According to IDC, India’s wearable market faced a significant setback in Q2 2024, with shipments falling 10% year-over-year to 29.5 million units. This marks the first major decline in this rapidly evolving sector.

The overall market saw a 4.7% drop in the first half of the year, with 55.1 million units shipped. The average selling price (ASP) of wearables also hit a record low, plummeting by 10.3% from $21 to $18.8 in Q2.

India’s Wearable Market Smartwatches Struggle, Earwear Stays Steady

Smartwatches declined steeply, with a 27.4% YoY drop to 9.3 million units. Their share within the wearable market decreased to 31.5% from 39% a year ago.

Conversely, the earwear category remained stable, inching up by 0.7% YoY with 20.1 million units shipped. A new subcategory, OWS/OES (open wireless solution/open ear solution), emerged within this segment, showing the market’s adaptability.

Smart Rings: A Beacon of Growth

Despite the overall market downturn, the smart ring category stood out with remarkable growth. Over 72,000 smart rings were shipped in Q2, with an ASP of $204.6. Ultrahuman dominated this niche, capturing a 48.4% market share, followed by Pi Ring at 27.5%, and Aabo at 10.5%.

According to IDC’s Vikas Sharma, the market could see a revival in the coming months, as new models from established brands are expected to launch during the festive season. These developments could help mitigate the market’s decline and boost consumer interest in wearables once again.