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Watches have seen their demand fall big time, so it is time for the smart rings to take the stage
The smart ring segment is expected to grow with the launch of new affordable products over the next few months in the country.
The wearable device market in India declined for the first time by 10 percent year-over-year (YoY) to 29.5 million units in the April-June quarter, an IDC report said on Thursday. The firm also pointed out an interesting development related to the smart ring category which is seeing growth.
Smartwatch category continued to struggle, declining by 27.4 percent YoY to 9.3 million units. The share of smartwatches within wearables dropped to 31.5 percent from 39 percent in the same quarter last year. That’s not all, the average selling price (ASP) for the overall wearable also hit a record low, declining by 10.3 percent from $21 to $18.8 in Q2.
Even the earwear category remained flat, growing by 0.7 percent YoY with 20.1 million units. “Due to cost pressures, many brands are shifting their focus toward e-tailer channels, particularly during festive periods. While several smaller brands rely on offline channels, the major players remain heavily dependent on online channel,” said Anand Priya Singh, market analyst, smart wearable devices, IDC India.
Amidst all the gloom in the wearable segment, it seems that smart rings are finally picking up traction in the country. IDC says more than 72,000 smart rings were shipped in Q2 and their ASP was $204.6 (Rs 16,900 approx).
Ultrahuman led with a 48.4 percent share, followed by Pi Ring at 27.5 percent and Aabo at third with a 10.5 percent share. The market is expected to heat up with more affordable smart rings making their way in the country over the next few months.
According to Vikas Sharma, senior market analyst, smart wearable devices, IDC India, several new model launches by incumbent brands are expected during the upcoming festive season which may help in arresting this decline. Samsung recently entered the segment with the Galaxy Ring priced around Rs 32,000 but its India launch details are yet to be confirmed.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – IANS)
