The wearables market in India saw a decline for the first time ever in the second quarter of 2024, according to a report from a market research firm. The total units shipped in Q2 2024 fell 10.0 percent year-over-year (YoY) to 29.5 million units. The first half of 2024 saw a 4.7 percent decline in wearables shipping to 55.1 million units. The reasons for this decline reportedly include cautious inventory stocking by the vendors to help focus on clearing old stock before the festive season, as well as fewer new launches from companies.
India Wearables Market Q2 2024 Decline
According to a report by International Data Corporation (IDC), the total wearable shipments in India fell from 32.8 million units in Q2 2023 to 29.5 million units in Q2 2024, marking a 10.0 percent YoY decline. The wearables include smart rings and smart glasses alongside smartwatches, wrist or smart bands, and earphones. It excludes traditional analog and digital watches.
Smartwatch shipments dropped 27.4 percent YoY to 9.3 million units in Q2 2024. Within this segment, Noise had the largest market share with 25.7 percent, followed by Fire-Boltt and Boat with 24.2 and 11.6 percent, respectively.
Earphones shipments grew 0.7 percent in Q2 2024 with 20.1 million units. Within this category, the truly wireless stereo (TWS) segment share rose to 71.0 percent in Q2 2024 from 65.5 percent in Q2 2023. Boat led the market share in this segment with 34.0 percent, ahead of Boult and Noise who had 12.9 and 9.2 percent, respectively.
A new segment has also emerged in the earwear category called open wireless solution or open ear solution (OWS/OES). Companies like PTron (Palred), Truke (Eccentric Enterprises), and Noise (Nexxbase) have launched affordable models, while Bose offered premium options.
India Wearables Market H2 2024 Outlook
The report noted that many leading brands are expected to make new launches during the upcoming festive season “which may help in arresting this decline” of wearable shipments in India. The annual shipments for smartwatches, however, are expected to decline by 10 percent in 2024. Many smartwatch manufacturers are also expected to focus on increasing their low to mid-price segment portfolio.
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