{"id":1288096,"date":"2024-12-04T10:00:57","date_gmt":"2024-12-04T04:30:57","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1288096"},"modified":"2024-12-04T10:01:30","modified_gmt":"2024-12-04T04:31:30","slug":"30-active-wearable-tech-brands-left-india-in-2024-due-to-razor-thin-margins","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/30-active-wearable-tech-brands-left-india-in-2024-due-to-razor-thin-margins\/","title":{"rendered":"30% Active Wearable Tech Brands Left India In 2024 Due To Razor Thin Margins"},"content":{"rendered":"\n

In a latest update<\/a> the number of active brands in India\u2019s wearable market, that is\u00a0 smartwatches and audio wearables appears to have decreased by over 30 percent year on year in Q3 (July-September) CY2024.<\/p>\n\n\n\n

\"30%<\/figure>\n\n\n\n

This is alarming as it has left just 52 brands operating, and more domestic brands are expected to exit the market soon.<\/p>\n\n\n\n

The decline is followed by the market facing a slowdown affected by factors like a prolonged replacement cycle, limited innovation in budget-friendly devices, lack of differentiation, and a cluttered product portfolio.<\/p>\n\n\n\n

According to the analysts, this decline is attributed to falling demand and razor-thin profit margins, which are pushing Indian brands out of the market.<\/p>\n\n\n\n

Notably, these brands are mostly reliant on white-labelled devices from China. <\/p>\n\n\n\n

On the other hand, Chinese smartphone brands are re-entering the space where they are leveraging the premiumisation trend and their established ecosystems to gain traction.<\/p>\n\n\n\n

Noticeable Shift In Consumer Preferences<\/strong><\/p>\n\n\n\n

The senior research analyst at market tracker agency Counterpoint Research, Anshika Jain said,  \u201cThe wearable market is shrinking as the replacement cycle slows, driven by a lack of innovation and differentiation in affordable models. A confusing product portfolio has also left consumers dissatisfied, particularly after their first smartwatch purchase.\u201d <\/p>\n\n\n\n

The active brands dropped by over 30 percent year on year (YoY) in Q3 2024, the senior analyst noted.<\/p>\n\n\n\n

While major players continue to dominate, smaller brands are exiting as demand contracts, said Vikas Sharma, senior analyst at market research firm IDC.<\/p>\n\n\n\n

Adding ,\u201cLast year\u2019s festive season saw significant shipments of white-label smartwatches, but this trend has reduced in 2024 due to shrinking demand.\u201d<\/p>\n\n\n\n

When it comes to the Indian wearable market, it has witnessed a significant growth from 2020, driven by affordable products and feature enhancements. <\/p>\n\n\n\n

The first decline came in Q2 of 2024, which continued into Q3 attributed to demand fatigue, limited product innovation, and high inventory levels across sales channels.<\/p>\n\n\n\n

Over 38 million wearable devices were sold in the July-September period, down 20.7 percent from the corresponding period the previous year, according to IDC.<\/p>\n\n\n\n

This is also affected by the fewer product launches and cautious inventory management during the festival season.<\/p>\n\n\n\n

How Did This Happen?<\/strong><\/p>\n\n\n\n

So far, many Indian brands targeted the mass market but failed to deliver value, said Faisal Kawoosa, Chief Analyst at TechArc.<\/p>\n\n\n\n

Adding, \u201cInferior quality, inaccurate tracking, and short battery life were common issues. Consumers soon pushed back, unwilling to settle for \u2018crap-tech\u2019 wearables.\u201d <\/p>\n\n\n\n

Indian consumers are willing to spend more for quality and reliability, a trend reflected in the premium segment\u2019s growth, led by brands like Apple and Samsung, Kawoosa noted.<\/p>\n\n\n\n

\u201cConsumers are now prioritising better health insights, improved sensors, and after-sales service, which premium brands are delivering,\u201d Kawoosa said.<\/p>\n\n\n\n

Chinese Brands Regaining Momentum<\/strong> <\/p>\n\n\n\n

In the meantime, the Chinese handset makers such as Xiaomi, Oppo, Vivo, Realme, and OnePlus, are aggressively targeting India\u2019s wearables market with higher-priced but better-quality products. <\/p>\n\n\n\n

Their success is attributed to strong ecosystems and diversified revenue streams beyond smartphones.<\/p>\n\n\n\n

According to Kawoosa \u201dChinese brands leverage their smartphone-plus strategy to grow their non-smartphone revenue streams. Their better control over ecosystems allows them to offer superior quality products compared to Indian brands.\u201d <\/p>\n\n\n\n

Despite this surge, the Indian vendors still dominate with a 70-75 percent market share, compared to 15-20 percent for Chinese brands, said IDC.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a latest update the number of active brands in India\u2019s wearable market, that is\u00a0 smartwatches and audio wearables appears to have decreased by over 30 percent year on year in Q3 (July-September) CY2024. This is alarming as it has left just 52 brands operating, and more domestic brands are expected to exit the market […]<\/p>\n","protected":false},"author":27,"featured_media":1288109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[6643],"class_list":["post-1288096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-wearable-brands"],"acf":[],"yoast_head":"\n30% Active Wearable Tech Brands Left India In 2024 Due To Razor Thin Margins - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/30-active-wearable-tech-brands-left-india-in-2024-due-to-razor-thin-margins\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"30% Active Wearable Tech Brands Left India In 2024 Due To Razor Thin Margins - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"In a latest update the number of active brands in India\u2019s wearable market, that is\u00a0 smartwatches and audio wearables appears to have decreased by over 30 percent year on year in Q3 (July-September) CY2024. 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