CHART: Smart rings are taking off in India, but can they become the next big thing in wearables?
Smartwatches and fitness trackers aren't quite as hot as they used to be.
India's wearable market has been a bit of a slump lately, as smartwatches and fitness trackers aren't quite as hot as they used to be.
The market declined 20.7% YoY in Q3 2024, shipping 38 million units, with smartwatches seeing a 44.8% YoY decline to 9.3 million units, while the earwear category experienced a decline of 7.5% YoY, with shipments totalling 28.5 million units, during the same period.
But it seems that a new wearable is catching everyone's eye – smart rings!
These little gadgets you wear on your finger are packed with features that can track your fitness, monitor your sleep, or even control your smart home.
Although none of the global leaders in consumer tech such as Samsung caught the attention of Indian users with their Galaxy smart ring, local companies like Ultrahuman and boAt are pushing the boundaries with their smart rings. Market leader Ultrahuman held a 36.8% share, followed by boAt and Pi Ring, with total shipments reaching 92,000 during Q3 2024. With growing affordability and fresh launches expected, this category shows strong growth potential.
In the smartwatch category, Noise (Nexxbase) solidified its lead despite shipments declining. Meanwhile, boAT(Imagine marketing), Fire-Boltt also saw declining shipments. On the other hand, Titan and Boult marked positive growth in the quarter.
As the wearables market continues to shift and overall demand remains muted, it'll be interesting to see if smart rings can really take off and become the next big thing in wearables.
