The Indian wearables market is undergoing a notable shift, with smart rings sales surging even as the smartwatch market continues to decline.
Smart Ring Sales on the Rise
During the April-June quarter of 2024, over 72,000 smart rings were sold in India, a significant increase from the 62,000 units sold in the previous quarter. The average selling price also saw a rise, climbing from approximately ₹14,521 to ₹17,123.
Ultrahuman Leads the Smart Ring Market
Ultrahuman currently dominates the smart ring market with a 48.4% share. The company’s sole offering in this category, the Ultrahuman Ring AIR, retails for ₹28,499. Other key players include Pi Ring and Aabo, holding 27.5% and 10.5% of the market share respectively.
Affordable Smart Rings Expected to Drive Growth
The launch of more budget-friendly smart rings by major wearable brands is anticipated to further fuel the growth of this category. Notably, Noise and boAt have already entered the market with their smart ring offerings.
Smartwatch Market Faces Decline
In contrast to the smart ring segment’s growth, India’s overall wearables shipments experienced a decline for the first time in the second quarter of 2024. This decrease was primarily attributed to cautious inventory management by vendors and a focus on clearing existing stock before the festive season.
Smartwatch Segment Sees Significant Drop
The smartwatch segment was particularly affected, with a 27.4% year-over-year decline. This downturn was attributed to factors such as channel inventory and a perceived lack of innovation. However, the advanced smartwatches sector, encompassing devices like the Apple Watch and Samsung Galaxy Watch, witnessed growth.
Earwear Category Shows Slight Growth
The earwear category experienced a marginal growth of 0.7% year-over-year. The Truly Wireless Stereo (TWS) segment within this category saw substantial growth, while other earwear types declined.
The Indian wearables market is witnessing a dynamic shift. The surge in smart ring sales, led by Ultrahuman, signals a growing consumer interest in this emerging category. Conversely, the smartwatch market faces challenges due to inventory concerns and a perceived lack of innovation. The earwear category, particularly the TWS segment, continues to show steady growth. As the market evolves, the launch of affordable smart rings and innovative features in smartwatches and earwear will likely shape the future landscape of the Indian wearables industry.
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