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India's Wearable Device Market Sees Slowed Growth Amid High Inventory Levels

India's Wearable Device Market Sees Slowed Growth Amid High Inventory Levels
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India's wearable device market grew over 2 pc in Q1 to 25.6 mn units: Report

India's wearable device market increased by 2.1 per cent (year-over-year) in the first quarter (Q1) of 2024 to 25.6 million units after growing by at least double digits consecutively since the fourth quarter (Q4) of 2017, a new report showed .

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smartwatch: Wearable devices market sees growth slowdown amid fall in smartwatch shipments

The wearable devices market in India saw a modest growth of 2.1% year-on-year in the quarter ending March 2024, reaching 25.6 million units. This slowdown was primarily due to a decline in smartwatch shipments, falling by 7.3% to 9.6 million units. Despite a drop in average selling prices (ASPs), excess inventory from the festive season in 2023 contributed to the decline. The earwear category, however, experienced an 8.3% growth, with truly wireless earbuds dominating the market at 70.1% share.

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Wearable devices market sees growth slowdown amid fall in smartwatch shipments, ET Telecom

Smartwatch Shipments: Despite the average selling price (ASP) falling by 17.8% during the quarter, the growth was restricted on account of high inventory carried over from the festive season in 2023, research firm IDC said in a report Wednesday.

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