As worldwide wearable market is projected to grow 6.1% by the end of this year, Indian market is booming too. Hearables lead the charge, while smartwatches face challenges amid fierce competition.
India is set to play a crucial role in the global wearable device market, with shipments expected to grow 6.1% year-over-year (YoY) at the end of 2024, reaching 537.9 million units, according to the International Data Corporation (IDC).
As per the prediction, this figures is set to become 612.5 million units in 2028, with a compound annual growth rate (CAGR) of 3.3%.
The report highlighted that this growth is driven by a recovering global economy, a refresh cycle in mature markets, and increasing adoption in emerging regions, including India. However, the growth rate will vary across different device categories.
Hearables, which account for over 60% of the wearables market, are anticipated to grow substantially as demand rises in emerging markets and consumers in mature markets look to upgrade their pandemic-era purchases.
IDC analyst Lujyne Amro noted that hearables had faced downward pressure on average selling prices (ASPs) due to heightened competition and a preference for affordable options. Nevertheless, new product launches may enhance unit growth later this year as consumers replace older models.
In contrast, smartwatches are projected to experience their first YoY decline of 3% in 2024, largely due to challenges in the Indian market, which has recently been a key player for low-cost smartwatches.
The market has been flooded with white-label products, leading to expected short-term consolidation. Excluding India, the global smartwatch market is forecasted to grow by 9.9% YoY, with ASPs rising by 5.7% in 2024.
IDC’s Jitesh Ubrani emphasised that smartwatch vendors must justify price increases through innovations like additional sensors and AI-driven health features. Meanwhile, other wearable forms, such as rings and smart glasses, are expected to grow as more brands enter the market, with smart rings maintaining their premium status.
