WEARABLE DEVICE MARKET IN INDIA DECLINES FIRST TIME 10%

India's wearable device market declined for the I'market de by 10 per cent year-over-year to 29.5 million units in the quarter of 2024.

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According to International Data Corporation (IDC), a global market intelligence and advisory services provider, shipping in the first half of 2024 declined by 4.7 per cent, shipping 55.1 million units.

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, as per the report.

The average selling price (ASP) for the overall wearables also hit a record low, declining by 10.3 per cent from USD 21.0 to USD 18.8 in the second quarter of 2024, the tracker maintained by IDC showed.

The smartwatch category continued to struggle, declining by 27.4 per cent year-on year to 9.3 million units. The share of smartwatches within wearables dropped to 31.5 per cent from 39.0 per cent in second quarter of 2023.

"Channel inventory, especially of previous generation models, and innovation exhaustion are restricting growth," the IDC said.

Smartwatch average selling price dropped to USD 20.6 from USD 25.6 a year ago due to price cuts to clear inventory and discounts/ offers by brands, advanced smartwatches grew by 21.9 per cent, with market share increasing from 1.5 per cent to 2.5 per cent, the tracker said.