India’s wearable device market experienced a notable decline in 2024, with overall shipments falling by 11.3% year-over-year (YoY), totaling 119 million units, according to the International Data Corporation’s (IDC) India Monthly Wearable Device Tracker.
This marks the first-ever full-year decline in market shipments. In the fourth quarter (4Q24), shipments decreased further by 8.7%, reaching 25.9 million units. Additionally, the average selling price (ASP) of wearables dropped by 7.1%, settling at $19.8 in 2024, after five years of continuous double-digit declines.
Key Trends in 2024 Wearable Device Shipments
Smartwatch Shipments Decline
Shipments of smartwatches decreased by 34.4% YoY, totaling 35 million units, causing their market share to fall from 39.8% in 2023 to 29.4% in 2024. A lack of significant technological advancements and innovations led to reduced consumer demand.
The ASP for smartwatches also decreased by 9.1%, from $25.8 to $23.5. Despite this decline, advanced smartwatches saw a slight increase in market share, rising from 2.1% to 2.8%, although their shipments still dropped by 13.1% YoY.
Earwear Shows Modest Growth
The earwear segment saw a 3.8% YoY growth, reaching 83.5 million units. Within earwear, Truly Wireless Stereo (TWS) devices achieved a record market share of 70.9%, up from 67.2% in 2023, marking a 9.4% YoY increase.
Neckband shipments fell by 17.1%, while the over-the-ear segment grew by 83.6%, reaching 4.5 million units. ASPs for earwear decreased by 3.0%, settling at $17.6.
Market Share of Top Brands
- boAt Leads the Market: Boat (Imagine Marketing) maintained its market leadership, increasing its share from 26.0% to 27.6%. Noise (Nexxbase) followed with a 12.2% market share. Among the top five companies, Boult registered the highest growth, with a 10.8% increase in shipments.
- TWS Category Growth: The TWS segment experienced double-digit growth, with boat, Boult, and Nexxbase performing strongly in this category.
Shift in Distribution Channels
- Offline Channel Growth: The offline channel saw a 7.2% increase in shipments, capturing 37.8% of the market share, up from 31.3% in 2023.
- Online Channel Decline: Conversely, shipments through online channels declined by 19.7% YoY. This was particularly noticeable in the smartwatch category, where online shipments fell by 43.0%. Earwear shipments also dropped by 5.1% through online channels.
India’s Wearable Market Overview in 2023
India’s wearable market peaked in 2023, with shipments reaching 134.2 million units. The country became a significant player globally for affordable smartwatches, offering a range of budget-friendly options and a high proportion of non-branded products.
However, in 2024, the market faced challenges due to a lack of product differentiation, fewer new releases, and the consolidation of smaller brands, according to Anand Priya Singh, a market analyst at IDC India.
Smart Ring Category Growth
The smart ring category saw impressive growth in 2024, with shipments rising to 323,000 units, up from 113,000 in 2023. The ASP for smart rings increased by 1.9%, reaching $174.7. Ultrahuman led the category with a 40.1% share, followed by Pi Ring (20.4%) and Aabo (16.8%).
Outlook for 2025
Looking ahead to 2025, IDC projects that the wearable market in India will remain relatively flat overall. The decline in smartwatch shipments is expected to offset modest growth in earwear. However, emerging categories such as smart rings and smart glasses are predicted to experience high double-digit growth.
Innovations are expected to focus on advanced sensing technologies, artificial intelligence, and more sophisticated health monitoring features, such as blood pressure tracking, according to Vikas Sharma, Senior Market Analyst at IDC India.