How different categories of wearable device performed in 2023
The report revealed that smartwatch shipments increased by 73.7% since 2022 and the market shipped 53.4 million units. The share of smartwatches within wearables have also jumped to 39.8% from 30.7% in 2022. Festive season sales and heavy discounts also led to a 38.7% reduction in ASPs from $42.5 (nearly Rs 3,500) to $26.1 (nearly Rs 2,100). However, the share of advanced smartwatches reduced from 4.5% to 2.1% to 1.1 million units in 2023, the report added.
The earwear category registered a 16.9% YoY growth and reached 80.4 million units in 2023. Within earwear, the share of the Truly Wireless Stereo (TWS) segment reached a record 67.3% from 55.3% in 2022, growing by 42.3% YoY. Meanwhile, neckband shipments declined by 15.2%. The ASPs for the earwear category declined 8.2% and stood at $18.2 (nearly Rs 1,500).
On the other hand, the smart ring category got notable attention, especially in the second half of 2023. More than 100,000 smart rings were shipped in 2023 with an ASP of $171.6 (nearly Rs 14,000).
How different brands performed in 2023
All three top vendors Boat, Noise and Fire-Boltt managed to secure their respective positions in the overall wearable market through diversified product portfolios and new products at lower ASPs. Boult Audio registered the highest YoY growth amongst the Top Five vendor list. Meanwhile, a new entrant in the smartwatch category, BeatXP,managed to secure a place amongst the top smartwatch vendor list. Meanwhile, Tata Group-owned Titan climbed to fourth place by launching multiple models across price segments.
Ultrahuman emerged as a leader in the smart ring market. With 43.1% market share in Q$23, the brand was followed closely by Pi Ring at 42.3% market share. Meanwhile, Aabo took the third place with 7.9% share in the same period.
