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The average selling price (ASP) for overall wearables in India grew by 1.3 per cent to $21.3 in the July-September period this year, an IDC report said on Monday. 

The smart ring category continued to grow, with over 92,000 smart rings shipped in Q3 2024 and a reduction of 16.2 per cent in ASP to $162.1.

Ultrahuman led with 36.8 per cent share, boAt (Imagine Marketing) landed at second position with 20.5 per cent share, and Pi Ring was third with 16.3 per cent share.

The growing popularity of smart rings is also evident from the lowering of prices and new launches expected in upcoming quarters, said the IDC report.

Smartwatch ASPs increased by 1.4 per cent from $25.8 to $26.2 while earwear ASPs increased by 5.9 per cent to $19.2.

“As smartwatch shipments saw a swift uptake in 2023, white box shipments also increased multi-fold during the year,” said Anand Priya Singh, market analyst, Smart Wearable Devices, IDC India.

According to Vikas Sharma, senior market analyst, smart wearable devices, IDC India, the smartwatch category remains stressed as we head into 2025 due to undifferentiated products and a limited number of brands in play.

“However, we are seeing early signs of a gradual consumer shift from basic to advanced smartwatches, as the need for better health tracking with efficient sensors and advanced functionality is gradually coming to the fore,” Sharma mentioned.

Noise secured its position as the leading smartwatch brand in the country, commanding a market share of 27.4 per cent.

“Over the past 20 quarters, Noise has consistently led India’s smartwatch market, achieving sustainable growth through relentless innovation and a steadfast focus on our consumer-first strategy — all while being a bootstrapped brand,” said Amit Khatri, Co-Founder of Noise.

Overall, India's wearable device market declined for the second consecutive quarter by 20.7 per cent year-over-year (YoY) to 38 million units.