India's Wearable Market Witnesses Soaring Growth in Q3 2023

The wearable market in India is experiencing a remarkable upswing, as reported by the International Data Corporation (IDC). The latest data reveals an impressive 29.2% year-over-year (YoY) growth, with a staggering 48.1 million units shipped in the third quarter of 2023.

This surge propels the cumulative shipments for the first three quarters of 2023 to a substantial 105.9 million units, surpassing the entire volume for 2022.

Factors Driving Growth

The driving force behind this surge is attributed to various brands launching new models across different price ranges and types, creating a dynamic and competitive market. In particular, the emergence of smart rings alongside the traditional smartwatches and earwear has contributed to the diversification of wearable offerings. Notably, the average price for wearables has seen a significant 20.4% drop, settling at US$21.7 from US$27.2.

The Share of Smartwatches and Earwear

Smartwatches have taken center stage, experiencing a remarkable 41.0% YoY growth, reaching 16.9 million units. Discounts and offers flooded the market, resulting in a 35.3% YoY decrease in the average price to US$26.7.

However, a slight quarter-over-quarter (QoQ) increase in the average price occurred as more advanced smartwatches entered the market.

Earwear Resilience

Earwear, while losing a bit of market share, still saw robust growth at 23.6%, shipping 30.9 million units. The Truly Wireless Stereo (TWS) segment dominated with a 68.4% share and a strong 46.7% YoY growth. TWS and neckband prices saw a decline of 17.1% and 4.6% YoY, settling at US$19.5 and US$14.2, respectively.

Market Channels and Future Predictions

Offline channels marked a record 31.5% share, not seen since Q1 2021, while online channels grew by 19.1% YoY. The increase in offline market share emphasizes the importance for brands to maintain a presence in various channels, especially as they expand into smaller cities.

Smart Rings on the Rise

The rise of smart rings is evident, with Ultrahuman claiming a remarkable 75.5% market share, followed by Pi Ring at 10.9%, and boAt at 8.2%.

Top 5 Wearable Companies in Q3 2023

1. boAt: Holds the top position with a 29.7% share, experiencing a 19.4% growth.
2. Noise: Secures the second position with a 10.8% share, showing a flat 0.6% YoY shipment growth.
3. Fire - Boltt: Claims the third spot with an 8.7% share and a 25.7% YoY growth.
4. OPPO (OPPO + OnePlus): Holds the fourth position with an 8.5% share and 12.1% YoY growth.
5. Boult Audio: Captures the fifth position with a 5.8% share and an astounding 267.6% YoY growth.

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