Indian wearables market grew 34 per cent in 2023 while sale prices dropped: IDC
The Indian wearables market grew 34 per cent in 2023 while average sales prices dropped 15.4 per cent.
BoAt, Noise and Fire-Bolt secured the top three positions in the market. (Josh Sorenson via Pexels)
BoAt, Noise and Fire-Bolt secured the top three positions in the market. (Josh Sorenson via Pexels)
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.