India’s wearables market sees first-ever decline as smartwatch shipments fall

• India’s wearables market fell 10% in Q2 2024, its first decline ever.
• The smartwatch segment saw a massive drop in shipments in Q2 2024.
• The headphone segment remained unchanged, while smart ring segment is getting stronger.

This Indian Wearables Market declined for the first time in history, recording a 10 percent decline in shipments in Q2 2024. The Indian wearables market saw 29.5 million devices shipped in Q2 2024.

According to a report by International Data Corporation, the first half of 2024 also saw a 4.7% decline, with 55.1 million units shipped in the first six months.

The decline in deliveries is due to cautious replenishment by suppliers looking to clear existing stocks, as well as fewer new products being introduced to the market.

Smartwatch Shipments decrease

This smartwatch category saw a 27.4% decline as shipments fell from 12.77 million devices in Q2 2023 to 9.27 million in Q2 2024. As per the report, innovation attrition and existing inventory of older models in channels were the main reasons for the decline in shipments. The average selling price (ASP) of a smartwatch fell to $20.6 from $25.6 a year ago due to discounts offered to clear inventory.

The wristband category continued to grow, with shipments increasing by 23.4%.

The headphone category remained flat, with shipments increasing by 0.7% from 19.95 million in Q2 2023 to 20.09 million in Q2 2024.

Ultrahuman leads the smart rings segment

The smart ring market has begun to make its presence felt, with over 72,000 smart rings shipped in Q2 2024, with an average retail price of $204.60. Ultrahuman is the market leader in the smart ring segment with a 48.4% market share, followed by Pi Ring with 27.5% and Aabo with 10.5%.

Smartwatch Market Share in India

Business	Q2 2024	Q2 2023
Noise	25.7%	27.6%
Fire Bolt	24.2%	23.8%
Łódź	11.6%	15.2%
titanium	7.9%	3.4%
Boult	3.9%	3.4%

Source: IDC

The two largest companies, Noise and Fire-Boltt, account for almost half of the market share, with Noise being the leader in this segment with a market share of 25.7%, closely followed by Fire-Boltt with a share of 24.2%.

GRP Market Share in India

Business	Q2 2024	Q2 2023
Łódź	34%	35.3%
Boult	12.9%	9.6%
Noise	9.2%	6.6%
Oppo + OnePlus	7.4%	8.5%
Realme	6.4%	4%

Source: IDC

boAt emerged as the market leader in the TWS segment in Q2 2024, despite a decline in market share. The company is the market leader with a 34% market share, while Boult is a distant second with a 12.9% market share.

Online channels are still the preferred form of communication

Online channels continued to be the preferred form of media, with their share increasing to 63.4% in Q2 2024 from 62% in Q1 2024.

“The offline channel remains underutilized, often used by brands to clear excess inventory. Due to cost pressures, many brands are shifting their focus towards e-commerce channels, especially during festive seasons. While a few 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.

The average selling price is falling

The average selling price (ASP) of wearable devices fell to a new low by 0.3%, from $21 to $18.8 in Q2 2024.

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