India sees surge in wearable shipments in 2023

Despite a sluggish macro-economy, India's wearable market continues to exhibit characteristics of being in a high-growth phase when shipment surged, coupled with a plethora of new competitors challenging incumbents.

According to IDC's market tracker, 134.2 million wearables were shipped in India in 2023, up 34% year-on-year, with the fourth quarter seeing a shipment of 28.4 million, up 12.7% from a year ago. Smartwatch shipments surged 73.7% to 53.4 million, accounting for nearly 40% of all wearable shipments in 2023. Earwear grew 16.9% year-on-year, with the True Wireless Stereo (TWS) constituting 67.3% of the segment.

Anand Priya Sing, a market analyst at IDC India, said the surge in demand for smartwatches is driven by affordability, low product penetration, and a wide range of options. However, the increasing popularity of non-branded watches poses a challenge to established brands, as they offer cheaper alternatives, often bundled with multiple watch straps.

Vikas Sharma, a senior market analyst at IDC India, predicts single-digit growth for wearables in 2024 and anticipates vendors accelerating their omnichannel strategy, adding that in 2024, there will be a proliferation of smartwatches featuring LTE SIM/eSIM connectivity, advanced health sensors, and multiple GPS navigation capabilities.

According to IDC, local vendors dominated India's wearable market, with boAt leading in the overall wearable market and Indian TWS market. On the other hand, except for Oppo, global brands such as Xiaomi, Samsung Electronics, and Apple did not make it to the top five list of major wearable categories. IDC notified that the smart ring category garnered considerable attention, with over 100 thousand units shipped in 2023.

Source: IDC, February 2024

Source: IDC, February 2024