India’s smartwatch shipments declined 27% YoY in Q2 2025, marking the fifth consecutive quarter of declines, according to the latest research from Counterpoint’s IoT Service Research. The decline stemmed from fewer major sales events, reduced consumer spending, and limited new product launches. Many brands focused on clearing old stock ahead of the festive season. The budget segment (below INR 3,000), which holds the largest market share, experienced the steepest contraction, dragging overall volumes downward. In contrast, premium model shipments priced at INR 15,000-INR 30,000 doubled, reflecting heightened consumer appetite for advanced, feature-rich offerings. Consumers are leaning toward feature-rich devices such as AI-driven health insights, better battery life, and precise biometrics to better align with their lifestyle needs. Meanwhile, many are holding out for festive discounts to make these upgrades more cost-effective.

Commenting on the market dynamics, Senior Research Analyst Anshika Jain said, “The YoY decline was driven by a lack of innovation in affordable smartwatch options and customers’ reluctance to upgrade due to poor experiences during initial purchases. Consequently, the industry’s Q2 2025 performance reverted to levels last seen in Q2 2022. After a phase of corrections and stock adjustments, the industry is steadying, with a slight increase in ASP as consumers shift to mid-premium models. Indian players like Noise and boAt remain dominant, while select global players are gaining traction in the premium segment. The market is consolidating with a shrinking number of active brands, as smaller brands are struggling with shrinking margins, while top players continue to focus on curated product refreshes, strategic partnerships, and expanding offline presence in Tier-II and III cities.”

Jain further said, “One challenge for the industry is building trust in health features. This has shifted consumer focus more towards the higher price segment. To sustain trust and drive growth, brands should refine sensor algorithms, validate features through medical partnerships, and focus on functions with proven accuracy.”

On pricing strategies, Jain commented, “Brands are segmenting offerings to appeal to both luxury seekers and budget-conscious consumers. Mid-range devices now boast various AI-driven capabilities, positioning them as high-function utility devices. The entry-level segment (INR 1,000-INR 2,000) which commands a 62% market share, is rapidly integrating advanced health tracking, adopting rectangular form factors, providing multilingual support and localized watch faces to increase the perceived value of these products. We anticipate that consumers will remain discerning, prioritizing a limited number of meaningful upgrades over frequent or broad-based changes.”

In terms of brand origin, Chinese brands reflected 35% YoY growth despite overall market slowdown driven by Xiaomi’s localized strategy, starting with the robust performance of Redmi’s Watch Move.

India Smartwatch Shipments Market Share, Q2 2025 vs Q2 2024

Source: Counterpoint Research India Smartwatch Shipments Model Tracker, Q2 2025

Note: 1. Noise share is along with its sub-brand Alt
2. Titan share is along with its sub-brand Fastrack
3. Values may not add to 100% due to rounding

 Market Summary for Q2 2025:

• Noise retained its top position for the fifth consecutive quarter in Q2 2025 with a 34% market share, despite a 14% YoY decline. The brand reinforced its offline footprint and carved out differentiation through mid-tier launches, emphasizing health-centric features, refined user interfaces, and tailored solutions for varied consumer segments. Its affordable, purpose-built smartwatches, recognized for improved sensor accuracy and seamless lifestyle integration, continued to resonate strongly with consumers.
• boAt recorded a 4% YoY decline in shipments but successfully held onto its second place ranking among the top five brands, supported by its strategic emphasis on budget-friendly smartwatches packed with features, despite intensifying market competition.
• Titan, along with its sub-brand Fastrack, ranked third in India’s smartwatch market, despite a sharp 21% YoY drop in shipments. The decline was driven by limited innovation, as the brand shifted its focus toward premium and analog watch segments.
• GoBoult grew 50% YoY to secure fourth place, fuelled by youth-oriented designs, competitive pricing, and a strong focus on the affordable INR 1,000-INR 2,500 segment, appealing to cost-conscious and youth-centric consumers.

The comprehensive and in-depth ‘Q2 2025 India Smartwatch Model Tracker’ is available for subscribing clients. 

Feel free to contact us at [email protected] for questions regarding our latest research and insights. The Consumer IoT research relies on sell-in (shipments) estimates based on India imports, and local manufacturing data, triangulated with OEM Feedback, channel feedback, and secondary research.

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