India’s wearable device market experienced a 20.7% year-over-year (YoY) decline, reaching 38 million units in Q3 2024. This marks the second consecutive quarterly drop, primarily due to fewer new product launches and cautious inventory strategies, even during the festive season.
Additionally, for the first time since Q2 2019, the average selling price (ASP) of wearables rose by 1.3%, reaching $21.3 in Q3 2024. This comes after a 10% YoY decline in Q2 2024, which saw 29.5 million units shipped.
Smartwatches Struggle
The smartwatch segment faced a significant drop of 44.8% YoY, with shipments falling to 9.3 million units.
This decline was partly due to brands clearing older inventory during the festive sales period, often offering discounts on e-commerce platforms. Despite the overall decline, ASPs for smartwatches increased by 1.4%, rising from $25.8 to $26.2.
- Advanced Smartwatches: The market for advanced smartwatches saw a 39.9% YoY decline, though their market share increased slightly from 2.4% to 2.6%.
- Long Tail Brands: Shipments from smaller brands, including white-box products, dropped by 59.1%, after experiencing impressive 328.8% YoY growth in the same quarter of 2023.
Top Brands in Smartwatches
- Noise (Nexxbase) maintained its position as the leading smartwatch brand, holding a 27.4% market share.
- boAt focused on stock clearance during the festive season.
- Boult and realme registered growth rates of 32.5% and 56.5%, respectively, among the top five brands.
- Nothing experienced a remarkable 308.2% YoY growth in the overall wearable market.
Declining Earwear Sales
The earwear category, which includes both TWS and other types of ear devices, declined by 7.5% YoY, shipping 28.5 million units in Q3 2024. Within this segment, TWS earphones gained a record market share of 73.2%, up from 68.2% in the previous year.
- Other Earwear Types: Shipments of tethered and over-ear earphones decreased by 22.0%, totaling 7.6 million units.
- Earwear ASPs: The average selling price for earwear increased by 5.9%, reaching $19.2.
- Sales Channels: Offline channel shipments grew by 9.4%, while online shipments declined by 14.4%.
Growth in Smart Rings
The smart ring category continued to grow, with over 92,000 units shipped in Q3 2024. The ASP for smart rings decreased by 16.2% YoY to $162.1. The leading brands in this segment were:
- Ultrahuman: 36.8% market share.
- boAt: 20.5% market share.
- Pi Ring: 16.3% market share.
The growing popularity of smart rings is reflected in both increasing demand and decreasing prices, with more launches expected in upcoming quarters.
Outlook for the Wearable Market
Looking ahead, Vikas Sharma, Senior Market Analyst at IDC India, noted that the smartwatch market remains under pressure due to a lack of differentiation in products and a limited number of competing brands.
The market is expected to either remain flat or experience a slight decline in 2025. However, a gradual shift toward advanced smartwatches is expected as consumers increasingly seek better health tracking features, improved sensors, and more advanced functionalities.
Speaking about Noise’s top position in India’s smartwatch market, Amit Khatri, Co-Founder of Noise, said:
Over the past 20 quarters, Noise has consistently led India’s smartwatch market, showcasing sustainable growth through relentless innovation and a strong consumer-first approach—all while remaining a bootstrapped brand. In response to market trends such as consolidation, premiumization, and evolving consumer expectations, we have not only adapted but thrived, achieving a 10-15% year-on-year increase in average selling prices across marketplaces. Our strong double-digit repeat purchase rates in the smartwatch category underline the growing demand for premium offerings.
Our resilience and adaptability reflect our deep understanding of market dynamics, earning the trust of both consumers and strategic investors like Bose, further solidifying Noise’s growth and leadership position. As the market continues to evolve, Noise remains dedicated to driving meaningful, consumer-centric innovations, delivering premium experiences, and creating lasting value to uphold our standing as the most trusted brand in the smartwatch segment.