India’s smartwatch market sees a 32% drop YoY; Noise reclaims top position

Smartwatch

The Indian smartwatch shipments declined by 32% year-on-year (YoY) in Q2 2024, recording the market’s first-ever dip in this segment. The Indian smartwatch market had reported good growth in the past few years, with the smartwatch market witnessing a remarkable 21% YoY growth in shipments during the third quarter of 2023.

However, continuing inventory issues and changing consumer behaviour resulted in declining shipments in the last few months. Moreover, the report adds that consumers have become more health-focused and look toward better sensor accuracy in their watches, leading to a slow replacement cycle. This also means that the premium smartwatch category has seen noteworthy growth in the last few months.

“The consumers have started adopting a wait-and-‘watch’ strategy as the industry is transitioning towards the fitness domain. The emphasis has been on improving the user interface and adding features such as NFC payments, cellular connectivity, and offline navigation to target experienced users who are looking to upgrade toward the higher price band,” said Anshika Jain, senior research analyst.

Domestic brands like Noise and Fireboltt reclaimed the top two positions during the quarter with a 29% and 24% market share respectively. Other OEMs such as Titan and its sub-brand Fastrack achieved the highest YoY growth among major players to secure the third spot with a 12% market share, surpassing boat with its 11% share.

Research Analyst Harshit Rastogi added, “Smartwatch shipments are projected to decline by 20% YoY in 2024. While entry-level smartwatches will continue to dominate the segment in the coming years, mature users are likely to upgrade to advanced smartwatches due to better smartphone integration and sensor accuracy.”