Overview: The smartwatch market declined by 22% YoY in Q3 2025 because the market is undergoing a structural correction. Limited differentiation in the budget segment and a slow replacement cycle have led to the overall slowdown. Noise retained its lead in Q3 2025, followed by boAt and Titan(Fastrack). Together, the top 3 brands constitute 57% of shipment share. The Online channel accounted for 66%. The budget segment (below INR 4,000), which leads the market, declined and dragged overall shipments down, while the mid-range segment (INR 4,000 – INR 15,000) recorded the steepest drop. In contrast, premium models priced between INR 20,000 and INR 30,000 saw a 1.5-fold YoY increase, reflecting growing consumer interest in feature-rich devices.
