India's wearable market grows 2.1 percent in Q1 2024 amid smartwatch decline: IDC report | Tech News

India's wearable market grows 2.1 percent in Q1 2024 amid smartwatch decline: IDC report

According to IDC, India's wearable device market grew by 2.1 percent in Q1 2024, reaching 25.6 million units, with significant increases in smartwatch and earwear shipments, average selling prices, and vendor performance.

By: MD IJAJ KHAN
| Updated on: May 23 2024, 07:08 IST
Top budget smartwatches on Amazon! Check Noise Pulse Go Buzz, Amazfit Bip 3, Fire-Boltt, more
India's wearable market grows 2.1 percent in Q1 2024 amid smartwatch decline: IDC report
1/5 Noise Pulse Go Buzz: The smartwatch features a 1.69-inch TFT display with 500 nits peak brightness. It comes with a Bluetooth calling feature and various utility features such as hand wash reminders, idle alerts, drinking water reminders, weather forecasts, alarms and more. It has other health-tracking features as well and comes with 100 sports modes. It also features 150 cloud-based and customised watch faces. The Noise Pulse Go Buzz retails for Rs.4999, however, from Amazon, you can get it for Rs.1599, giving you a 68 percent discount. (Amazon)
India's wearable market grows 2.1 percent in Q1 2024 amid smartwatch decline: IDC report
2/5 Amazfit Bip 3: It features a ‎1.69-inch HD display and has 14 days of battery life. It comes with various health tracking features such as heart rate monitoring, SpO2, stress level, sleep, and more. It has 60 sports modes to keep your fitness in check and has a water-resistant grade of 5 ATM. The Amazfit Bip 3 retails for Rs.4999, but you can get it for only Rs.2050, giving you a discount of 59 percent on Amazon. (Amazon)
India's wearable market grows 2.1 percent in Q1 2024 amid smartwatch decline: IDC report
3/5 Fire Boltt smartwatch: It comes with a 1.7-inch HD display and 220nits peak brightness. It has a 24-hour Bluetooth calling feature and gets fully charged in just 3 hours. It supports social media notifications and has various health-tracking features such as SpO2, heart rate, sleep, sports modes, and more to keep track of your fitness. The watch is priced at Rs.9999, however, on Amazon, you can get it for just Rs.1726, giving you an 83 percent discount. (Amazon)
India's wearable market grows 2.1 percent in Q1 2024 amid smartwatch decline: IDC report
4/5 Redmi Watch 2 Lite: The smartwatch features a 1.55-inch large HD edge display which offers more than 120 watch faces. It comes with more than 100 workout modes and health tracking features such as heart rate,  SpO2, women's health, and more. It has up to 10 Days of battery life and has a water-resistant grade of 5 ATM. The Redmi Watch 2 Lite is priced at Rs.7999, however, you can get it for Rs.1990, giving you a discount of 75 percent on Amazon. (Amazon)
India's wearable market grows 2.1 percent in Q1 2024 amid smartwatch decline: IDC report
5/5 PTron Reflect Ace Smartwatch: It features a 1.85-inch TFT display with 600nits peak brightness. It has over 120 sports modes and health-tracking features such as heart rate monitoring, SpO2, step, sleep, women’s health, and more. It also supports social notifications, voice assist, 3 sound modes, 4 built-in games, a Calculator, and more. The smartwatch retails for Rs.4899, but you can get it for just Rs.1199, giving you a 76 percent discount on Amazon. (Amazon)
India's wearable market grows 2.1 percent in Q1 2024 amid smartwatch decline: IDC report
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India's wearable device market grew 2.1 percent in Q1 2024, reaching 25.6 million units, IDC reports. (REUTERS)

India's wearable device market saw a 2.1 percent year-over-year growth in the first quarter of 2024, reaching 25.6 million units, according to IDC's India Monthly Wearable Device Tracker. This growth was influenced by high inventory levels from the festive quarters of 2023. The average selling price (ASP) for wearables decreased by 17.8 percent, dropping from $22.62 to $18.59, the lowest recorded.

Smartwatch Segment Shows Signs of Decline

In the smartwatch segment, shipments fell for the first time since the fourth quarter of 2018, with a 7.3 percent year-over-year decline to 9.6 million units. The market share of smartwatches within the wearables category decreased to 37.6 percent from 41.4 percent in the first quarter of 2023. The ASP for smartwatches dropped from $29.24 to $20.65 due to sales events and discounts. However, the share of advanced smartwatches rose from 2.0 percent to 3.2 percent.

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Earwear Market Witnesses Growth Amidst Segment Shift

The earwear market experienced an 8.3 percent year-over-year increase in shipments, reaching 15.9 million units. The Truly Wireless Stereo (TWS) segment's share grew from 63.8 percent to 70.1 percent, marking a 19 percent year-over-year increase. Other types of earwear, such as tethered and over-ear, saw a 10.6 percent decline in shipments. The ASP for earwear decreased by 7.3 percent to $16.62.

The top five vendors, BoAt, Noise, Fire-Bolt, Boult, and Oppo, maintained their positions, although their collective market share dropped from 63.9 percent to 59.9 percent. High inventory levels led to a decline in smartwatch shipments for the top three vendors, but Titan and BeatXP saw significant increases in their shipments. In the earwear category, all top five vendors, except Boult, increased their shipments.

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Retail Channels See Shifting Dynamics

The share of offline channels rose to 37.9 percent from 26.1 percent in the first quarter of 2023, while online shipments fell by 14.1 percent year-over-year, marking the second consecutive quarter of decline. Vendors are expanding their retail presence through partnerships with national and regional retail chains and bundling wearables with products like smartphones and laptops. Anand Priya Singh, a Market Analyst for IDC India, notes that these retail partnerships and product bundling may boost growth in the upcoming festive sales period.

In emerging categories, 64,000 smart rings were shipped in the first quarter of 2024, with an ASP of $173.06. Ultrahuman led this market with a 43.9 percent share, followed by Pi Ring at 40.1 percent and Aabo at 8.4 percent.

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According to Vikas Sharma, Senior Market Analyst for IDC India, the smartwatch market in India is starting to slow down due to limited innovation and challenges in encouraging customers to upgrade. IDC forecasts a low double-digit decline in smartwatch shipments for 2024. However, earwear shipments are expected to grow by mid-single digits, driven by advancements in AI and features like active noise cancellation.

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First Published Date: 22 May, 16:34 IST
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