India's wearable device market sees 20.7% decline in Q3 2024: Report

boAt remained the top smart wearable company in the country with a 32 percent market share, followed by Noise (11 percent)

By  Storyboard18Nov 19, 2024 12:50 PM
India's wearable device market sees 20.7% decline in Q3 2024: Report
The revenue of boAt declined by 5 percent to Rs 3,122 crore in FY 24

India's wearable device market has declined again in the third quarter driven by few product launches and cautious inventory management as per a report by Entrackr, citing IDC's report.

The wearable device market declined by 20.7 percent year-on-year to 38 million units in Q3 2024, Entrackr reported.

The shipment of wristbands saw a 48 percent decline to 56,000 units in Q3 2024 while smartwatches and earwear saw a 44.8 percent and 7.5 percent drop. The total shipment of smartwatches stood at 9.3 million and earwear at 28.5 million in Q3 2024.

However, the average selling price (ASP) for wearables increased for the first time since Q2 2019, rising 1.3 percent to $21.3 in Q3 2024.

boAt remained the top smart wearable company in the country with a 32 percent market share, followed by Noise (11 percent), Boult (9.7 percent), Realme (5.8 percent), and Oppo ( 5.5 percent), respectively.

However, boAt's growth declined 14.5 percent in Q3 while Noise faced a 19.2 percent decline in the same period.

Both BoAt and Noise growth declined last year as well. The revenue of boAt declined by 5 percent to Rs 3,122 crore in FY 24, and NOise's revenue from operations grew a modest 0.4 percent to Rs 1,431 crore in the last fiscal year.

BoAt led in the true wireless stereo (TWS) category with 36.8 percent market share while Noise stood top in the smartwatch category with 27.4 percent market share.

Boult and Realme registered a growth of 32.5 percent and 56.5 percent, respectively.

Additionally, the smart ring segment saw a shipment above 92,000 units and a 16.2 percent in the average selling price to $162.1. In this segment, Ultrahuman led the market with a 36.8 percent share, followed by boAt (Imagine Marketing) at 20.5 percent, and Pi Ring at 16.3 percent.


Tags
First Published on Nov 19, 2024 12:50 PM

More from Storyboard18

Digital

No relief for Ranveer Allahbadia as Supreme Court refuses to return his passport, extends protection from arrest

No relief for Ranveer Allahbadia as Supreme Court refuses to return his passport, extends protection from arrest

Brand Marketing

Google to pay $100 million to settle 14-year-old ad lawsuit

Google to pay $100 million to settle 14-year-old ad lawsuit

Digital

OpenAI seeks $40 Billion in new funding to drive AI expansion

OpenAI seeks $40 Billion in new funding to drive AI expansion

Special Coverage

WPP drops DEI language amid U.S. scrutiny, while Ogilvy global CEO champions representation and purpose

WPP drops DEI language amid U.S. scrutiny, while Ogilvy global CEO champions representation and purpose

Special Coverage

Krafton's Srinjoy Das at GPS 2025: Future of gaming marketing is symbiotic, social, and surprise-driven

Krafton's Srinjoy Das at GPS 2025: Future of gaming marketing is symbiotic, social, and surprise-driven

Special Coverage

AI as a Business Imperative: Industry leaders weigh its transformative impact

AI as a Business Imperative: Industry leaders weigh its transformative impact

Brand Marketing

Cricket, commerce, connectivity: Top marketers on how brands can win big in IPL

Cricket, commerce, connectivity: Top marketers on how brands can win big in IPL

Special Coverage

WPP's Daniel Hulme: 'You won’t beat your competitors without differentiated AI talent'

WPP's Daniel Hulme: 'You won’t beat your competitors without differentiated AI talent'