The wearables market in India has grown by over 2%, with boAt leading with a share of almost 24% | Photo credit: Special Arrangement
The Indian wearables market grew 2.1% year-on-year (YoY) to 25.6 million units. According to the International Data Corporation (IDC), the average selling price (ASP) for overall wearables decreased by 17.8% in the first quarter of 2024, from $22.62 to $18.59 (approximately £1,547).
Smartwatch shipments decreased for the first time since Q4 2018 by 7.3% y/y to 9.6 million units. The share of smartwatches in the wearable category fell to 37.6% from 41.4% in the first quarter of 2023. Excess inventory in the online channel and fewer modern launches contributed to this decline, according to the report.
Smartwatch ASP prices fell to $20.65 (£1,719) from $29.24 a year ago amid sales and discounts at online stores. The share of advanced smartwatches increased from 2.0% to 3.2%.
The earmuffs category grew 8.3% year over year, selling 15.9 million units. In the in-ear category, the share of the Truly Wireless Stereo (TWS) segment reached 70.1% from 63.8% a year ago, an escalate of 19% year-on-year.
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Other earmuff shipments (including on-ear and on-ear) decreased by 10.6%. ASP prices for earmuffs fell 7.3% to $16.62 (£1,383).
The top five vendors, boAt (23.9%), Noise (13.8%), Fire-Bolt (9.4%), Boult (7.5%) and Oppo (5.2%), remain unchanged in compared to last year. Although their total share decreased from 63.9% to 59.9%.
The share of offline channels increased to 37.9% from 26.1% in Q1 2023. Sales in the online channel decreased by 14.1% y/y in Q1 2024.
The sharp ring category continues to see momentum, with 64,000 sharp rings shipped in Q1 2024 at an ASP of $173.06 (£14,410).
Ultrahuman continues to lead the sharp ring market in India with a share of 43.9%, closely followed by Pi Ring with 40.1% and Aabo in third place with a share of 8.4%.
