Are Indians Buying Fewer Smartwatches? Report Reveals Shocking Trends!

Before we dive in, I want to ask you something:

“How long has it been since you wore a smartwatch continuously for 12 hours?”

Don’t remember? That’s okay, you’re not alone in this.

In 2022, smartwatch sales hit an all-time high, with a staggering 300 per cent growth in India. Four out of the top five smartwatch brands were Indian and features like AMOLED displays, Bluetooth calling, and in-built GPS became common in the budget segment. But things have changed.

The smartwatch industry has taken a nosedive this quarter. According to the latest data from the International Data Corporation (IDC), India’s smartwatch shipments declined by nearly 45 per cent in the third quarter of 2024.

This decline isn’t just about numbers; it highlights shifting consumer behaviour, changing market dynamics, and the struggle for wearables to stay relevant. All this has me asking:

“What’s causing this downturn in a market that was thriving just two years ago?”

We discuss all those factors in this piece, read till the end to know.

Where is the innovation?

The smartwatch market in India exploded over the past few years, with brands like Noise, Boat, and Realme flooding the market with affordable options. But this abundance has led to a saturation point where new launches fail to excite buyers.

Between 2021 and 2023, I reviewed multiple budget smartwatches. That was the peak of the smartwatch industry. Most of these watches were priced under INR 5,000, and they all shared a few common features: AMOLED displays, Bluetooth calling, and built-in GPS.

Fast forward to today, and nothing has changed. Budget smartwatches still offer the same specifications, with no meaningful upgrades or features that outshine the competition.

Sure, advanced smartwatches with improved health-tracking sensors are available, but their steep prices limit their appeal to budget-conscious Indians. At those price points, you might as well opt for a WearOS smartwatch, which offers far more functionality than these glorified fitness trackers.

Is the smart ring eating Into the smartwatch market?

From fitness bands to smartwatches, and now from smartwatches to smart rings, wearable tech keeps evolving. Unfortunately, this constant evolution often pushes the previous tech into irrelevance. Fitness bands became a thing of the past and now it seems smartwatches might be heading down the same path.

The arrival of smart rings in India has created a buzz and wearable brands are wasting no time jumping on the bandwagon. The IDC report reveals that over 92,000 smart rings shipped in Q3 2024. Ultrahuman currently leads this segment, followed closely by Boat.

As the name suggests, smart rings look like traditional rings you wear on your finger, but they track various health metrics and sync the data with a smartphone app.

Several brands are already entering the smart ring market. For instance, Samsung recently launched its Galaxy Ring in India. These rings range from INR 3,299 to a whopping INR 40,000.

Compared to smartwatches, smart rings are lighter, easier to wear, and more comfortable for long periods. This convenience might be why many are choosing them over bulky smartwatches.

Or maybe, analogue watches are still cool?

Call me old-fashioned, but analogue watches are still a timeless fashion statement. Whether paired with formal or casual outfits, they add a touch of classic elegance to your look.

A Casio MTP, Edifice FV or a Timex TWEG21002 can still make you stand out with bold, stylish aesthetics.

In contrast, most budget smartwatches offer little more than what’s already available on a smartphone, just on a smaller screen. Many smartphones already include basic fitness features like step tracking and workout logs.

In my opinion, any smartwatch that doesn’t run WearOS or WatchOS is simply a gimmick and doesn’t deserve to be called ‘smart.’ Period!

For those seeking a genuine smartwatch experience, a Samsung Galaxy Watch can be purchased for as low as INR 7,000 during sales.

So, what’s next for the smartwatch industry in India?

The smartwatch industry is struggling to clear old inventory, even during the festive season. IDC analyst, Navkendar Singh, in a reply to a user, mentioned that Samsung has been offering huge discounts on its smartwatches because of poor sales. 

The sharp decline in smartwatch shipments underscores a challenging yet transformative phase for the Indian wearable market. While basic smartwatches may be losing steam, the rise of advanced wearables and new categories like smart rings suggests that consumers are not abandoning wearables altogether—they are simply demanding more value for their money. 

IDC Analyst predicts that the smartwatch category is likely to remain flat or see marginal declines in 2025 unless the industry addresses its strategies, innovates and aligns with the evolving needs of Indian consumers.

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Here’s the hard truth: Many Indian brands are simply rebranding cheap Chinese smartwatches and slapping their logos on them. Without dedicated R&D, these brands will continue to struggle to compete with tech giants like Apple and Samsung, who lead the pack with genuine innovation.