India’s Wearable Devices Market Grew 53.3 % in First Half of 2023: IDC

Wearable units market in India noticed a strong 53.3 % yearly development within the first half of 2023, with delivery of 57.8 million items, based on information launched by International Data Corporation (IDC).

International Data Corporation (IDC) is a worldwide market intelligence and advisory companies supplier.

During the quarter of 2023, 32.8 million wearables had been shipped in, a development of 37.2 % year-on-year and 30.6 % quarter-on-quarter.

Smartwatch shipments virtually doubled to 12.8 million within the second quarter, whereas earwear shipments grew by 15.2 % year-on-year.

Notably, the typical promoting value of smartwatches declined by 44.9 %, dropping to $25.6 (roughly Rs. 2,120) from $46.6 (roughly Rs. 3,860) within the second quarter. The total wearable costs through the quarter dropped to $21.0 (roughly Rs. 1,739) from $26.7 (roughly Rs. 2,211) a 12 months in the past.

Brands launched a number of smartwatch fashions in several shapes, designs, supplies, finishes and with new options.

“The high-end capabilities that have been exclusive to premium products are now gradually making their way into affordable models. These include features like advanced ANC (active noise cancellation), multiple microphones, minimal delay or low latency, simultaneous dual device connection, and advanced sound chipsets,” mentioned Vikas Sharma, Senior Market Analyst, Wearable Devices, IDC India.

Online channels like e-tailers remained the primary driver with a 73.9 % share within the second quarter. However, IDC mentioned it’s witnessing main manufacturers starting to discover offline avenues to deepen their attain and increase their presence in Tier 3/4/5 cities.

“The first half of 2023 saw hundreds of smartwatch model launches with premium finishing, sporty appearances, rugged builds, and a variety of strap finishes like metal, silicon, leather, etc,” mentioned Upasana Joshi, Research Manager, Client Devices, IDC India.

“The second half of 2023 will see aggressive festive offers and discounts, while brands remain cautious for supplies. Furthermore, we should expect more launches in the smart ring category at affordable pricing,” mentioned Joshi.