Smartwatch shipments in India declined for the primary time since 2018, whereas the true wi-fi stereo (TWS) phase noticed sharp progress, based on a report by a market analysis agency. The smartwatch market share dropped whereas the wristband class grew by 17.5 % year-on-year (YoY). Whereas there was an total decline in shipments, Boat emerged as the highest total wearable model in Q1 2024 with a 23.9 % market share, ending on prime of different manufacturers similar to Noise, Hearth-Boltt and Boult.
Decline in Smartwatch Shipments
The variety of TWS shipped in India grew from 14.6 million in Q1 2023 to 15.eight million in Q1 2024, based on the Worldwide Information Company’s (IDC) India Month-to-month Wearable Machine Tracker. However, smartwatch shipments dropped from 10.three million models in Q1 2023 to 9.6 million — a 7.three % YoY decline.
The report attributes this decline to the surplus stock carried over from the festive gross sales in the course of the second half of 2023 in addition to fewer launches in 2024. That stated, the share of superior smartwatches — together with choices from Apple and Samsung — grew from 2.zero % to three.2 %, as per the report.
“The smartwatch market is displaying early indicators of a slowdown in India. The distributors are going through challenges in luring clients to improve on account of restricted innovation and freshness in newer fashions.” Vikas Sharma, Senior Market Analyst (Sensible Wearable Gadgets) at IDC India stated in a ready assertion.
New wearables classes emerge
Different wearables similar to sensible rings and sensible glasses noticed essentially the most progress, as per IDC’s newest report. It grew from simply 100 shipments in Q1 2023 to nearly 69000 models shipped in Q1 2024 – a progress of 46399.three %.
Ultrahuman completed as the highest sensible ring maker of the interval with a 43.9 % market share, adopted carefully by Pi Ring with a 40.1 % share, based on the IDC report. Boat, Noise, Hearth-Boltt, Boult, and Oppo emerged as the highest 5 distributors, with a collective market share of 59.9 %.
Apparently, offline channels noticed their share in shipments improve from 26.1 % in Q1 2023 to 37.9 % in Q1 2024, as per the report. However, on-line channel shipments noticed a 14.1 % YoY decline, for a second consecutive quarter.
