India's wearable market grows 2.1 percent in Q1 2024 amid smartwatch decline: IDC report
India's wearable device market saw a 2.1 percent year-over-year growth in the first quarter of 2024, reaching 25.6 million units, according to IDC's India Monthly Wearable Device Tracker. This growth was influenced by high inventory levels from the festive quarters of 2023. The average selling price (ASP) for wearables decreased by 17.8 percent, dropping from $22.62 to $18.59, the lowest recorded.
In the smartwatch segment, shipments fell for the first time since the fourth quarter of 2018, with a 7.3 percent year-over-year decline to 9.6 million units. The market share of smartwatches within the wearables category decreased to 37.6 percent from 41.4 percent in the first quarter of 2023. The ASP for smartwatches dropped from $29.24 to $20.65 due to sales events and discounts. However, the share of advanced smartwatches rose from 2.0 percent to 3.2 percent.
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Earwear Market Witnesses Growth Amidst Segment Shift
The earwear market experienced an 8.3 percent year-over-year increase in shipments, reaching 15.9 million units. The Truly Wireless Stereo (TWS) segment's share grew from 63.8 percent to 70.1 percent, marking a 19 percent year-over-year increase. Other types of earwear, such as tethered and over-ear, saw a 10.6 percent decline in shipments. The ASP for earwear decreased by 7.3 percent to $16.62.
The top five vendors, BoAt, Noise, Fire-Bolt, Boult, and Oppo, maintained their positions, although their collective market share dropped from 63.9 percent to 59.9 percent. High inventory levels led to a decline in smartwatch shipments for the top three vendors, but Titan and BeatXP saw significant increases in their shipments. In the earwear category, all top five vendors, except Boult, increased their shipments.
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Retail Channels See Shifting Dynamics
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