India’s Wearable Devices Market Sees First Decline, Drops 10% in June Quarter

India’s wearable devices market experienced its first-ever decline in the June 2024 quarter, with shipments falling by 10 percent to 29.5 million units, according to a report from market research firm IDC. The decline is attributed to a combination of unsold stocks of older models and a lower level of innovation within the segment.
Oppo and OnePlus saw the most significant drop in shipments, with a year-on-year (YoY) decline of 35.8 percent. This was followed by Fire-Boltt, which recorded a 24.3 percent decrease, Noise with a 13.9 percent drop, and boAt with a 9.8 percent reduction in shipments.
Despite the overall downturn, Boult emerged as an exception among the top five brands, showing a notable 9.6 percent increase in shipments. This growth highlights Boult’s ability to capture market share amid the overall decline.
The report underscores a challenging period for the wearable devices market in India, driven by issues such as inventory buildup and a slowdown in technological advancements. Industry players may need to innovate and adapt their strategies to reverse the trend and stimulate growth in the segment.