q2 2024.</li><li>The earwear segment has remained flat, while the <keyword id="22725791" type="General" weightage="20" keywordseo="smart-ring-segment" source="keywords">smart ring segment</keyword> is going strong.</li></ul> The <keyword id="22725790" type="General" weightage="100" keywordseo="Indian-wearables-market" source="keywords">Indian wearables market</keyword> has declined for the first time ever, recording a 10% decline in shipments in Q2 2024. India’s wearables market shipped 29.5 million devices in Q2 2024. According to a report by the International Data Corporation, the first half of 2024 also reported a decline of 4.7%, with 55.1 million units shipped during the first six months. The decline in shipments includes cautious inventory stocking by the vendors looking to clear existing stock and fewer new launches in the market. <h2><keyword id="20615528" type="General" weightage="20" keywordseo="smartwatch-shipments" source="keywords">Smartwatch shipments</keyword> decline</h2>The <keyword id="22725792" type="General" weightage="20" keywordseo="smartwatch-category" source="keywords">smartwatch category</keyword> recorded a decline of 27.4% as shipments declined from 12.77 million devices in Q2 2023 to 9.27 million in Q2 2024. As per the report, innovation exhaustion and existing channel inventory of older models were the key reasons for the decline in shipments. The Smartwatch average selling price (ASP) dropped to $20.6 from $25.6 a year ago due to discounts being offered to clear inventory. The wristband category however continued to grow, recording a 23.4% growth in shipments. The earwear category remained flat, with a 0.7% shipment growth from 19.95 million in Q2 2023 to 20.09 in Q2 2024. <keyword id="11974058" type="General" weightage="20" keywordseo="ultrahuman" source="Orion">Ultrahuman</keyword> leads the smart ring segment The smart ring market has started making its mark, with over 72 thousand smart rings shipped in Q2 2024 with an ASP of $204.6. Ultrahuman leads the market share in the smart rings segment with a market share of 48.4%, followed by Pi Ring at 27.5% and Aabo with a 10.5% share. <h2>Smartwatch market share in India</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.7% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.6% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fire-Boltt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.2% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.8% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.6% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.2% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.9% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.4% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.9% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.4% </td></tr></tbody></table> Source: IDC The top two companies, Noise and Fire-Boltt enjoy nearly half of the market share, with Noise leading the segment with a 25.7% market share and Fire-Boltt a close second at 24.2%. <h2>TWS market share in India</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">34% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">35.3% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.9% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.6% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.2% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.6% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo + OnePlus </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.4% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.5% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Realme </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.4% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr></tbody></table> Source: IDC boAt has emerged as the market leader in the TWS segment in Q2 2024 despite a decline in its market share. The company leads the market with a 34% market share, with Boult a distant second with a 12.9% market share. <h2>Online channels continue to be the preferred mode</h2>Online channels continued to be the preferred mode with their share increasing to 63.4% in Q2 2024 from 62% in Q1 2024. “The offline channel remains underutilised, 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 channels,” said Anand Priya Singh, Market Analyst, Smart Wearable Devices, IDC India. <h2>Average selling price falls</h2>The average selling price (ASP) of wearables declined to a new low, falling by 0.3% from $21 to $18.8 in Q2 2024. 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India’s wearables market decline for the first time as smartwatch shipments fall

<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s wearable market shipped a record 48.1 million units in the third quarter this year, a 29.2 per cent year-over-year (YoY) growth, a new report showed on Wednesday. Apart from the new smartwatch and earwear models, smart rings became prominent in the third quarter, according to the data from International Data Corporation (IDC). The smart ring category is generating a lot of interest from consumers, particularly due to the interesting form factor and several launches in the past few months. "Smart rings add novelty to the wearable device space, with brands trying to position it as a fashion accessory and a non-intrusive health device. While currently there are very few models, we can expect more mainstream brands launching more affordable options next year," said <keyword id="3886166" type="General" weightage="80" keywordseo="upasana-joshi" source="Orion">Upasana Joshi</keyword>, Research Manager, Client Devices, IDC India. Ultrahuman led the smart ring category with an impressive 75.5 per cent market share, followed by <keyword id="19504357" type="General" weightage="80" keywordseo="pi-ring" source="Orion">Pi Ring</keyword> at 10.9 per cent, and boAt (<keyword id="6494266" type="General" weightage="80" keywordseo="imagine-marketing" source="Orion">Imagine Marketing</keyword>) with an 8.2 per cent market share in the third quarter. Overall, the domestic wearable market shipped 105.9 million units in the first three quarters of 2023, which is more than 100.1 million units shipped in 2022. The overall average selling price (ASPs) declined by 20.4 per cent from $27.2 to $21.7. "Brands have upped the game with high-end specifications at entry-level pricing. This combined with high-decibel marketing campaigns and promotions will drive Q4 shipments, resulting in strong double digit annual growth in 2023," said <keyword id="218502" type="General" weightage="50" keywordseo="vikas-sharma" source="Orion">Vikas Sharma</keyword>, senior market analyst, <keyword id="1531471" type="General" weightage="50" keywordseo="wearable-devices" source="Orion">Wearable Devices</keyword>, IDC India. boAt (Imagine Marketing) continued to dominate the overall wearable market with 29.7 per cent share, growing by 19.4 per cent. In <keyword id="5617680" type="General" weightage="80" keywordseo="tws" source="Orion">TWS</keyword> too, it maintained leadership with 37.9 per cent share, 33.3 per cent growth YoY. It stood third in the smartwatch category with 14.2 per cent market share. Noise (Nexxbase) stood second in overall wearables with 10.8 per cent share and flat 0.6 per cent YoY shipment growth. It dropped to second in the smartwatch category with 20.7 per cent market share and maintained its fourth position in the TWS segment at 7.7 per cent share, growing by 20.4 per cent YoY, the report mentioned. Smartwatches remained the fastest growing category with 16.9 million units, growing by 41 per cent YoY as incumbent vendors shipped aggressively to stock for the upcoming festive season. Within wearables, the share of earwear dropped to 64.4 per cent from 67.3 per cent a year ago, but shipments still grew 23.6 per cent to 30.9 million units, according to the report. SEE ALSO:<a href="https://www.businessinsider.in/tech/apps/news/google-to-stop-offering-unlimited-whatsapp-backups-heres-what-it-means/articleshow/105230545.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/google-to-stop-offering-unlimited-whatsapp-backups-heres-what-it-means/articleshow/105230545.cms" target="_blank">Google to stop offering unlimited WhatsApp backups – here’s what it means for you and me</a><a href="https://www.businessinsider.in/sports/webstories/australia-vs-south-africa-icc-world-cup-2023-semi-final-preview/slidelist/105231156.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/australia-vs-south-africa-icc-world-cup-2023-semi-final-preview/slidelist/105231156.cms" target="_blank">Aus vs SA WC semi-final – Head-to-head, key players, likely XI and more</a><a href="https://www.businessinsider.in/business/auto/news/suvs-under-rs-10-lakh-in-india-in-2023/slidelist/105185630.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/suvs-under-rs-10-lakh-in-india-in-2023/slidelist/105185630.cms" target="_blank">Tata Nexon to Kia Sonet – SUVs under ₹10 lakh in India</a>

You Searched For "boat tws shipments" and got 11 results

Four out of five wireless earbuds sold in India in 2022 were from an Indian company

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Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle

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India’s wearables market decline for the first time as smartwatch shipments fall

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India's wearable market grows 29.2% in Q3, smart ring category shows promise

IANS

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