According to the Counterpoint research report, India’s smartwatch market is declining after a successful few years. Smartwatch supplies to India have dropped by 30% as a result of slower upgrade cycles, poor user experience, and a lack of innovation.
Some low-cost brands, such as BoAt, Fire Boltt, and Noise, have seen significant declines, but the premium segment market (above price ₹20,000) has grown 147% year on year, owing to experienced users upgrading to advanced features including improved health tracking, smartphone integration, and cellular connectivity. Apple, Samsung, and OnePlus emerged as the top players in this premium category.
According to reports, negative customer sentiments impacted shipments of the top three sellers, Fire Boltt, BoAt, and Noise. Shipments of fire bolts dropped by 54%, boat supplies by 47%, and noise supplies by 26%.
Even after the supplies were reduced, three brands continued to dominate the smartwatch market. Noise dominated the market with a 27% share, followed by Fire-Boltt with a 19% share (down from 30% in 2023), and BoAt’s share fell to 13% in 2024 from 17% in 2023.
Which brands were hit the hardest?
Market Share Shakeup in 2024
| Brand | 2023 Market Share | 2024 Market Share | Year-on-Year Change |
| Noise | 30% | 27% | -26% |
| Fire-Boltt | 30% | 19% | -54% |
| boAt | 17% | 13% | -47% |
| Titan (Fastrack) | 4% | 6% | +35% |
Why Did India’s Smartwatch Market Decline?
1. Poor User Experience Frustrates First-Time Buyers
Many first-time smartwatch users reported disappointing experiences with basic features. Inaccurate heart-rate monitors, unreliable step counters, and confusing app interfaces left buyers questioning the value of their purchases. Counterpoint Research highlighted that low sensor accuracy and unclear product differences made it hard for users to pick the right model.
2. Innovation Stagnation in Budget Segments
The sub-₹5,000 segment, which once drove India’s smartwatch growth, saw little innovation in 2024. Brands recycled old designs and features, offering no compelling reason for users to upgrade. Analysts noted that 92% of affordable models lacked GPS, NFC, or advanced health tracking, making them feel outdated.
3. Price Wars Backfire
To attract budget buyers, brands like Noise and Fire-Boltt slashed prices, triggering a race to the bottom. While this initially boosted sales, it eroded profit margins and forced companies to cut corners on quality. The average smartwatch price fell by 9.1% to ₹1,950, worsening perceptions of these devices as “disposable” gadgets.
4. Upgrade Cycles Slow Down
After years of rapid growth, replacement demand dried up. Users saw no reason to upgrade from their existing devices, leading to a 34.4% drop in smartwatch shipments. With 68% of owners using their devices for over two years, the market struggled to sustain momentum.
The Silver Lining: Premium Smartwatches Soar 147%
While budget smartwatches faltered, the premium segment (₹20,000+) defied the trend with explosive growth. Brands like Apple, Samsung, and OnePlus saw surging demand for feature-rich devices:
| Feature | Budget Watches | Premium Watches |
| Health Tracking | Basic sensors | ECG, SpO2, sleep apnea |
| Connectivity | Bluetooth-only | Cellular, GPS, Wi-Fi |
| Build Quality | Plastic frames | Metal/ceramic designs |
| Price Range | ₹1,000–₹5,000 | ₹20,000–₹70,000 |
What’s Next for India’s Smartwatch Market?
1. Brands Shift Focus to Quality
Companies are now prioritizing better sensors, longer battery life, and sleeker designs. For example, Noise plans to integrate blood-pressure monitoring in its 2025 lineup, while Fire-Boltt is testing NFC payments.
2. Offline Stores Gain Prominence
With online sales dropping 19.7% in 2024, brands are partnering with retail chains like Reliance Digital and Croma to let customers try devices before buying. Offline channels now account for 37.8% of sales, up from 26% in 2023.
3. Targeting Kids and Elderly Users
New smartwatches with parental controls and fall detection aim to tap into underserved demographics. Boult’s upcoming “Boult Junior” and Apple’s Family Setup feature are examples of this strategy.
India’s smartwatch slump is a wake-up call for brands to innovate or perish. While budget segments flounder, premium devices show there’s still demand for quality. As companies like Titan and Apple prove, blending advanced features with reliable performance could revive the market by 2025. For now, consumers should think twice before buying cheap—your next smartwatch might just be worth the splurge.
