Smartwatch shipments in India fell for the first time since 2018, while the true wireless stereo (TWS) segment saw strong growth, according to a report by a market research firm. Smartwatch market share fell, while the wristband category grew 17.5 percent year-on-year (y-o-y). Although there was an overall decline in shipments, Boat became the leading wearables brand in the first quarter of 2024 with a market share of 23.9 percent, finishing on top of other brands such as Noise, Fire-Boltt and Boult.
Decline in smart watch shipments
The number of TWS shipped in India rose from 14.6 million in Q1 2023 to 15.8 million in Q1 2024, according to International Data Corporation’s (IDC) India monthly wearables tracker. On the other hand, shipments of smartwatches fell from 10.3 million units in the first quarter of 2023 to 9.6 million — a 7.3 percent year-over-year decline.
The report attributes this decline to excess inventory carried over from the holiday sales during the second half of 2023, as well as fewer launches in 2024. Additionally, the share of advanced smartwatches — including offerings from Apple and Samsung — rose from 2.0 percent to 3.2 percent , the report states.
“The smartwatch market is showing early signs of slowing down in India. Vendors face challenges in attracting customers to upgrade due to limited innovation and freshness in newer models.” Vikas Sharma, senior market analyst (Smart Wearable Devices) at IDC India, said in a prepared statement.
New categories of wearable products are emerging
Other wearables such as smart rings and smart glasses saw the biggest growth, according to the latest IDC report. It grew from just 100 shipments in Q1 2023 to nearly 69,000 units shipped in Q1 2024 – a growth of 46399.3 percent.
Ultrahuman finished as the top smart ring maker in that period with 43.9 percent market share, closely followed by Pi Ring with 40.1 percent share, according to the IDC report. Boat, Noise, Fire-Boltt, Boult and Oppo emerged as the top five vendors, with a combined market share of 59.9 percent.
Interestingly, offline channels saw an increase in share of shipments from 26.1 percent in the first quarter of 2023 to 37.9 percent in the first quarter of 2024, according to the report. On the other hand, delivery via online channels recorded a 14.1 percent drop year-on-year, for the second quarter in a row.
