The wearable devices market in India experienced impressive growth of 53.3 percent in the first half of 2023, with a total of 57.8 million units shipped, as reported by the International Data Corporation (IDC).
IDC is a prominent global market intelligence and advisory services provider.
In the second quarter of 2023 alone, there were 32.8 million wearable device shipments, representing a year-on-year growth of 37.2 percent and a quarter-on-quarter growth of 30.6 percent.
The smartwatch segment witnessed significant growth, with shipments nearly doubling to 12.8 million units in the second quarter. Additionally, earwear shipments saw a year-on-year growth of 15.2 percent.
A noteworthy trend is the decline in average selling prices for smartwatches, which dropped by 44.9 percent to $25.6 (approximately Rs. 2,120) from $46.6 (approximately Rs. 3,860) in the second quarter. Overall, wearable device prices dropped from $26.7 (approximately Rs. 2,211) to $21.0 (approximately Rs. 1,739) compared to the previous year.
Leading brands introduced various smartwatch models with diverse shapes, designs, materials, finishes, and new features.
“Previously exclusive to premium products, high-end capabilities are now gradually being integrated into affordable models. These include advanced features like active noise cancellation (ANC), multiple microphones, minimal delay or low latency, simultaneous dual device connection, and advanced sound chipsets,” explained Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India.
E-commerce platforms continued to drive sales, accounting for 73.9 percent of the market share in the second quarter. However, IDC has observed leading brands exploring offline channels to extend their reach and presence in Tier 3/4/5 towns.
“In the first half of 2023, we witnessed the launch of numerous smartwatch models boasting premium finishes, sporty appearances, rugged builds, and a variety of strap options such as metal, silicon, and leather,” stated Upasana Joshi, Research Manager, Client Devices, IDC India.
“The second half of 2023 is expected to bring aggressive festive offers and discounts, although brands remain cautious regarding supplies. Moreover, we anticipate more affordable smart ring launches in the coming months,” added Joshi.
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Deepak Sen is a tech enthusiast who covers the latest technological innovations, from AI to consumer gadgets. His articles provide readers with a glimpse into the ever-evolving world of technology.
