Smartwatch Shipments in India Declined in Q1 2024: TWS Headsets Dominate Wearables Market, Report Reveals!

Report: Smartwatch Shipments Decline in India During Q1 2024 as TWS Headsets Dominate Wearables Market

According to a report, smartwatch shipments in India saw a decline in the first quarter of 2024, while TWS (True Wireless Stereo) headsets emerged as the dominant product in the wearables market.

Report: Decline in Smartwatch Shipments in India, TWS Segment Sees Growth

According to a report by a market research firm, smartwatch shipments in India experienced their first decline since 2018, while the true wireless stereo (TWS) segment witnessed significant growth. The smartwatch market share decreased, while the wristband category showed a 17.5 percent year-on-year (YoY) increase. Despite the overall decline in shipments, Boat emerged as the top wearable brand in Q1 2024 with a market share of 23.9 percent, surpassing other brands like Noise, Fire-Boltt, and Boult.

Decline in Smartwatch Shipments

The International Data Corporation's (IDC) India Monthly Wearable Device Tracker reported that TWS shipments in India rose from 14.6 million in Q1 2023 to 15.8 million in Q1 2024. In contrast, smartwatch shipments fell from 10.3 million units in Q1 2023 to 9.6 million units in Q1 2024, marking a 7.3 percent YoY decline.

The report attributes this decline to excess inventory left over from festive sales in the second half of 2023, as well as fewer product launches in 2024. However, the share of advanced smartwatches, including offerings from Apple and Samsung, increased from 2.0 percent to 3.2 percent, as indicated in the report.

Insights from IDC India: Smartwatch Market Shows Signs of Slowdown

"The smartwatch market in India is displaying early indications of a slowdown. Vendors are encountering difficulties in enticing customers to upgrade due to limited innovation and freshness in newer models," stated Vikas Sharma, Senior Market Analyst (Smart Wearable Devices) at IDC India, in a prepared statement.

Emergence of New Wearables Categories

According to IDC's latest report, other wearables such as smart rings and smart glasses experienced significant growth. Shipments of these devices surged from just 100 units in Q1 2023 to nearly 69,000 units in Q1 2024, marking a remarkable growth of 46,399.3 percent.

Ultrahuman emerged as the leading smart ring maker during this period, capturing a market share of 43.9 percent, closely followed by Pi Ring with a 40.1 percent share, as per the IDC report. Among the top five vendors in the wearables market were Boat, Noise, Fire-Boltt, Boult, and Oppo, collectively holding a market share of 59.9 percent.

Shift in Channel Distribution: Offline Shipments Rise, Online Shipments Decline

According to the report, there was an interesting shift in channel distribution for shipments. Offline channels witnessed an increase in their share, rising from 26.1 percent in Q1 2023 to 37.9 percent in Q1 2024. In contrast, shipments through online channels experienced a year-on-year decline of 14.1 percent for the second consecutive quarter.