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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.
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.