Smartwatches remained the quickest rising class with 16.9 million units, rising by 41.0% YoY as incumbent distributors shipped aggressively to inventory for the upcoming festive season.
| Photo Credit: AndreyPopov
India’s wearable market shipped a report 48.1 million units in the third quarter (July-September) of calendar 2023, a 29.2% year-on-year progress, reported International Data Corporation’s (IDC) India Monthly Wearable Device Tracker on Wednesday.
With this, the market shipped 105.9 million units in the first three quarters of calendar 2023, which was greater than 100.1 million units shipped in the entire of 2022, the analysis outfit stated.
“Continuous new mannequin launches by manufacturers throughout value factors and product classes is the important thing motive for this momentum. Apart from the brand new smartwatch and earwear fashions, good rings grew to become distinguished in 3Q23. The general common promoting value (ASPs) declined by 20.4% from $27.2 to $21.7,’‘ it further said.
Smartwatches remained the fastest growing category with 16.9 million units, growing by 41.0% YoY as incumbent vendors shipped aggressively to stock for the upcoming festive season. Heavy discounting and offers across channels led to a 35.3% YoY drop in smartwatch ASPs to $26.7 in 3Q23. However, the ASPs grew QoQ (quarter-on-quarter) by 4.3%, up from $25.6 last quarter, due to the increased share of advanced smartwatches from 1.5% to 2.4%, as well as the introduction of premium options in the basic smartwatch segment, as per IDC survey.
Within wearables, the share of earwear dropped to 64.4% from 67.3% a year ago, but shipments still grew 23.6% to 30.9 million units. Within earwear, the Truly Wireless Stereo (TWS) segment took 68.4% share with strong growth of 46.7% YoY, whereas neck bands declined by 6.9% YoY. ASPs for TWS and neckbands stood at $19.5 and US$14.2 with declines of 17.1% and 4.6% YoY, respectively
On outlook, Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India said, brands have upped the game with high-end specifications at entry-level pricing. This combined with high-decibel marketing campaigns and promotions would drive 4Q23 shipments, resulting in strong double digit annual growth in 2023. “In 2024, we will see an enhanced focus on localisation of UI/UX, in-house app integration, SIM-based or standalone calling and Wi-Fi connectivity on basic smartwatches.’‘
