India’s wearable market grew 2.1% year-over-year (yoy) to 25.6 million units. The average selling price (ASP) for overall wearables declined by 17.8% in Q1 2024, from $22.62 to $18.59 (around ₹1,547), revealed International Data Corporation (IDC).
Smartwatch shipments declined for the first time since Q4 2018, by 7.3% yoy to 9.6 million units. The share of smartwatches within wearables dropped to 37.6% from 41.4% in Q1 2023. Excess inventory in the online channel and fewer new launches led to this decline, the report says.
Smartwatch ASPs dropped to $20.65 (₹1,719) from $29.24 a year ago on the back of e-tailer sales events and discounts. The share of advanced smartwatches increased from 2.0% to 3.2%.
The earwear category grew by 8.3% yoy, shipping 15.9 million units. Within earwear, the share of the Truly Wireless Stereo (TWS) segment reached 70.1% from 63.8% a year ago, growing by 19% yoy.
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Other shipments of earwear (including tethered and over-ear) declined by 10.6%. ASPs for earwear declined by 7.3% to $16.62 (₹1,383).
The top five vendors namely boAt (23.9%), Noise (13.8%), Fire-Bolt (9.4%), Boult (7.5%), and Oppo (5.2%), remain unchanged from a year ago. Although their collective share declined from 63.9% to 59.9%.
Offline channel share increased to 37.9% from 26.1% in Q1 2023. Online channel shipments declined by 14.1% yoy in Q1 2024.
The momentum for the smart ring category continues, with 64 thousand smart rings shipping in Q1 2024 at an ASP of $173.06 (₹14,410).
Ultrahuman continues to lead the smart ring market in India with a 43.9% share, followed closely by Pi Ring at 40.1% and Aabo at third with an 8.4% share.
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