India’s smartwatch market dipped 33% in Q12025, marking fourth successive quarter of decline

India’s smartwatch shipments declined 33% year-on-year (YoY) in Q12025, despite experiencing a 5% quarter-over-quarter (QoQ) uptick, according to the latest research from Counterpoint’s IoT Service Research. This was largely driven by softening demand in the budget segment and inventory corrections across major brands. Adding to the downturn, discounts across major platforms were less aggressive compared to the festive sales of late 2024, resulting in reduced consumer enthusiasm for new purchases.

With budget-conscious buyers holding back, brands are now shifting focus toward the mid-range smartwatch segments, particularly models priced above Rs 5,000.

Commenting on the market dynamics, Senior Research Analyst Anshika Jain highlighted the evolving preferences of Indian smartwatch consumers, noting that buyers are increasingly prioritizing quality and functional benefits over just low prices.

While cost remains a factor, users now prioritize precise health tracking, a smooth and intuitive interface, extended battery life, and enhanced performance in their smartwatches. This shift toward value-driven choices has significantly boosted the premium smartwatch segment (R 15,000 and above), which witnessed a 16% YoY growth, resulting in over 28% YoY increase in the average selling price (ASP). More consumers are willing to invest in high-end models that offer advanced features, better build quality, and enhanced user experience.

“Additionally, OLED display penetration reached an all-time high of 37% in Q1 2025, reflecting growing demand for vibrant, high-contrast screens that enhance readability and aesthetics. Smartwatches with display screens over 1.9 inches also saw increased adoption, as users preferred higher-resolution, bigger displays for better visibility and smoother interactions with the device. As the market evolves, this trend highlights a broader industry pivot toward feature-rich, user-centric smartwatches that balance functionality with premium appeal.”

Commenting on the market outlook, Jain added,” India's smartwatch market is projected to see moderate 2% growth in 2025, following a market correction phase. Consumer focus will remain on this category and users are likely to shift towards quality upgrades, particularly looking for advanced health functionalities and premium appeal. Brands that successfully blend cutting-edge features, robust privacy measures, stylish designs, battery optimization, and strategic collaborations will be best positioned to capitalize on the evolving consumer preferences and fuel the next phase of market expansion.

Additionally, the Rs 5,000– Rs 10,000 price segment presents a promising opportunity, as consumers seek affordable yet advanced offerings in the mid-range category.

In terms of brands, Noise maintained its market leadership with a 29% share, driven by growing consumer acceptance of its smartwatch portfolio in India, even with minimal discounting across sales channels. The brand also expanded its offline reach, strategically entering the smart ring segment to strengthen its presence in the wearable tech space.

boAt held the second position, witnessing a significant decline of 35% YoY in Q1 2025 amid intensifying competition. Titan, including its sub-brand Fastrack, moved to the third spot in India's smartwatch market in Q12025, with a shipment growth of 7% YoY. The brand strengthens its presence due to the expansion of its retail network, emphasis on local manufacturing, and expansion in the Rs 2,000–2,500 price range. Boult emerged as the fastest-growing brand in Q1 2025, achieving an impressive 65% YoY growth with a 9% market share. Boult expanded its active smartwatch portfolio models from 22 in Q1 2024 to 41 in Q1 2025.

Indian brands captured over 91%, reaffirming their stronghold in the market. The number of active brands in Q1 shrank from approximately 80 in 2024 to 58, showing signs of early consolidation.

As per the report, a 2% YoY recovery in 2025 is anticipated for the smartwatch market, fuelled by advancements in health tracking.

In Q12025, global smartwatch brands gained traction in India, recording a 7% YoY growth in shipments led by Apple, Samsung, and CMF.