Indian smartwatch shipments remain flat in Q1 2024, annual shipments expected to end in a decline

• The Indian smartwatch market remained flat in Q1 2024, recording a 0.3% increase.
• This is the first quarter in which the Indian smartwatch market has stagnated.
• The Indian smartwatch market is expected to decline double in 2024.

The Indian smartwatch shipments remained flat in Q1 2024, recording a 0.3% year-on-year increase, recording the market’s first-ever stagnation. The Indian smartwatch market has reported good growth over the past few years.

According to a report by Counterpoint Research, the high growth over the past few years has been driven by high demand from the youth. The muted growth in Q1 2024 indicates a decline in replacement rates among early adopters of smartwatches.

“The overall market, which has been registering double- and triple-digit growth over the last couple of years, remained flat in Q1 2024 as some top brands faced difficulties in clearing their existing stocks. Consumers are not warming up to buy a new smartwatch or replace an existing one due to low differentiation in terms of features and limited innovation in the market,” said Anshika Jain, Senior Research Analyst, Counterpoint Research.

Fire Boltt continues to lead the Indian market

Fire Boltt has emerged as the market leader despite a decline in shipments. The company recorded a 28% market share in Q1 2024, down from a 33% market share in Q1 2024. The company’s shipments have reported a 15% year-on-year decline in Q1 2024.

Company	Q1 2024	Q1 2023
Fire Boltt	28%	33%
Noise	24%	24%
boAt	15%	19%
Titan	8%	4%
beatXP	4%	2%

Source: Counterpoint Research

Noise is in the second position with a 24% market share in Q1 2024, the same as last year, with a nominal 2% decline in shipments.

boAt reported a decline in its market share from 19% in Q1 2023 to 15% in Q1 2024. The company recorded the highest decline in shipments at 24% year-on-year.

Titan’s market share increased from 4% in Q1 2023 to 8% in Q1 2024, driven by a 113% increase in shipments.

beatXP’s market share doubled from 2% in Q1 2023 to 4$ in Q1 2024, driven by a 123% year-on-year increase in shipments.

Analysts predict a double-digit decline in 2024

According to analysts, the year 2024 will record a double-digit decline in shipments in 2024.

“The hyper-growth of smartwatches in the Indian market over the past few years has been primarily driven by its appeal as a low-cost fashion accessory. However, this initial growth phase is now cooling down as the initial excitement of the segment is tapering off. This is also reflected in the dwindling growth rates and a bleak outlook. The market is forecast to witness a double-digit percentage decline in 2024,” said Harshit Rastogi, Research Analyst, Counterpoint Research.

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