The Indian wearable market witnessed a remarkable 34 percent surge, shipping a record-breaking 134.2 million units, according to the latest report from the International Data Corporation (IDC) India Monthly Wearable Tracker.
This surge, primarily fueled by festive season launches and enticing discounts, led to a phenomenon of overstocking in the latter half of the year.
Notably, the average selling price of wearables experienced a significant decline from $25, or about Rs 2075, to $21.2, or roughly Rs 1760, marking a 15.4 percent drop.
Smartwatch shipments soared, recording a remarkable 73 percent year-on-year growth, with 53.4 million units shipped. Consequently, the smartwatch segment’s wearables market share expanded from 30.7 percent to 39.8 percent.
However, the influx of festive sales and hefty discounts contributed to a reduction in the average sales price from $42.5 or about Rs 3529 to $26.1 or about Rs 2167). Despite their technological prowess, advanced smartwatches experienced a decline in market share, plummeting to a mere 1.1 million units.
In the earwear category, growth stood at approximately 16.9 percent, with shipments totaling 80.4 million units. The Truly Wireless Stereo (TWS) segment mainly flourished, surging to a record 67.4 percent from 55.3 percent in the previous year.
However, neckband shipments witnessed a dip of 15.2 percent, accompanied by a decline in average sales prices by 8.2 percent.
Brands like BoAt, Noise, and Fire-Bolt led the charge in this dynamic market, which secured top positions by offering products across various categories at competitive price points. Boult Audio emerged as the fastest-growing company among the top five brands.
Additionally, the emergence of BeatXP as a new entrant bolstered the smartwatch vendor landscape, while Titan ascended to the fourth position with its strategy of introducing models across diverse price segments.
Another noteworthy trend in the wearable market was the growing interest in intelligent rings, particularly evident in the latter half of the year. With over 100,000 units shipped in 2023, the average sale price for bright rings was $171.6 (Rs 14,248).
Ultrahuman dominated this segment with a 43.1 percent market share, closely followed by the Pi Ring with 42.3 percent. Aabo secured the third position with a 7.9 percent market share, reflecting the increasing diversification within the wearable market landscape.
