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

Entrackr · 2d

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.