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Smartwatch shipments in India declined for the first time since 2018, while the true wireless stereo (TWS) segment saw sharp growth, according to a report by a market research firm. The smartwatch market share dropped whereas the wristband category grew by 17.5 percent year-on-year (YoY). While there was an overall decline in shipments, Boat emerged as the top overall wearable brand in Q1 2024 with a 23.9 percent market share, finishing on top of other brands such as Noise, Fire-Boltt and Boult.
Decline in Smartwatch Shipments
The number of TWS shipped in India grew from 14.6 million in Q1 2023 to 15.8 million in Q1 2024, according to the International Data Corporation’s (IDC) India Monthly Wearable Device Tracker. On the other hand, smartwatch shipments dropped from 10.3 million units in Q1 2023 to 9.6 million — a 7.3 percent YoY decline.
The report attributes this decline to the excess inventory carried over from the festive sales during the second half of 2023 as well as fewer launches in 2024. That said, the share of advanced smartwatches — including offerings from Apple and Samsung — grew from 2.0 percent to 3.2 percent, as per the report.
“The smartwatch market is showing early signs of a slowdown in India. The vendors are facing challenges in luring customers to upgrade due to limited innovation and freshness in newer models.” Vikas Sharma, Senior Market Analyst (Smart Wearable Devices) at IDC India said in a prepared statement.
New wearables categories emerge
Other wearables such as smart rings and smart glasses saw the most growth, as per IDC’s latest report. It grew from just 100 shipments in Q1 2023 to almost 69000 units shipped in Q1 2024 – a growth of 46399.3 percent.
Ultrahuman finished as the top smart ring maker of the period with a 43.9 percent market share, followed closely by Pi Ring with a 40.1 percent share, according to the IDC report. Boat, Noise, Fire-Boltt, Boult, and Oppo emerged as the top five vendors, with a collective market share of 59.9 percent.
Interestingly, offline channels saw their share in shipments increase from 26.1 percent in Q1 2023 to 37.9 percent in Q1 2024, as per the report. On the other hand, online channel shipments saw a 14.1 percent YoY decline, for a second consecutive quarter.