The Indian wearable technology market has experienced remarkable growth over the past decade, with shipments surging from just around 1 million units in 2015 to 134.2 million units in 2023, representing an 84 per cent year-on-year growth according to industry estimates. Echoing this trend, India’s sensor market, which was valued at $2.07 billion in 2024, is projected to reach $4.91 billion by 2034, rising at a CAGR of 9 per cent. Sensors play a crucial role in smart wearables by leveraging internet of things technology to facilitate health monitoring features such as heart rate tracking, blood oxygen measurement and movement detection.
The Indian youth population, comprising around 27 per cent of the total population, has been driving the adoption of smart wearables. This young generation is tech-savvy, digitally connected and health-conscious, making them a key driver of the wearables market. With 659 million smartphone users in India as of 2024, wearables have become more accessible, given their compatibility with smart wearables. Simultaneously, rising urban household incomes, which have grown by nearly 25 per cent over the past three years, have boosted discretionary spending on technology, further propelling market expansion. Parallelly, affordability has been another key factor driving this market expansion. The average selling price (ASP) of wearables dropped by 7.1 per cent in 2024, continuing a trend of price reductions over the past five years.
Current market scenario
According to a study, among pure-play wearables companies, boAt, Boult and OPPO gained year-on-year market share at 22.3 per cent, 14.6 per cent and 35.1 per cent respectively in the fourth quarter of 2024, while Noise and Fire-Boltt saw a decline in market share by 18.9 per cent and 77.1 per cent respectively. Despite these shifts, the market continues to see rapid innovation and diversification in
product offerings.
Weighing as little as 2.8 grams, smart rings are typically made from durable titanium and their batteries can last for 7-10 days on a single charge. Another interesting feature of this niche segment is that, unlike watches, smart rings lack a screen. Smart rings offer a blend of health monitoring, contactless payments and smartphone notifications, catering to users who seek compact and efficient devices without compromising on advanced capabilities. Their minimalistic design, combined with high-end features, has positioned them as a promising segment in the wearables market.
Within the earwear segment, customers in India are gravitating toward true wireless stereo devices, which has been a key driver of this growth. Enhanced battery life and premium features such as active noise cancellation and artificial intelligence (AI) integration add to the popularity of the devices, making earwear a preferred choice for both professional and leisure use.
Key innovations
The trend of smart wearables adoption in India is already evident with major industry players introducing new innovations. For instance, in July 2024, boAt entered the smart ring segment, unveiling an AI-integrated device that combines health monitoring with contactless payments. Lava too made its debut in this market with the launch of its first smartwatch in April 2024.
These developments highlight the growing demand for compact, multifunctional wearables tailored to evolving consumer preferences. A crucial enabler of this growth is the semiconductor industry’s increasing focus on specialised chips for wearables.
Beyond technological advancements, strategic collaborations between various sectors are shaping the market’s future. For instance, Mastercard partnered with boAt to integrate tap-and-pay functionality into its wearables, making digital transactions more seamless and secure. Meanwhile, in March 2024, Ultrahuman raised $35 million in Series B funding from Blume Ventures, Steadview Capital and Nexus Venture Partners, among others, with the aim of becoming a dominant player in the country’s smart wearable market.
Dwindling demand: A phase or a trend?
Despite resilience in some smart device segments, the overall Indian wearable device market faced its first-ever annual decline in 2024, with shipments dropping by 11.3 per cent year-on-year to 119 million units. Categories such as smartwatches, smart glasses and wristbands saw a notable downturn, influenced by multiple factors. One of the primary reasons was market saturation and a lack of differentiation. In previous years, the market witnessed a rapid influx of affordable smart wearables, leading to widespread adoption. However, by 2024, the market had become saturated, and a slowdown in new product launches resulted in dwindling consumer interest. With fewer innovative features and largely similar offerings across brands, demand began to wane.
Additionally, inventory management and pricing strategies played a crucial role in the decline. Brands adopted a more cautious approach, especially during festive seasons, leading to reduced product availability. At the same time, to clear existing stock, companies implemented price cuts, causing the ASP of wearables to decline. While affordability has traditionally been a factor in driving mass adoption, the aggressive price reductions reflected a shift in demand patterns, further signalling the challenges that the Indian wearables market faced in 2024.
Beyond these factors, the wearables market faces additional challenges that could impact its long-term growth. One of the major challenges is the design constraints of these devices. Most customers wear accessories such as watches, jewellery, wristbands and glasses as a personal identity statement. However, many smart wearables fail to align with consumer fashion preferences, as most manufacturers prioritise technology over design. For instance, most smartwatches run on processors and components designed for smartphones, making them bulkier than traditional watches.
Another key concern is data accuracy. Smart wearables rely on sensors to capture health metrics, but their accuracy can be compromised due to improper placement on the body, faulty sensors or user errors. As a result, these devices often lack clinical validation, limiting their reliability for medical applications.
Additionally, data security remains a pressing issue. Wearables collect vast amounts of sensitive personal data, which is often stored in the cloud and shared with third parties for various uses. For instance, in April 2024, boAt lost around 2 GB of data for 7.5 million customers on a dark web forum. Without robust security and encryption protocols, this data remains vulnerable to breaches, unauthorised access and potential misuse. As the wearables market continues to evolve, addressing these challenges will be critical to maintaining consumer trust and ensuring sustained growth in the industry.
Future outlook
Analysts expect the Indian wearables market to remain flat in 2025, as the decline in the smartwatch category is likely to offset the earwear segment’s single-digit growth. However, emerging categories such as smart rings and smart glasses are poised for high double-digit expansion, driven by innovations in sensing technologies and AI applications.
This evolution signals a broader shift in how wearable technology is being integrated into everyday routines. In the healthcare sector, AI-driven health monitoring and predictive analytics are enabling wearables to track vital signs with greater accuracy, paving the way for more personalised healthcare solutions. Simultaneously, enterprise applications are leveraging wearables to enhance workplace safety and productivity, using them to monitor environmental conditions and ensure regulatory compliance. Beyond healthcare and enterprise, consumer trends are also reshaping the market. A growing interest in smart clothing and accessories is merging fitness tracking, health monitoring and digital connectivity, creating products that seamlessly blend fashion with technology.
As wearable devices become more embedded in daily life, their functionality is expanding beyond mere convenience to offer meaningful improvements in health, work efficiency and lifestyle personalisation.
Harshita Kalra
