In Short:
The wearable device market in India saw slow growth in the March quarter, increasing by only 2.1% year-over-year. Despite this, industry players remain optimistic about the future. The smartwatch segment saw a decline for the first time since 2018, while wristband and earwear shipments grew. Companies like Noise and Fireboltt are focusing on innovation and customer-centric solutions to drive growth in the coming quarters.
The Wearable Device Market in India Sees Sluggish Growth in Q1 2024
In the latest report released by IDC, the wearable device market in India showed a slow growth of 2.1% in the March quarter of 2024 compared to the same period last year. This comes after several quarters of double-digit growth since Q4, 2017, indicating a shift in the market landscape.
Insights from Noise Co-Founder, Amit Khatri
Responding to inquiries from businessline, Amit Khatri, Co-Founder of Noise, shared his perspectives on the current state of the wearables industry in India. Despite the modest growth rate, Khatri emphasized that this reflects the maturation of the market and the increasing adoption of wearable technology among consumers.
Khatri highlighted the dynamic nature of the smart wearable ecosystem and stressed the importance of adapting and evolving strategies to stay competitive. He mentioned that Noise has experienced a positive growth rate of 19%, attributing it to their focus on innovation, consumer-centric approach, and premium offerings.
Shifting Trends in Wearable Device Shipments
According to IDC’s report, smartwatch shipments in India saw a decline for the first time since Q4, 2018, dropping by 7.3% to 9.6 million units year-over-year in Q1 2024. On the other hand, wristband shipments increased by 17.5% and earwear segment witnessed a growth of 8.3% compared to the previous year.
The report also highlighted a potential slowdown in the smartwatch segment this year, while earwear shipments are expected to see a “mid-single-digit” growth.
Future Outlook and Strategies
Despite the current challenges, companies like Fireboltt remain optimistic about the future of wearables in India. Arnav Kishore, Founder and CEO of Fireboltt, expressed confidence in a strong growth trajectory in the coming quarters fueled by innovative product launches.
Kishore emphasized the company’s focus on strategic investments in research and development to drive sustained growth and deliver customer-centric solutions.
