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India’s wearable market shrinks in 2024, smartwatch sales down 34.4%: IDC

EntrackrEntrackr · 5m ago
India’s wearable market shrinks in 2024, smartwatch sales down 34.4%: IDC
Medial

India’s wearable device market saw its first annual decline, with total shipments dropping 11.3% year-on-year to 119.0 million units, according to IDC’s India Monthly Wearable Device Tracker. The market shrank for the third straight quarter, with Q4 shipments falling 8.7% to 25.9 million units, marking the end of years of steady growth. The main reason for the decline was a 34.4% drop in smartwatch sales, falling to 35.0 million units. Smartwatches made up 39.8% of wearables in 2023, but their share dropped to 29.4% in 2024. Despite the smartwatch decline, earwear grew by 3.8% YoY to 83.5 million units. TWS remained dominant, increasing its market share to 70.9% (up from 67.2%), with 9.4% growth. Meanwhile, neckband shipments dropped 17.1%, as more consumers preferred TWS. Over-the-ear headphones saw a surge of 83.6% YoY to 4.5 million units, driven by demand for premium audio. However, earwear ASPs fell 3.0% to $17.6. Noise dominates the smartwatch segment, while boAt leads in TWS. In the overall category, boAt remained the market leader, increasing its share from 26.0% to 27.6%. Noise held 12.2%, while Boult was the only top-five brand to grow, rising 10.8% YoY. In the TWS segment, boAt, Boult, and Noise saw double-digit growth, strengthening their dominance. Smart rings saw strong growth, with shipments tripling from 113,000 in 2023 to 323,000 in 2024 and the average selling price rose 1.9% to $174.7. Ultrahuman led with 40.1% market share, followed by Pi Ring (20.4%) and Aabo (16.8%). For 2025, IDC forecasts that the wearable market is expected to remain flat, as smartwatch declines balance earwear’s slow growth. However, smart rings and smart glasses should see strong growth. Future innovations will focus on AI-driven health tracking, advanced sensors, and medical-grade features like blood pressure monitoring. To stay relevant, brands must move beyond basic fitness tracking.

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Apple's China market share shrinks as Huawei surges, data shows

Economic TimesEconomic Times · 1y ago
Apple's China market share shrinks as Huawei surges, data shows
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Apple's market share in China dropped by two percentage points in Q2 2024 due to increased competition from Huawei. Huawei's smartphone shipments rose 41% YoY during the period, aided by the launch of its Pura 70 series. Although specific shipment figures for Apple were not disclosed, Canalys data revealed that the company's market share in China fell to 14% in Q2 2024, down from 16% in the same quarter the previous year, resulting in a decline in Apple's ranking in the Chinese smartphone market from third to sixth place. Chinese smartphone shipments overall increased by 10% in Q2, with Vivo leading the market with a 19% share, followed by Oppo, Honor, and Huawei. Apple is now focusing on optimizing its channel management in the Chinese market, as it faces growth pressure.

boAt and Noise’s growth decline in Q3 amid market slowdown: IDC report

EntrackrEntrackr · 8m ago
boAt and Noise’s growth decline in Q3 amid market slowdown: IDC report
Medial

India's wearable device market saw a second consecutive quarterly decline, dropping 20.7% year-over-year to 38 million units in Q3 2024, as per IDC's India Monthly Wearable Device Tracker. As per the report, this decline was driven by fewer product launches and cautious inventory management, even during the festive season. Notably, the average selling price (ASP) for wearables increased for the first time since Q2 2019, rising 1.3% to $21.3 in Q3 2024. While wrist bands saw a 48% decline to 56K units in Q3 2024, smartwatches and earwear saw 44.8% and 7.5% drops in the number of shipments. Smart watch and earwear’s total shipments stood at 9.3 million 28.5 million units respectively. With a 32% market share, boAt is the top smart wearable company (including watches and earphones). Noise, Boult, Realme, and Oppo (Oppo + OnePlus) had 11%, 9.7%, 5.8%, and 5.5% market shares, respectively. However, boAt saw a 14.5% decline in Q3 2024 compared to Q3 2023, and Noise faced a 19.2% decline during the same period. Notably, Boult and Realme recorded 32.5% and 56.5% growth, respectively, in the quarterly period. Breaking down further, boAt led in the true wireless stereo (TWS) category with a 36.8% market share, while Noise was on top in the smartwatch segment with a 27.4% market share. The smart ring segment continued to expand in Q3 2024, with over 92,000 units shipped and a 16.2% YoY drop in the average selling price (ASP) to $162.1. Ultrahuman led the market with a 36.8% share, followed by boAt (Imagine Marketing) at 20.5%, and Pi Ring at 16.3%. The rising appeal of smart rings is reflected in decreasing prices and the anticipation of new product launches in the coming quarters. Market leaders boAt and Noise also saw slow growth during the last fiscal year. While boAt's revenue decreased by 5% to Rs 3,122 crore in FY24, Noise’s revenue from operations grew a modest 0.4% to Rs 1,431 crore in the last fiscal year. However, both companies, which are based out of Gurugram, maintained EBITDA profitability in FY24.

Samsung brings tech's latest fashion to wearable technology with AI twists in new watch and ring

Economic TimesEconomic Times · 1y ago
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Samsung has announced that its upcoming premium smartwatch, the Galaxy Watch Ultra, and its smart ring, the Galaxy Ring, will both feature artificial intelligence (AI) capabilities to help users monitor and manage their health. The AI-powered devices will analyze biometric data to provide customized health assessments and recommendations. The smartwatch, priced at $650, offers more advanced features, while the smart ring, priced at $400, has a longer battery life. Tethering AI to wearable devices is a growing trend, with companies like Google, Apple, and Microsoft already incorporating AI into their products. The global smartwatch market is expected to reach $29 billion this year, with Samsung facing competition from Apple.

Indians loved to flaunt smartwatches that they could afford. Now they don’t.

LivemintLivemint · 12m ago
Indians loved to flaunt smartwatches that they could afford. Now they don’t.
Medial

Despite the economic volatility and weak demand for gadgets, the smartwatch market in India has experienced significant growth in recent years. However, a new trend has emerged where buyers are finding little value in affordable smartwatches and are instead opting for higher-end models like Apple's 'Watch' and Samsung's 'Galaxy Watch'. This shift in consumer preferences has left domestic brands, such as Noise and boAt, struggling to maintain their market share. In the first half of 2024, smartwatch sales in India dropped over 18%, and the average selling price decreased by over 20%. To combat this decline, brands are now focusing on marketing campaigns and introducing more innovative and premium smartwatches.

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