CHART: A Look at India's Wearable Device Market in Q1 2024
Year-over-year growth sputtered to a mere 2.1% in Q1 2024, a stark contrast to the double-digit surges seen in recent quarters.
- India's wearable market growth stumbles to 2.1% in Q1 2024.
- Smartwatch shipments fall for the first time in years, down 7.3% YoY in Q1, while Earwear sales grew by a respectable 8.3%.
- The top 5 vendors hold ground across the wearable segment, but niche brands gain traction in smartwatches.
India's once-sizzling wearable market has hit a rough patch. According to the International Data Corporation's (IDC), year-over-year growth sputtered to a mere 2.1% in Q1 2024, a stark contrast to the double-digit surges seen in recent quarters.
This slowdown can be attributed to a hangover of excess inventory left over from the festive season and a lack of fresh innovation to entice consumers.
Wearable Segment
For the first time since late 2018, Smartwatch shipments dipped by a concerning 7.3%. Analysts point to overstocked online channels and a lack of exciting new features to convince users to upgrade as the reasons behind this decline. O. This is reflected in the plummeting average selling price (ASP) for smartwatches, dropping from $29.24 to a more budget-friendly $20.65.
