Agency
new delhi, Nov 19
India’s wearable market, which includes wristband, smartwatch, and earwear, fell for the second straight quarter on weak demand. In the July-September quarter, the market shipments fell 20.7% to 38 million, according to data by International Data Corporation (IDC).
The fall can be attributed to a reduction in new product launches and a cautious inventory strategy, even during the festive season.
Analysts said smartwatches continued to struggle, declining by 44.8% y-o-y to 9.3 million units. During the festive period sales, brands focused on clearing older inventory by offering upfront discounts especially on e-tailer platforms.
Tapering demand for smartwatches in 2024 led to a sudden drop in share of these long tail brands, significantly impacting the overall festive shipments,” said Anand Priya Singh, market analyst, smart wearable devices at IDC India.
Among the brands, in the smartwatch category, market leaders Noise and boAt, witnessed a fall of 27% and 35%, respectively, in their shipments during the quarter. Titan, however, witnessed a 37.5% increase in shipments, owing to which its market share rose to 12.6% from 5.1% in the same quarter last year.
“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 at IDC India. Analysts said the need for better health tracking with efficient sensors and advanced functionality is gradually coming to the fore.
Smartwatch average selling prices (ASPs) increased by 1.4% from $25.8 to $26.2 during the quarter. Notably, in the smartwatch category, the share of online channels has increased for the past three quarters to 63.8% in the quarter.
The earwear category declined 7.5% y-o-y to 28.5 million units, IDC said. Within earwear, the share of Truly Wireless Stereo (TWS) reached a record 73.2% from 68.2% a year ago, with shipments declining by 0.7% y-o-y.
The smart ring category continued to grow, with over 92,000 smart rings shipped during the quarter and a reduction of 16.2% y-o-y in ASP to $162.1, according to IDC data.
For the first time since the April-June quarter of 2019, the ASP for overall wearables grew by 1.3% to $21.3 in the July-September quarter, the research firm said.
