Overview: India smartwatch market witnessed a decline of 30% YoY in 2024. The market is facing a downturn due to a slower replacement cycle, mainly driven by limited differentiation in the lower price segments. Noise led the shipment share in Q4 2024, followed by Titan(Fastrack), and boAt. Together, the top 3 brands constitute 54% of shipment share. While budgetary price band witnessed the decline, the premium price bands registered shipment growth.