India's wearable device market increased by 2.1%!

India's Wearable Device Market:  The smart device market in India has registered a growth of 2.1% in the first quarter of 2024. Earlier, it was growing by more than 10% for several consecutive quarters. 

Tech News: The smart device market in India has registered a growth of 2.1% in the first quarter of 2024. Earlier, it was growing by more than 10% for several consecutive quarters. According to the report of International Data Corporation (IDC), a total of 2.56 crore smart devices were sold between January and March 2024. According to the report, the average price of these devices has also declined by 17.8% during this period. On average, a device is now available for about Rs 1500 to 1800 cheaper than last year. The reason for this is said to be more stock in the shops during the festive season in the second half of 2023.

Demand for which smart devices increased?

It has been said in the report that the demand for smart rings is continuously increasing. 64,000 smart rings were sold in the first quarter. Among these, Ultrahuman, Pi Ring, and Aabo are the major companies manufacturing smart rings. Their market share was 43%, 40%, and 8%. On the other hand, sales of smartwatches have declined. For the first time in the last four years, sales of smartwatches have declined. 9.6 million smartwatches were sold between January and March 2024, which is 7.3% less than last year.

How are companies increasing sales?

It has been said in the report that companies making smart devices are now selling their products in collaboration with big retail stores. Besides, these companies are also offering to sell other products like smartwatches and smartphones or laptops together. 

Which brands are at the forefront?

boAt, a smart device manufacturing company in India, is still the market leader. At the same time, brands like Noise, Fire-Bolt, Boult, and Oppo are also quite popular. However, the total market share of all these companies has declined slightly.

State of online and offline market

According to the report, sales of smart devices from offline stores have increased this year compared to the first quarter of last year. However, online sales have declined.