The wearable device market in India has experienced its first-ever decline, with shipments falling by 10% year-over-year (YoY) to 29.5 million units in the second quarter of 2024. According to IDC's India Monthly Wearable Device Tracker, this downturn marks a significant shift in the market dynamics. The first half of 2024 also saw a 4.7% decline, with 55.1 million units shipped, reflecting a cautious approach by vendors to inventory management as they focused on clearing old stock ahead of the festive season.
The average selling price (ASP) for wearables hit a record low, dropping by 10.3% from USD 21.0 to USD 18.8. in the second quarter of 2024. Overall, the smartwatch category faced significant challenges, recording a steep 27.4% YoY decline to 9.3 million units. The share of smartwatches within the overall wearables market fell from 39.0% in 2023 to 31.5% in 2Q24. A combination of high channel inventory, particularly of previous-generation models, and a slowdown in innovation contributed to this decline.
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