Wearables device segment sees slower growth in March quarter but players remain bullish on outlook

The wearable device segment witnessed sluggish growth developments in the March quarter but players stated they proceed to have a bullish outlook. As per estimates launched by IDC, India’s good wearable device market grew by merely 2.1 per cent in March quarter (Q1 2024) year-over-year (y-o-y) to 25.6 million items after rising by double digits consecutively since This autumn 2017.

Responding to businessline’s queries, Amit Khatri, Co-Founder, Noise, stated, “The wearables trade in India continues to develop. Although it exhibits a single-digit growth price, this displays the market’s maturation and the broadening adoption of wearable expertise somewhat than stagnation. With elevated market penetration through the years, the growth price naturally varies.”

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Khatri identified that the good wearable ecosystem is “very dynamic”, and players might want to adapt and continually revamp their methods to maintain. “We have demonstrated optimistic growth, with the very best growth price of 19 per cent in comparison with different manufacturers. We are dedicated to sustaining this momentum by means of our strategic focus on superior innovation, consumer-centricity, and premiumization,” he said.

IDC’s report indicated that India’s smartwatch shipments declined for the primary time since This autumn, 2018 by 7.3 per cent to 9.6 million items y-o-y in Q1 2024 (vs Q1 2023). Meanwhile, wristband shipments grew by 17.5 per cent over Q1 2023 and the earwear segment grew by 8.3 per cent. The report has flagged early indicators of slowdown in the smartwatch segment in India this 12 months, whereas earwear shipments are anticipated to develop by “mid-single-digit”.

“We are very optimistic and bullish in regards to the wearables segment. We foresee a powerful growth trajectory over the following few quarters, pushed by our upcoming revolutionary product launches,” stated Arnav Kishore, Founder and CEO, Fireboltt. He added that the corporate is focusing strongly on strategic investments in R&D to make sure sustained growth and supply customer-centric options.