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India's smartwatch market in flux as unknown brands challenge heavyweights

TechCrunchTechCrunch · 1y ago
India's smartwatch market in flux as unknown brands challenge heavyweights
Medial

India's smartwatch market is experiencing a sudden shift as unknown brands challenge established players like Apple and Samsung. These unfamiliar brands, such as Fire-Boltt, Noise, and boAt, have gained customer attention by offering affordable alternatives to the more expensive models. While their products often lack warranties and have less accurate fitness tracking metrics, the similar aesthetics to popular brands and affordability have allowed these unknown brands to gain market share. As a result, the average selling price of smartwatches in India has dropped significantly. Established players will need to adapt their strategies and add more value to retain their market position.

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.

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.

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24

EntrackrEntrackr · 2m ago
Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24
Medial

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24 Bootstrapped consumer electronics brand Boult Audio recorded a 40% surge in operating revenue for the fiscal year ending March 2024. However, the notable top-line came at a cost, as the Delhi-based company’s profit declined by 37%. Boult’s revenue from operations increased by 40% to Rs 697 crore in FY24 from Rs 498 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2017, Boult Audio designs, develops and manufactures wireless earbuds, headphones, smartwatches, and speakers. Revenue from sale of these products remained the sole source of revenue. The company’s revenue majorly came from domestic sales, which grew 45% to Rs 620 crore in FY24. Revenue from overseas sales remained stable at Rs 77 crore, contributing 11% to the top line. Boult made additional Rs 5 crore from non-operating revenue which pushed its total revenue to Rs 702 crore in FY24 from Rs 501 crore in FY23. On the expense side, the largest cost component—cost of material consumed—rose 25% to Rs 402 crore, accounting for nearly 58% of total expenses. Advertising expenditure spiked 74% to Rs 162 crore, while post-supply discounts grew 84% to Rs 70 crore. These two expenditures collectively accounted for over 33% of its total expenses. Employee benefit expenses rose by over 50% year-on-year to Rs 26 crore in FY24. Other overheads, including admin and general expenses, added Rs 39 crore to the total cost. Overall, total costs increased by 41% to Rs 699 crore in FY24. As overall costs outpaced revenue growth, Boult’s net profit declined by 37% to Rs 2.5 crore in FY24 from Rs 4 crore in FY23. Its ROCE and EBITDA margin stood at 52.94% and 2.64%, respectively. On a unit level, Boult Audio spent Rs 1.00 to earn each rupee of revenue. As of March 2024, the company recorded current assets worth Rs 211 crore including Rs 9 crore in cash and bank balance. Boult’s inventories stood at Rs 964.5 crore during the same period—up 63% from FY23. This significant buildup suggests Boult is preparing for high-volume sales, possibly ahead of festive seasons or upcoming launches. Boult made its first recorded CSR contribution of Rs 12.23 lakh in FY24. According to TheKredible, Boult Audio has remained unfunded till date. Its co-founders, Varun Gupta and Tarun Gupta together own 49.5% of the company. Its director Vinod Gupta holds a 23.76% stake, while Pankhuri Gupta, who leads design at Boult, holds 25.74% stake in the company. The firm competes directly with homegrown electronics rivals boAt and Noise. In FY24, market leader boAt reported revenue of Rs 3,118 crore but closed the year with a loss of Rs 80 crore. Noise followed with Rs 1,431 crore in revenue and a loss of Rs 19 crore.

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