India wearables market to decline for first time ever in Q2 2024: IDC

The wearables market in India saw its first ever decline in the second quarter of 2024, according to a report by a market research firm. The total unit shipments in Q2 2024 declined 10.0 percent year-on-year (YoY) to 29.5 million units. In the first half of 2024, wearable shipments declined 4.7 percent to 55.1 million units. The reasons for this decline are reportedly cautious inventory replenishment by suppliers to focus on clearing old stock ahead of the festive season, as well as fewer new launches from companies.

Indian Wearables Market to Decline in Q2 2024

According to a report According to International Data Corporation (IDC), the total wearables shipments in India declined from 32.8 million units in Q2 2023 to 29.5 million units in Q2 2024, a decline of 10.0 percent year-on-year. The wearables include smart rings and smart glasses besides smartwatches, wrist or smart bands, and earbuds. It excludes traditional analog and digital watches.

Smartwatch shipments fell 27.4 percent year-on-year to 9.3 million units in Q2 2024. Within this segment, Noise had the largest market share at 25.7 percent, followed by Fire-Boltt and Boat at 24.2 and 11.6 percent, respectively.

Earbud shipments grew 0.7 percent in Q2 2024 to 20.1 million units. Within this category, the truly wireless stereo (TWS) segment increased its share to 71.0 percent in Q2 2024 from 65.5 percent in Q2 2023. Boat led the market share in this segment with 34.0 percent, ahead of Boult and Noise which had 12.9 and 9.2 percent respectively.

There is also a new segment emerging in the earphone category called open wireless solution or open ear solution (OWS/OES). Companies like PTron (Palred), Truke (Eccentric Enterprises) and Noise (Nexxbase) have launched affordable models while Bose has offered premium options.

India Wearables Market H2 2024 Outlook

The report noted that many leading brands are expected to make new launches during the upcoming festive season “which could help arrest this decline” in wearable shipments in India. However, annual smartwatch shipments are expected to decline by 10 percent in 2024. Many smartwatch makers are also expected to focus on growing their portfolio in the low- to mid-range segment.