The Indian wearables market witnessed a decline of 11.3% in 2024, with overall shipments dropping to 119 million units compared to 134.1 million units in 2023. While the smartwatch segment faced a significant downturn, the earwear and smart ring categories showed resilience, with notable growth. Despite the decline, homegrown brand boAt maintained its dominance in the market, leading in the true wireless stereo (TWS) earbuds segment while securing third place in smartwatches.

Key Findings from the IDC Report

Smartwatch Market Faces Major Decline

Smartwatch shipments fell by 29.4% in 2024, with only 35 million units shipped compared to 53.3 million in 2023.

The average selling price (ASP) of smartwatches also saw a drop from $25.8 (Rs 2,241.5 approx.) in 2023 to $23.5 (Rs 2,041.7 approx.) in 2024.

Noise emerged as the leader in the smartwatch category, increasing its market share to 25.2% from 22.1% in 2023.

Fire-Boltt and boAt followed in the second and third spots, although both brands experienced a decline in market share.

Earwear Shipments Show Positive Growth

Unlike smartwatches, earwear shipments grew by 3.8% in 2024, with 83.5 million units shipped compared to 80.4 million in 2023.

The TWS earbuds segment continued its dominance, rising from 67.2% market share in 2023 to 70.9% in 2024.

boAt retained its leadership in the TWS segment, increasing its market share from 33.9% in 2023 to 34.2% in 2024.

Boult and Noise secured the second and third positions, respectively, both witnessing growth in market share.

Smart Rings Gain Popularity

The smart ring market continued to expand, with shipments reaching 3.23 lakh units in 2024, up from 1.13 lakh units in 2023.

Ultrahuman led the market with a 40.1% share, followed by Pi with 20.4%.

boAt Retains Overall Market Leadership

boAt captured the largest share of the Indian wearables market, maintaining its position as the leading brand.

Noise ranked second with a 12.2% market share, while Boult followed in third place with 8.6%.

Shift in Sales Channels

Offline sales saw a 7.2% increase, reaching 37.8% market share in 2024, compared to 31.3% in 2023.

Online sales declined by 19.7% year-on-year, indicating a shift in consumer purchasing behavior.

Conclusion

The Indian wearables market faced a slowdown in 2024, primarily due to a steep decline in smartwatch shipments. However, the steady growth of earwear and the rising popularity of smart rings indicate a shift in consumer demand. While boAt continues to lead the market, brands like Noise and Boult are gaining traction. The shift towards offline retail also highlights evolving consumer preferences, making the wearables segment a dynamic and competitive space for the future.

Source @ idc