Smart Rings Market in India Picks Up in Q2 2024; Wearables Market Declines: Details
By Himani Jha | Updated Aug 9, 2024, 6:53 PM IST
The smart rings market in India saw a significant surge in Q2 2024, even as the overall wearables market experienced a decline of 10%. This surprising trend highlights the growing interest in compact, multi-functional tech accessories that offer convenience and innovation in a small package. Read out detail report here.
Smart Rings
A market research agency reported that in the second quarter of 2024, the wearable device market in India saw its first decrease of 10% YoY to 29.5 million units in the April-June quarter. Q2 2024 had a 10.0 percent YoY decline in total units shipped to 29.5 million. Shipments of wearables decreased by 4.7 percent to 55.1 million units in the first half of 2024. According to reports, fewer new product releases from businesses and cautious inventory stocking by sellers to help focus on clearing out old stock before the holiday season are the causes of this reduction. The company also brought attention to a noteworthy development regarding the expanding smart ring market.
The market for smartwatches is still struggling, with sales falling by 27.4% year over year to 9.3 million units. In wearables, the percentage of smartwatches decreased to 31.5 percent from 39 percent over the same period the previous year. Not only that, but in Q2, the average selling price (ASP) of all wearables fell to a new low of $18.8, down 10.3 percent from $21 in Q1.
Even the earwear category saw no growth, with 20.1 million pieces sold year over year growth of 0.7 percent. Many firms are turning their attention to e-tailer channels as a result of cost challenges, especially during the holiday season. According to Anand Priya Singh, market analyst at IDC India for smart wearable devices, "the major players remain heavily dependent on online channel, while several smaller brands rely on offline channels."
It appears that smart rings are finally gaining popularity in the nation, despite all the negativity surrounding the wearable market. According to IDC, more than 72,000 smart rings with an approximate street price of Rs 16,900 were shipped in Q2.
Ultrahuman was in the lead with 48.4 percent, Pi Ring followed with 27.5 percent, and Aabo came in third with a 10.5 percent share. More cost-effective smart rings are predicted to enter the market in the country in the upcoming months, causing a rise in competition.
The market for smartwatches is still struggling, with sales falling by 27.4% year over year to 9.3 million units. In wearables, the percentage of smartwatches decreased to 31.5 percent from 39 percent over the same period the previous year. Not only that, but in Q2, the average selling price (ASP) of all wearables fell to a new low of $18.8, down 10.3 percent from $21 in Q1.
Even the earwear category saw no growth, with 20.1 million pieces sold year over year growth of 0.7 percent. Many firms are turning their attention to e-tailer channels as a result of cost challenges, especially during the holiday season. According to Anand Priya Singh, market analyst at IDC India for smart wearable devices, "the major players remain heavily dependent on online channel, while several smaller brands rely on offline channels."
It appears that smart rings are finally gaining popularity in the nation, despite all the negativity surrounding the wearable market. According to IDC, more than 72,000 smart rings with an approximate street price of Rs 16,900 were shipped in Q2.
Ultrahuman was in the lead with 48.4 percent, Pi Ring followed with 27.5 percent, and Aabo came in third with a 10.5 percent share. More cost-effective smart rings are predicted to enter the market in the country in the upcoming months, causing a rise in competition.
