CHART: India’s Wearable Market Shrank for the First Time in 2024
Although earwear might keep growing, smartwatches are expected to struggle.
For years, India’s wearable market was unstoppable. Fueled by an explosion of affordable smartwatches and earwear, it became the biggest wearable market in the world by 2023, outpacing even the U.S. and China. New brands flooded in, competition drove prices lower, and millions of first-time buyers jumped on the trend. But in 2024, something changed, and that momentum finally stalled.
For the first time ever, the market shrank—shipments dropped 11.3% year-over-year, marking the end of a five-year growth streak. According to IDC, full-year shipments stood at 119.0 million units, marking a third consecutive quarter of decline.
Smartwatches, which had rapidly gained popularity over the last few years, lost market share, slipping from 39.8% in 2023 to 29.4% in 2024. The lack of compelling upgrades and the saturation of budget-friendly options meant that many consumers simply saw no reason to buy a new one. Even cheaper prices (with ASPs dropping 9.1% to $23.5) didn’t help.
Earwear, on the other hand, held steady, growing by 3.8% YoY to 83.5 million units. Truly Wireless Stereo (TWS) earbuds cemented their dominance, with their share reaching 70.9%, while neckbands, once a staple of the Indian market, continued to decline.
But the biggest surprise came from smart rings, a category that was barely on the radar a year ago. Shipments tripled in 2024, led by Ultrahuman, Pi Ring, and Aabo—a clear sign that consumers were still interested in wearables, just not the same ones as before. With features like health tracking, sleep monitoring, and AI-powered insights, these compact devices are offering something fresh in a market that had started to feel repetitive.
In the brand wars, boAt remained the undisputed leader, growing its share to 27.6%, while Noise remained the second-biggest player. One unexpected winner? Boult, which stood out as the only top-five player to register growth, managing a 10.8% increase.
So, what’s next? Experts predict that 2025 will be a flat year for wearables—earwear might keep growing, but smartwatches are expected to struggle. That said, AI-driven health tracking, smart rings, and even smart glasses could shake things up. The days of mindless smartwatch upgrades might be over, but if brands bring real innovation to the table, India’s love for wearables could be reignited.
