India smart watch market stagnates, rises 0.3% in Q1 says report

Anjali Sharma

GG News Bureau
NEW YORK, 8th June.
According to a new report issued on Friday India’s smartwatch shipments stagnated for the first time, rose by 0.3 per cent (year-on-year) in the first quarter (Q1) of 2024.

According to Counterpoint Research, the top three OEMs’ (original equipment manufacturers) combined market share dropped to 66 per cent in Q1 from 77 per cent a year ago.

Senior Research Analyst Anshika Jain said “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,”.

The report said that in terms of brands, Fire-Boltt to lead the market, followed by Noise and boAt, respectively.

Apple grew over 3 times due to demand for the Apple Series 9 and Apple Watch Ultra 2 in the premium segment.

The report said that for Samsung, 50% of its shipments volume came from the Galaxy Watch 6 series.

Research Analyst Harshit Rastogi said “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”.

The market is expected to witness a double-digit percentage decline in 2024 as per analysts

“However, in 2026 and beyond, we expect the market to recover driven by newer use cases in smartwatches,” said Rastogi.

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