Wearable devices market sees growth slowdown amid fall in smartwatch shipments

The wearable devices market in India saw a modest growth of 2.1% year-on-year in the quarter ending March 2024, reaching 25.6 million units. This slowdown was primarily due to a decline in smartwatch shipments, falling by 7.3% to 9.6 million units. Despite a drop in average selling prices (ASPs), excess inventory from the festive season in 2023 contributed to the decline. The earwear category, however, experienced an 8.3% growth, with truly wireless earbuds dominating the market at 70.1% share.