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HomeIndiaIndia’s wearable market grows by 34%, smartwatches grew by 73% YoY, reveals...

India’s wearable market grows by 34%, smartwatches grew by 73% YoY, reveals IDC report

India’s wearable market has grown considerably, with shipments crossing a record-breaking 134.2 million items. TWS notably flourished, surging to a document 67.4 per cent from 55.3 per cent, whereas smartwatches went from 73 per cent year-on-year progress, with 53.4 million items shipped

The Indian wearable market witnessed a outstanding 34 per cent surge, transport a record-breaking 134.2 million items, in accordance with the newest report from the Worldwide Knowledge Company (IDC) India Month-to-month Wearable Tracker.

This surge, largely fueled by festive season launches and attractive reductions, led to a phenomenon of overstocking within the latter half of the 12 months.

Notably, the common promoting value of wearables skilled a major decline from $25 or about Rs 2075 to $21.2 or roughly Rs 1760, marking a 15.4 per cent drop.

Smartwatch shipments notably soared, recording a outstanding 73 per cent year-on-year progress, with 53.4 million items shipped. Consequently, the smartwatch section’s share of the wearables market expanded from 30.7 per cent to 39.8 per cent.

Nonetheless, the inflow of festive gross sales and hefty reductions contributed to a discount within the common gross sales value from $42.5 or about Rs 3529 to $26.1 or about Rs 2167). Superior smartwatches, regardless of their technological prowess, skilled a decline in market share, plummeting to a mere 1.1 million items.

Within the earwear class, progress stood at roughly 16.9 per cent, with shipments totalling 80.4 million items. The Really Wi-fi Stereo (TWS) section notably flourished, surging to a document 67.4 per cent from 55.3 per cent within the earlier 12 months.

Nonetheless, neckband shipments witnessed a dip of 15.2 per cent, accompanied by a decline in common gross sales costs by 8.2 per cent.

Main the cost on this dynamic market had been manufacturers like BoAt, Noise, and Hearth-Bolt, which secured prime positions by providing merchandise throughout varied classes at aggressive value factors. Boult Audio emerged because the fastest-growing firm among the many prime 5 manufacturers.

Moreover, the emergence of BeatXP as a brand new entrant bolstered the smartwatch vendor panorama, whereas Titan ascended to the fourth place with its technique of introducing fashions throughout various value segments.

One other noteworthy development within the wearable market was the rising curiosity in sensible rings, notably evident within the latter half of the 12 months. With over 100,000 items shipped in 2023, the common sale value for sensible rings stood at $171.6 (Rs 14,248).

Ultrahuman dominated this section with a commanding 43.1 per cent market share, intently adopted by the Pi Ring with 42.3 per cent market share. Aabo secured the third place with a 7.9 per cent market share, reflecting the growing diversification throughout the wearable market panorama.

(With inputs from businesses)

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