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Smartwatch volume reset
What it is
India's smartwatch market has contracted for two consecutive years. Shipments fell 17.6% in 2025 to 28.9 million units, pulling the whole wearables market down 4.0% to 114.2 million units even as wristbands grew 67% and earwear held
The correction followed years of volume built on low-priced devices sold largely online
Impact on industries
- The budget segment hollowed out - online shipments fell 22.7% as buyers stopped replacing low-cost devices, and offline share rose from 37.8% to 40.7%
- Average selling price rose 11.7% to US$26.5 and advanced smartwatch share edged up from 2.9% to 3.2%, so value is holding better than volume
- Brands that scaled on volume and thin margin have no profitable segment to retreat into
- The reset separates wearables as a feature from wearables as a product, and only the second supports a replacement cycle