Although smart rings thrived and emerging tech gives some hope for 2025, the Indian wearable market experienced its first annual decline in 2024, dropping 11.3 per cent, mainly driven by the downfall of smartwatches.
Indian wearable device market witnessed its first-ever annual decline after repeated quarterly downfall in 2024, according to a report by the International Data Corporation (IDC). The shipments dropped 11.3 per cent YoY to 119.0 million units in 2024.
Additionally, the market contracted for the third quarter, registering an 8.7 per cent decline in 4Q24, with total shipments reaching 25.9 million units. Meanwhile, the average selling price (ASP) of wearables fell by 7.1 per cent to $19.8, continuing a downward trend after five years of double-digit price declines.
Shipments to the offline channel rose by 7.2 per cent, increasing its share to 37.8 per cent from 31.3 per cent last year. In contrast, online channel shipments fell 19.7 per cent YoY, ending a period of several years of double-digit growth. This decline was mainly driven by the smartwatch category, where online shipments dropped by 43.0 per cent. Earwear also saw a 5.1 per cent YoY decline.
Among different segments, smartwatches, which form a significant portion of the market, saw a sharp decline of 34.4 per cent, dropping from 53.37 million units in CY23 to 35.02 million units in CY24. Wristbands also experienced a drop of 17.9 per cent, from 206.4 thousand units in CY23 to 169.4 thousand in CY24. Smart glasses followed a similar trend, declining by 13.7 per cent.
On the other hand, earwear shipments increased slightly by 3.8 per cent, growing from 80.45 million in CY23 to 83.51 million in CY24. Smart rings emerged as the fastest-growing category, with a 186.8 per cent surge, jumping from 112.6 thousand units in CY23 to 322.9 thousand in CY24.
For Q4 2024, the total shipments were 25.94 million units, reflecting an 8.7 per cent decline from 28.41 million units in Q4 2023. Smartwatches witnessed a 49 per cent drop, whereas earwear recorded 26.8 per cent growth.
Smart rings continued their strong momentum, increasing by 62.5 per cent quarter-over-quarter. In 2024, its shipments reached 323 thousand, compared to 113 thousand in 2023. The average selling price (ASP) for rings rose by 1.9 per cent to $174.7. Ultrahuman held the leading position with a 40.1 per cent share, followed by Pi Ring at 20.4 per cent, and Aabo in third place with a 16.8 per cent share in 2024.
Among the top brands, boAt (Imagine Marketing) maintained its lead despite a 5.8 per cent annual drop, increasing its market share from 26.0 per cent to 27.6 per cent. Noise held the second spot with 12.2 per cent market share, despite a 10.7 per cent YoY decline. Boult saw positive yearly growth of 10.8 per cent, increasing its market share to 8.6 per cent. OPPO (including OnePlus), on the other hand, plunged by 23.1 per cent YoY, while Fire-Boltt suffered the steepest decline of 54.5 per cent, dropping its share to 5.2 per cent.
In 4Q24, boAt expanded its share to 25.7 per cent, and OPPO recorded the highest quarterly growth at 35.1 per cent. Meanwhile, Fire-Boltt saw a drastic 77.1 per cent decline, reducing its Q4 market share to 2.8 per cent. The “Others” category remained dominant at 42.6 per cent, reflecting growing competition from smaller brands.
Specifically, Noise remained the top player of the Indian smartwatch market, increasing its share from 22.1 per cent to 25.2 per cent, despite a 25.2 per cent shipment decline. Fire-Boltt saw a downfall of 54.8 per cent, reducing its share from 24.3 per cent to 16.7 per cent. boAt’s share also fell by 44.7 per cent to 11.8 per cent, while Titan grew 18.5 per cent, boosting its share from 5.2 per cent to 9.4 per cent. Noise also led 4Q24, where smaller smartwatch brands gained traction, expanding the “Others” category to 36.1 per cent.
The Indian TWS (True Wireless Stereo) market grew 9.4 per cent in CY24, with boAt maintaining dominance, slightly increasing its market share from 33.9 per cent to 34.2 per cent (10.4 per cent YoY growth). Boult saw the highest growth in this segment, expanding from 10.7 per cent to 13.0 per cent (32.8 per cent YoY increase). Noise grew by 24 per cent, capturing 8.9 per cent share, while Realme surged 66.9 per cent to 5.8 per cent. OPPO declined 7.7 per cent, reducing its share to 6.0 per cent.
In 4Q24, the market grew 21.7 per cent YoY, with boAt at 30.5 per cent, Boult at 13.0 per cent, and Noise at 8.8 per cent. OPPO showed strong quarterly growth of 91.7 per cent. The market remains competitive, with boAt, Boult, and Noise leading.
Commenting on the overall decline, Anand Priya Singh, market analyst, Smart Wearable Devices, IDC India, noted that the year 2023 “was a global driver for low-cost smartwatches led by a plethora of affordable options, low product penetration, and the high share of non-branded (white label) products. However, it was plagued by undifferentiated products, fewer launches and consolidation of long tail of brands in 2024.”
Will the market be able to resurrect this year? “In 2025, the India wearables market is expected to remain flat as the decline of the smartwatch category will offset the earwear segment’s single-digit growth,” said Vikas Sharma, senior market analyst, Smart Wearable Devices, IDC India.
Furthermore, emerging categories like smart rings and smart glasses are expected to see strong double-digit growth. Innovations in the coming quarters are likely to focus on the integration of advanced sensing technologies, AI, and improved health monitoring features like blood pressure tracking.
