The wearables market in India noticed a decline for the primary time ever within the second quarter of 2024, based on a report from a market analysis agency. The whole items shipped in Q2 2024 fell 10.Zero % year-over-year (YoY) to 29.5 million items. The primary half of 2024 noticed a 4.7 % decline in wearables delivery to 55.1 million items. The explanations for this decline reportedly embody cautious stock stocking by the distributors to assist give attention to clearing previous inventory earlier than the festive season, in addition to fewer new launches from firms.
India Wearables Market Q2 2024 Decline
In line with a report by Worldwide Information Company (IDC), the entire wearable shipments in India fell from 32.eight million items in Q2 2023 to 29.5 million items in Q2 2024, marking a 10.Zero % YoY decline. The wearables embody sensible rings and sensible glasses alongside smartwatches, wrist or sensible bands, and earphones. It excludes conventional analog and digital watches.
Smartwatch shipments dropped 27.Four % YoY to 9.three million items in Q2 2024. Inside this phase, Noise had the biggest market share with 25.7 %, adopted by Fireplace-Boltt and Boat with 24.2 and 11.6 %, respectively.
Earphones shipments grew 0.7 % in Q2 2024 with 20.1 million items. Inside this class, the actually wi-fi stereo (TWS) phase share rose to 71.Zero % in Q2 2024 from 65.5 % in Q2 2023. Boat led the market share on this phase with 34.Zero %, forward of Boult and Noise who had 12.9 and 9.2 %, respectively.
A brand new phase has additionally emerged within the earwear class known as open wi-fi resolution or open ear resolution (OWS/OES). Firms like PTron (Palred), Truke (Eccentric Enterprises), and Noise (Nexxbase) have launched inexpensive fashions, whereas Bose supplied premium choices.
India Wearables Market H2 2024 Outlook
The report famous that many main manufacturers are anticipated to make new launches through the upcoming festive season “which can assist in arresting this decline” of wearable shipments in India. The annual shipments for smartwatches, nonetheless, are anticipated to say no by 10 % in 2024. Many smartwatch producers are additionally anticipated to give attention to growing their low to mid-price phase portfolio.
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