Smartwatch Shipments in India Declined in Q1 2024 as TWS Headsets Dominated Wearables Market 54kd Report

Boat emerged as the brand with the highest share in the Indian smart wearables market, according to IDC's India Monthly Wearable Device Tracker. 3a4nb

Written by David Delima | Updated: 24 May 2024 14:45 IST

Smartwatch Shipments in India Declined in Q1 2024 as TWS Headsets Dominated Wearables Market: Report

Photo Credit: Unsplash/ Luke Chesser 1i3s51

Smartwatch shipments declined by 7.3 percent in Q1 2024, according to an IDC report.

Highlights

Smartwatch shipments declined to 9.6 million units in India in Q1 2024
TWS and smart rings saw a sharp growth in shipments
Boat, Noise, Fire-Bolt, Boult, and Oppo emerged as the top five vendors

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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 2926k

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 Samsung — grew from 2.0 percent to 3.2 percent, as per the report.

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“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 3t6a1w

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, 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.

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Further reading: Wearables

Shaurya Tomer

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Shaurya Tomer is a Sub Editor at Gadgets 360 with 2 years of experience across a diverse spectrum of topics. With a particular focus on smartphones, gadgets and the ever-evolving landscape of artificial intelligence (AI), he often likes to explore the industry's intricacies and innovations – whether dissecting the latest smartphone release or exploring the ethical implications of AI advancements. In his free time, he often embarks on impromptu road trips to unwind, recharge, and ...More