India’s wearable market grows by 34%, smartwatches grew by 73% YoY, reveals IDC report

The Indian wearable market witnessed a remarkable 34 per cent surge, shipping a record-breaking 134.2 million units, according to the latest report from the International Data Corporation (IDC) India Monthly Wearable Tracker. This surge, largely fueled by festive season launches and enticing discounts, led to a phenomenon of overstocking in the latter half of the year. Notably, the average selling price of wearables experienced a significant decline from $25 or about Rs 2075 to $21.2 or roughly Rs 1760, marking a 15.4 per cent drop. Smartwatch shipments particularly soared, recording a remarkable 73 per cent year-on-year growth, with 53.4 million units shipped. Consequently, the smartwatch segment’s share of the wearables market expanded from 30.7 per cent to 39.8 per cent. However, the influx of festive sales and hefty discounts contributed to a reduction in the average sales price from $42.5 or about Rs 3529 to $26.1 or about Rs 2167). Advanced smartwatches, despite their technological prowess, experienced a decline in market share, plummeting to a mere 1.1 million units. In the earwear category, growth stood at approximately 16.9 per cent, with shipments totalling 80.4 million units. The Truly Wireless Stereo (TWS) segment particularly flourished, surging to a record 67.4 per cent from 55.3 per cent in the previous year. However, neckband shipments witnessed a dip of 15.2 per cent, accompanied by a decline in average sales prices by 8.2 per cent. Leading the charge in this dynamic market were brands like BoAt, Noise, and Fire-Bolt, which secured top positions by offering products across various categories at competitive price points. Boult Audio emerged as the fastest-growing company among the top five brands. Additionally, the emergence of BeatXP as a new entrant bolstered the smartwatch vendor landscape, while Titan ascended to the fourth position with its strategy of introducing models across diverse price segments. Another noteworthy trend in the wearable market was the growing interest in smart rings, particularly evident in the latter half of the year. With over 100,000 units shipped in 2023, the average sale price for smart rings stood at $171.6 (Rs 14,248). Ultrahuman dominated this segment with a commanding 43.1 per cent market share, closely followed by the Pi Ring with 42.3 per cent market share. Aabo secured the third position with a 7.9 per cent market share, reflecting the increasing diversification within the wearable market landscape. (With inputs from agencies)