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

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.