Last year, India’s wearable device market experienced an impressive surge of 34 per cent, reaching a historic high of 134.2 million units, as revealed by a report released on Friday. According to market research firm International Data Corporation (IDC), the fourth quarter (Q4) of last year (October-December quarter) witnessed 28.4 million units, growing 12.7 per cent year-over-year(YoY).
According to the IDC report, homegrown wearables brands Boat, Noise, and Fire-Boltt, the leading manufacturers, cemented their positions in the wearable market by offering diverse product ranges and sustaining innovation, albeit at reduced average selling prices (ASPs).
“Affordability, low product penetration and a plethora of options led to a surge in demand for smartwatches. However, the growing popularity of non-branded watches is impacting the incumbents, offering cheap alternatives of popular models, and are even bundled with multiple watch straps,” Anand Priya Singh, Market Analyst, Wearable Devices, IDC India, said in a statement.
Riding on the back of festive season promotions and deep discounts resulted in a significant 38.7 per cent decline in average selling prices (ASPs), plummeting from $42.5 to $26.1. Consequently, the proportion of advanced smartwatches dwindled from 4.5 per cent to 2.1 per cent, representing a total of 1.1 million units sold during the period.
The market research firm further predicted single-digit growth for wearables in 2024 in the country.
“In 2024, we will see a proliferation of smartwatches with LTE SIM/eSIM connectivity, advanced health sensors and multiple GPS navigation. In earwear, premium features like Active Noise Cancellation, and multi-device pairing will be available at affordable pricing,” said Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India.
Meanwhile, the earwear segment achieved a steady 16.9 per cent year-over-year growth, totaling 80.4 million units.
According to Counterpoint Research, India’s True Wireless Stereo (TWS) earbuds market experienced a remarkable 34 per cent year-over-year growth, with homegrown Boat maintaining its position as the market leader. The brand commanded a 39 per cent year-over-year growth rate and further diversified its product offerings to include the sub-Rs 1,000 segment.
Counterpoint analysts attributed the growth to the rising popularity of TWS devices, driven by their user-friendly nature and the availability of diverse options at competitive prices.