India's Wearable Device Market Declines for First Time
10% Year-over-Year Decline in Q2 2024
According to the International Data Corporation's (IDC) India Monthly Wearable Device Tracker, India's wearable device market declined for the first time ever in Q2 2024. The market saw a 10% year-over-year (YoY) decline in shipments, with a total of 295 million units shipped.
This decline is attributed to cautious inventory stocking by retailers in order to clear old stock before the festive season, as well as a lack of new launches. Wristbands and watches accounted for the majority of the market share, with a combined 80% share.
Despite the decline, IDC expects the Indian wearable device market to rebound in the coming quarters, driven by the growing popularity of smartwatches and fitness trackers. The market is expected to reach 360 million units by the end of 2024.
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