Wearables Market Sees First-Ever Decline in India: Report
The wearables market in India has recorded a decline for the first time ever, with a 10.0% year-over-year (YoY) fall in shipments in the second quarter of 2024. The market research firm International Data Corporation (IDC) reported that 29.5 million wearables were shipped in Q2 2024, down from 32.8 million units in the same quarter last year.
According to the report, cautious inventory stocking by vendors and fewer new launches from companies contributed to the decline. In the first half of 2024, the Indian wearables market saw a 4.7% decline in shipments to 55.1 million units.
Smartwatches were one of the worst-affected segments, with shipments dropping 27.4% YoY to 9.3 million units. Noise dominated the market share, followed by Fire-Boltt and Boat. Earphones, however, saw a surprising growth of 0.7% in Q2 2024 with 20.1 million units shipped. Boat led the TWS segment share, followed by Boult and Noise.
The report highlights the emergence of a new segment in earwear called Open Wireless Solution (OWS/OES), with affordable options from companies like PTron, Truke, and Noise, and premium offerings from Bose.
Although the wearables market is expected to decline this year, IDC notes that new launches during the festive season may help arrest this decline. Furthermore, smartwatch manufacturers are expected to focus on increasing their low to mid-price segment portfolio.
As the Indian market remains a key player in the global wearables landscape, these developments are closely monitored by industry insiders and consumers alike. As the market adjusts to these changes, consumers can expect innovative products and competitive prices to dominate the landscape.