Smartwatch Market in India Faces Major Decline in 2024 Despite Premium Segment Growth

In 2024, India's smartwatch market saw a 30% decline due to unsatisfactory user experiences and lack of innovation. Low-cost brands like Fire-Boltt, boAt, and Noise were hit hard, while the premium segment grew 147%. Future growth is anticipated as consumer interest in health tracking increases.

In a surprising turn for the Indian smartwatch market, shipments fell by 30% in 2024, marking the first major downturn after years of continuous growth. This decline, detailed in a recent report by Counterpoint Research, is attributed to lackluster user experiences and a stagnant pace of innovation, particularly in the low-cost segment.

Leading brands Fire-Boltt, boAt, and Noise experienced significant shipment drops of 54%, 47%, and 26% respectively, even as they led the market. Noise claimed a 27% market share, followed closely by Fire-Boltt at 19%. BoAt saw a decrease to 13%, as the sector grappled with a clearer product portfolio and low sensor accuracy.

Despite this setback, the premium smartwatch segment, defined as devices priced above Rs 20,000, rose 147% year-on-year. Growth in this category is driven by the demand for advanced features and health insights, with global brands like Apple, Samsung, and OnePlus leading the pack. Experts anticipate a resurgence in overall market growth as consumer interest in health tracking technology increases.