The Indian wearable market saw a 34 per cent growth to ship a record 134.2 million units. The festive period witnessed many launches with offers and discounts but resulted in overstocking through the second half of the year. The average selling price of the overall wearables market went down from $25 (~Rs 2,075) to $21.2 (~Rs 1,760), a 15.4 per cent decline. The International Data Corporation’s (IDC) India Monthly Wearable Tracker also goes on to say that smartwatch shipments grew 73 per cent year-on-year, shipping 53.4 million units. Its share in the wearables market increased from 30.7 per cent to 39.8 per cent. But festive sales and heavy discounts also created a drop in average sales price from $42.5 (~Rs 3,529) to $26.1 (~Rs 2,167). Advanced smartwatches lost their share of the market, dropping to just 1.1 million units. The earwear category also registered a growth of around 16.9 per cent, with 80.4 million units shipped. The Truly Wireless Stereo (TWS) segment reached a record 67.4 per cent from 55.3 per cent in the previous year. But neckband shipments dropped by 15.2 per cent. Average sales prices also declined at 8.2 per cent. BoAt, Noise and Fire-Bolt secured the top positions by having products in many categories selling at lower average sales prices. Boult Audio was the fastest-growing company among the top five brands. BeatXP is a new entrant that managed to enter the top smartwatch vendor list. Titan went up to fourth place with its approach of launching models across price segments. The smart ring category caught a lot of attention last year, especially towards the second half. More than 100,000 smart rings were shipped in 2023 with average sale prices at $171.6 (Rs 14, 248). Ultrahuman was the leader of the segment with a 43.1 per cent market share followed by the Pi Ring with 42.3 per cent market share. Aabo was in the third place with a 7.9 per cent market share.
