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Indiaโ€™s wearable market shrinks in 2024, smartwatch sales down 34.4%: IDC

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Indiaโ€™s wearable market shrinks in 2024, smartwatch sales down 34.4%: IDC
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Indiaโ€™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 IDCโ€™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 earwearโ€™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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