IDC: India's Wearable Device Market Grew 2.1% YoY in 1Q24 to 25.6 Million Units

Contact

For more information, contact:

• Vikas Sharma  Email: visharma@idc.com
• Anand Priya Singh  Email: ansingh@idc.com
• Michael De La Cruz  Email: mdelacruz@idc.com
• Miguel Carreon  Email: mcarreon@idc.com

INDIA, 22 May 2024 – According to International Data Corporation’s (IDC) India Monthly Wearable Device Tracker, India’s wearable device market grew by 2.1% year-over-year (YoY) to 25.6 million units after growing by at least double digits consecutively since 4Q17. The growth was restricted by the high inventory carried over from the festive quarters in 2H23. The average selling price (ASP) for overall wearables declined by 17.8% in 1Q24, from US$22.62 to US$18.59, a record low.

Key Highlights of 1Q24:

• Smartwatch shipments declined for the first time since 4Q18, by 7.3% YoY to 9.6 million units. The share of smartwatches within wearables dropped to 37.6% from 41.4% in 1Q23. Excess inventory in the online channel and fewer new launches led to this decline. Smartwatch ASPs dropped to US$20.65 from US$29.24 a year ago on the back of e-tailer sales events and discounts. The share of advanced smartwatches increased from 2.0% to 3.2%.

• The earwear category grew by 8.3% YoY, shipping 15.9 million units. Within earwear, the share of the Truly Wireless Stereo (TWS) segment reached 70.1% from 63.8% a year ago, growing by 19% YoY. Other shipments of earwear (including tethered and Over-ear) declined by 10.6%. ASPs for earwear declined by 7.3% to US$16.62.

• The top five vendors namely BoAt, Noise, Fire-Bolt, Boult, and Oppo, remain unchanged from a year ago. Although their collective share declined from 63.9% to 59.9%, the long tail of smaller vendors gained share. Within the smartwatch category, shipments of the top three vendors declined due to high channel inventory. However, Titan and BeatXP grew by 2X and 3X respectively. In the earwear category, all vendors from the top five grew their shipments, except Boult.

“Vendors have started focusing on retail expansion via partnerships with large format national and/or 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. 

Offline channel share increased to 37.9% from 26.1% in 1Q23. Online channel shipments declined by 14.1% YoY in 1Q24, its second consecutive quarter of decline.

The momentum for the smart ring category continues, with 64 thousand smart rings shipping in 1Q24 at an ASP of US$173.06. Ultrahuman continues to lead the smart ring market in India with a 43.9% share, followed closely by Pi Ring at 40.1% and Aabo at third with an 8.4% share.

Commenting on the wearable device market outlook for the year, Vikas Sharma, Senior Market Analyst, Smart Wearable Devices, IDC India says, “The smartwatch market is showing early signs of a slowdown in India. The vendors are facing challenges in luring customers to upgrade due to limited innovation and freshness in newer models. IDC expects a low double-digit annual shipment decline for smartwatches in 2024. At the same time, earwear shipments are expected to grow by mid-single digit, driven by AI capabilities and affordable yet advanced features like active noise cancellation options.”

Note:

• Wearable devices that are in the form of a band or watch and capable of processing the data digitally are considered in the wristwear category and it excludes the traditional analog and digital watches.

• The Smartwatch category includes Advance Smartwatches (e.g., Apple Watch, Wear OS watches), and Basic Smartwatches (e.g., Noise watches, BoAt watches).

-Ends-

For more information about this report, trends, or questions for analysts, please contact Shivani Anand Senior Marketing Specialist at sanand@idc.com . You can also follow IDC India’s Twitter and LinkedIn  pages for regular updates on IDC’s research & events.

About IDC Trackers

IDC Tracker   products provide accurate and timely market size, vendor share, and forecasts for hundreds of technology markets from more than 100 countries around the globe. Using proprietary tools and research processes, IDC's Trackers are updated on a semiannual, quarterly, and monthly basis. Tracker results are delivered to clients in user-friendly Excel deliverables and on-line query tools.

About IDC

International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC  and LinkedIn. Subscribe to the IDC Blog for industry news and insights.

All product and company names may be trademarks or registered trademarks of their respective holders.

Coverage