India’s wearable market stumbles, records 11.3% drop in 2024: IDC report

Smartwatch

It looks like the wearable market in India is facing a challenge. India’s wearable device shipments experienced a year-over-year (YoY) decline for the first time, dropping 11.3% to 119.0 million units. According to a report by IDC, the wearable device market also contracted for the third consecutive quarter, experiencing a 8.7% decline to 25.9 million units in Q4 2024.

The share of smartwatches within the wearables category declined from 39.8% in 2023 to 29.4% in 2024. This decline, as per IDC, can be attributed to the lack of significant innovations and technological advancements that have resulted in a muted consumer demand. The average selling price (ASP) of smartwatches decreased by 9.1% from $25.8 to $23.5. Additionally, advanced smartwatches experienced a 13.1% year-over-year (YoY) decline, while their share of the market increased from 2.1% to 2.8%.

According to the report, the Truly Wireless Stereo (TWS) segment continued to dominate the earwear market, capturing a record 70.9% share, up from 67.2% in the previous year—a 9.4% year-over-year (YoY) growth.

Meanwhile, neckband-style earphones saw a decline in shipments, dropping by 17.1%. In contrast, the over-the-ear headphone segment experienced significant growth, with shipments rising by 83.6% to reach 4.5 million units.

The average selling price (ASP) for earwear stood at $17.6 for the year, marking a 3% decline compared to the previous year.

In the overall wearable market, boAt (Imagine Marketing) maintained its leadership, increasing its market share from 26.0% to 27.6%. Noise (Nexxbase) secured the second spot with a 12.2% share in 2024. Among the top five brands, Boult was the only one to record positive growth, expanding by 10.8%.

In the TWS segment, the top three brands—boAt, Boult, and Noise—each achieved double-digit annual growth, reinforcing their strong presence in the category.

The smart ring category continues to grow, with 323,000 shipments in 2024, up from 113,000 in 2023. Ultrahuman led with a 40.1% share, Pi Ring was second with a 20.4% share, and Aabo landed in third position with a 16.8% share in 2024, as per IDC.

“India’s wearable market peaked in 2023 (biggest globally), with 134.2 million shipments. It 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,” said Anand Priya Singh, market analyst, Smart Wearable Devices, IDC India.