Overview: India’s smartwatch shipments declined 33% YoY in Q1 2025. This was largely driven by softening demand in the budget segment and inventory corrections across major brands. Noise led the shipment share in Q1 2025, followed by boAt and Titan(Fastrack). Together, the top 3 brands constitute 56% of shipment share. Shipments of premium smartwatches priced above ₹15,000 saw YoY growth, indicating a consumer shift toward feature-rich wearables with advanced health tracking capabilities.