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

The wearable device segment witnessed sluggish growth traits in the March quarter but players stated they proceed to have a bullish outlook. As per estimates launched by IDC, India’s sensible 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 models 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 charge, this displays the market’s maturation and the broadening adoption of wearable know-how quite than stagnation. With elevated market penetration over time, the growth charge naturally varies.”

• Also learn: India has the potential to grow to be an export hub for home equipment, wearables: Sunil Vachani, President, CEAMA

Khatri identified that the sensible wearable ecosystem is “very dynamic”, and players might want to adapt and always revamp their methods to maintain. “We have demonstrated constructive growth, with the best growth charge of 19 per cent in comparison with different manufacturers. We are dedicated to sustaining this momentum via 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 models 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 concerning the wearables segment. We foresee a powerful growth trajectory over the following few quarters, pushed by our upcoming modern 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.