India's Wearable Market Dips 10% in Q2 2024: IDC

New Delhi, Aug 8 (PTI) Wearable device shipments in India recorded the first-ever decline, falling by 10 per cent in June 2024 quarter to 29.5 million units, due to large unsold stocks of old models and lower level of innovation in the segment, market research firm IDC said on Thursday.

According to the report, Oppo along with OnePlus had the biggest fall in shipment of 35.8 per cent year on year (YoY). It was followed by Fire-Boltt whose wearable shipment declined by 24.3 per cent, Noise with a drop of 13.9 per cent, and boAT 9.8 per cent year on year.

Boult was the only player among top five brands, which recorded a 9.6 per cent jump in the shipment.

Despite decline in total shipment, boAt (Imagine Marketing) led the wearable segment with 26.7 per cent share, followed by Noise (Nexxbase) with 13 per cent share, Boult 8.1 per cent, Fire-Boltt 8 per cent, Oppo (combined with OnePlus) 7.6 per cent.

"Cautious inventory stocking by the vendors with a focus on clearing the old stock before the festive season begins and fewer new launches were the key reasons for this decline," International Data Corporation's (IDC) India Monthly Wearable Device Tracker report said.

The average selling price (ASP) for the overall wearables also hit a record low of USD 18.8, about Rs 1,580, from USD 21 (Rs 1,763) .

The decline in total shipment was due to 27.4 per cent falls in shipments of smartwatches to 9.27 million during the reported quarter from 12.77 million a year ago.

"Smartwatch ASP dropped to USD 20.6 from USD 25.6 a year ago due to price cuts to clear inventory and discounts by brands. Advanced smartwatches grew by 21.9 per cent, with market share increasing from 1.5 to 2.5 per cent," the report said.

boAT was the biggest loser in the smartphone segment with about 45 per cent decline in shipment on YoY basis. It was followed by Noise whose shipment declined by 32.4 per cent, Fire-Boltt 26.1 per cent and Boult 16.6 per cent.

Titan was the only brand which recorded a jump of about 69 per cent in the smartphone shipment.

In terms of smartwatch market share, Noise led the segment with 25.7 per cent. It was followed by Fire-Boltt with 24.2 per cent share, boAt 11.6 per cent, Titan 7.9 per cent and Boult 3.9 per cent.

Wrist band shipments grew by 23.4 per cent to 37,800 units from 30,600 on YoY basis.

Earwear category remained flat, growing by 0.7 per cent YoY with 20.1 million units.

Within earwear, the share of Truly Wireless Stereo (TWS) segment grew by 9.1 per cent to reach a record of 71 per cent from 65.5 per cent a year ago, the report said.

According to IDC, the smart ring category continues to grow, with more than 72,000 smart rings shipments recorded in the second quarter of 2024 at an ASP of USD 204.6 (about Rs 17,000).

"Ultrahuman led with a 48.4 per cent share, followed by Pi Ring at 27.5 per cent and Aabo at third with a 10.5 per cent share," the report said.

IDC expects the launch of more affordable smart rings by incumbent wearable brands during the upcoming festive season in the next few months.