According to the latest report from the International Data Corporation (IDC) India Monthly Wearable Tracker, the Indian wearable market has experienced an impressive growth of 34 percent, surpassing a record of 134.2 million units.
This growth, mainly driven by device launches during the holiday season and tempting discounts, has led to an excessive accumulation of inventory in the second half of the year.
It should be noted that the average selling price of wearables has significantly decreased from $25 (approximately 2075 Rs) to $21.2 (approximately 1760 Rs), marking a decline of 15.4 percent.
Smartwatch shipments, in particular, have seen a significant increase of 73 percent compared to the previous year, with 53.4 million units shipped. As a result, the share of smartwatches in the wearable market has increased from 30.7 percent to 39.8 percent.
However, the influx of holiday sales and major discounts has contributed to a decrease in the average selling price from $42.5 (approximately 3529 Rs) to $26.1 (approximately 2167 Rs). Advanced smartwatches, despite their technological capabilities, have witnessed a decline in market share, dropping to just 1.1 million units.
In the headphone category, there has been a growth of approximately 16.9 percent, with a total of 80.4 million units shipped. The segment of True Wireless Stereo (TWS) headphones has been particularly successful, recording a record-breaking growth of 67.4 percent compared to 55.3 percent in the previous year.
However, shipments of on-ear headphones have seen a decline of 15.2 percent, and the average selling price has decreased by 8.2 percent.
Leading the dynamic market are brands such as BoAt, Noise, and Fire-Bolt, which have taken top positions by offering products in various categories at competitive prices. Boult Audio has emerged as the fastest-growing company among the top five brands.
Additionally, the emergence of BeatXP as a new participant has strengthened the smartwatch seller market, while Titan has climbed to the fourth position through its strategy of introducing models at different price ranges.
Another noteworthy trend in the wearable market has been the growing interest in smart rings, particularly in the second half of the year. Over 100,000 units of smart rings were shipped in 2023, with an average selling price of $171.6 (14,248 Rs).
This segment has been dominated by Ultrahuman, capturing an impressive 43.1 percent market share, closely followed by Pi Ring with a share of 42.3 percent. Aabo secured the third position with a 7.9 percent share, illustrating the increasing diversification in the wearable market.
The source of the article is from the blog macnifico.pt