Wearable Device Market in India Experiences First Annual Decline

India’s wearable device market has faced its first annual decline, with total shipments declining by 11.3% year-on-year to reach 119.0 million units, as reported by IDC’s India Monthly Wearable Device Tracker. This downturn marks the market’s shrinkage for the third consecutive quarter, with fourth-quarter shipments dropping by 8.7% to 25.9 million units, effectively ending a period of consistent growth.

Smartwatch Sales Plummet

The primary factor contributing to this decline is a significant 34.4% decrease in smartwatch sales, which plummeted to 35.0 million units. Smartwatches constituted 39.8% of all wearables in 2023, but their share has diminished to 29.4% in 2024.

Earwear Gains Ground

In contrast to the decrease in smartwatches, the earwear segment experienced a 3.8% year-on-year growth, reaching 83.5 million units. True Wireless Stereo (TWS) earphones continued to dominate the market, increasing their market share to 70.9%, up from 67.2%, with an impressive 9.4% growth rate. Conversely, neckband shipments witnessed a decline of 17.1% as consumer preference shifted towards TWS options.

Over-the-Ear Headphones Surge

The demand for premium audio led to a remarkable 83.6% year-on-year increase in over-the-ear headphone shipments, totaling 4.5 million units. However, the average selling price (ASP) of earwear experienced a 3.0% fall, settling at $17.6.

Market Leaders and Trends

Noise continues to dominate the smartwatch segment while boAt remains at the forefront in the TWS category. In the overall wearable device market, boAt strengthened its position as the leader, raising its market share from 26.0% to 27.6%. Noise managed to capture 12.2% of the market, whereas Boult emerged as the only top-five brand to experience growth, rising by 10.8% year-on-year. In the TWS sector, both boAt and Boult, alongside Noise, recorded double-digit growth, reinforcing their market dominance.

Smart Rings See Significant Uptick

The smart ring segment has witnessed robust growth, with shipments skyrocketing from 113,000 units in 2023 to 323,000 units in 2024. The average selling price for smart rings also increased by 1.9%, reaching $174.7. Ultrahuman led this category with a commanding 40.1% market share, followed by Pi Ring at 20.4% and Aabo at 16.8%.

Future of Wearable Devices

Looking ahead to 2025, IDC predicts that the wearable market will likely remain flat, with smartwatch sales declines offsetting slow growth in earwear. Nonetheless, strong growth is anticipated for smart rings and smart glasses. Future advancements are expected to concentrate on AI-enhanced health tracking, sophisticated sensors, and medical-grade features such as blood pressure monitoring. To maintain competitiveness, brands must evolve beyond basic fitness tracking functionalities.