IDC’s Worldwide Quarterly Wearable Device Tracker report mentions that the Indian market shipped a record 3 million units in Q2 2019. According to the report, the Indian wearable device market experienced 30.9% Quarter-over-Quarter growth in Q2 2019 and records 123.6% growth compared to the second quarter of the previous year. This lead to growing India as the third largest wearables market in the world after China and the US.
According to the report, the rising growth of the wearables market is due to the popularity of ear-worn wearables. It overtook the wrist band shipments, as they experienced 122.7% QoQ growth and 374.9% annual growth in 2019. Ear worn devices include wireless earphones that track health and fitness and enable smart assistance with just a tap. In the second quarter of the current year, the earwear devices market grew more than 4 times, compared to the same quarter of the previous year. Thanks to the Samsung Galaxy Earbuds & Xiaomi’s wireless earphones which are widely popular in India.
With the 55.9% market share, the hearable devices accounted for most of the market shipments followed by wristbands at 35.2% and smartwatches at 6.9%. This data clearly indicates the importance of hearable devices in the growth of the wearables market. Indian vendors played a major role in expanding this market, as they launched devices with an affordable price range.
Though wristband shipments witnessed a 19.3% annual growth in Q2 2019, yet the product saw a 24% QoQ decline in the same quarter. Smartwatches experienced 99.6% Year-on-Year growth and 42.9% QoQ growth in the second quarter of the current year. In the coming months Galaxy Watch Active 2, Fitbit Versa 2, Garmin Fenix series and Huami’s Amazefit series smartwatches will lands in India so the market will see more growth in this segment.
The main reason behind the growth of the wearables market is that consumers are attracting new fitness trackers to track their health and fitness. Still, wrist bands offer a cheap alternative to smartwatches and many companies are trying to bridge the price gap between the smartwatch and fitness tracker.