The wearables market in India saw a decline for the first time ever in the second quarter of 2024, according to a report from a market research firm. The total units shipped in Q2 2024 fell 10.0 percent year-over-year (YoY) to 29.5 million units. The first half of 2024 saw a 4.7 percent decline in wearables shipping to 55.1 million units. The reasons for this decline reportedly include cautious inventory stocking by the vendors to help focus on clearing old stock before the festive season, as well as fewer new launches from companies.
According to International Data Corporation (IDC), the total wearable shipments in India fell from 32.8 million units in Q2 2023 to 29.5 million units in Q2 2024, marking a 10.0 percent YoY decline. The wearables include smart rings and smart glasses alongside smartwatches, wrist or smart bands, and earphones. It excludes traditional analog and digital watches.
Smartwatch shipments dropped 27.4 percent YoY to 9.3 million units in Q2 2024. Within this segment, Noise had the largest market share with 25.7 percent, followed by Fire-Boltt and Boat with 24.2 and 11.6 percent, respectively.