Indian wearable market declines 10% for the first time; ASP continues to fall

India’s wearable device market declined for the first time ever, by 10% year-over-year (yoy) to 29.5 million units, noted International Data Corporation’s (IDC). The first half of 2024 declined by 4.7%, shipping 55.1 million units.

India’s wearable device market declined for the first time ever, by 10% year-over-year (yoy) to 29.5 million units, noted International Data Corporation’s (IDC). The first half of 2024 declined by 4.7%, shipping 55.1 million units.

Cautious inventory stocking by the vendors with a focus on clearing the old stock before the festive season begins and fewer new launches were the key reasons for this decline, the research firm said.

The average selling price (ASP) for the overall wearables also hit a record low, declining by 10.3% from $21 (₹1,761) to $18.8 (₹1,577) in 2Q24.

Smartwatches struggled declining by 27.4% yoy to 9.3 million units. The share of smartwatches within wearables dropped to 31.5% from 39.0% in 2Q23. Smartwatch ASP dropped to $20.6 (₹1,728) from $25.6 (₹2,147) a year ago due to price cuts to clear inventory and discounts/offers by brands, Advanced smartwatches grew by 21.9%, with market share increasing from 1.5% to 2.5%.

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Earwear category remained flat, growing by 0.7% yoy with 20.1 million units. Within earwear, the share of Truly Wireless Stereo (TWS) segment reached a record 71% from 65.5% a year ago, growing by 9.1% yoy.

Earwear others (which includes Tethered and Over Ear) shipments declined by 16.1% with 5.8 million units. Earwear ASP declined by 4.2% to $17.2 (₹1,443).