Wearables Market in India

01

The COVID-Era Boom (2020–2023)

The pandemic supercharged smart watch sales in India. Health tracking, more leisure time, and affordable price points created a mass-market craze — benefiting Fire-Boltt, boAt, and Titan above all.

Aggressive advertising and prominent retail displays kept the category in public view throughout this period.

The Indian smart watch market underwent rapid evolution during the COVID years. As people became more conscious about tracking their health, had more time to engage with fitness, and found products increasingly available at low to medium price points, smart watch sales surged significantly.

↑ Primary Beneficiaries

Fire-Boltt

Mass-market, aggressive pricing, wide distribution

↑ Primary Beneficiaries

boAt

Youth brand appeal, audio + wearables ecosystem

↑ Primary Beneficiaries

Titan

Trusted Indian brand, multi-channel retail strength

Some of the biggest beneficiaries during the 2020–2023 period were brands like Fire-Boltt, boAt, and Titan. There was a palpable craze then, accompanied by buzz across advertising and retail displays.

Smart watches were among the dominant advertisers during the IPL, across YouTube, and at retail — a visibility they no longer command in 2026.

02

The Shift After 2023 — Buzz Gives Way to Reality

Post-2023, the category quietened considerably. Smart watches remain widely available, but are no longer aggressively marketed as aspirational must-haves.

The low and mid-price segments stagnated as consumers discovered that cheap watches brought poor quality, inaccurate tracking, and weak software support.

Today, in 2026, that buzz is far more understated. Smart watches are still widely available online and offline, but they are no longer aggressively pushed as must-have products or symbols of staying ahead of the trend, even though the category itself has become established.

The shift began after 2023. The low and middle price segments appear to have stagnated or declined as consumers realised that lower prices often came with uncertain quality, inaccurate tracking, weak software support, and inconsistent updates.

Segment Performance — Post-2023 Trajectory

Premium

Strong Growth

Mid-range

Stagnant

Low-end

Declining

At the same time, rising awareness around personal fitness drove strong growth in premium, feature-rich smart watches. The category evolved from a mass-market phenomenon into a lifestyle accessory.

03

Premiumisation — The Defining Strategy

Apple, Samsung, and OnePlus led a surge in the premium segment, offering superior technology, sustained innovation, and stronger brand equity at reliable price points.

The bottom of the market has fallen away as buyers migrated upward, leaving a void where most players once competed.

The category's evolution from a mass-market phenomenon into a lifestyle accessory is reflected in the growth of Apple, Samsung, and OnePlus over the last two years. These brands offered world-class technology, sustained innovation, reliable updates, stronger brand equity, and easier availability.

Brand	Segment	Competitive Edge	2026 Status
Apple	Ultra-Premium	Ecosystem lock-in, health OS, brand equity	Expanding
Samsung	Premium	Android ecosystem, hardware innovation	Growing
OnePlus	Premium-Mid	Value-for-features, strong software support	Growing
Titan / Helios	Premium + Analog	Premiumisation pivot; Helios grew 47%	Pivoting Up
boAt	Moving Up	Announced premium intent; execution challenge ahead	Transitioning
Fire-Boltt	Low–Mid	Price-led; category stagnation risk	Under Pressure
Chinese OEM Brands	Low-end	Price; eroding rapidly on quality perception	Declining

The result was an implosion in the low and middle segments dominated by quasi-branded Chinese-made watches entering India. The bottom of the market fell away as customers migrated upward, leaving a void where most players had been concentrated.

Titan — Analyst Call Disclosure, FY26

The average selling price (ASP) of smart watches fell 7.5%, while wearable volumes declined 7% over Q3 and Q4 FY26. In H1 FY26, the company stated clearly that the future lay in analog branded watches and premium wearables. Meanwhile, Helios grew 47%.

Premiumisation, therefore, is emerging as the defining strategy in India's smart watch market.

04

A Market Maturing, Not Collapsing

The Indian smart watch market has not collapsed — it is simply maturing. Consumers have clearly signalled that products must deliver genuine, reliable value for the price charged.

boAt has already announced its intention to move into the premium segment, though entrenched players like Apple and Samsung will make that transition challenging.

Today, in 2026, the category remains subdued in visibility. Smart watches are still available everywhere, but they are no longer among the dominant advertisers during the IPL or across YouTube.

Not surprisingly, boAt has already announced its intention to move up the value chain into the premium segment. That, however, will not be easy, given the entrenched presence of players like Apple and Samsung.

The Indian smart watch market has not collapsed. It is simply maturing. Consumers have signalled clearly that products must offer a meaningful and reliable value proposition for the price being charged.

Market Narrative Arc — 2020 to 2026

Illustrative market visibility / momentum index

05

Historical Parallels — Cycles of Consumer Frenzy

This pattern is not new. The ASUS Eee PC mini laptop disappeared entirely. Tablets settled into a utility category rather than a status symbol. Smart watches appear to be following a similar arc.

The next wave — foldables, flip phones, smart rings, AI goggles — is already here, and will face the same market verdict in time.

There have been similar waves of product-driven consumer frenzy before.

Historical Parallels

Recall the ASUS Eee PC mini laptop boom and the subsequent craze for tablets. The former disappeared, while the latter settled into a utility category rather than a socio-economic statement. Smart watches appear to be following a similar maturation arc.

Product Wave	Peak Period	Outcome
ASUS Eee PC (Mini Laptops)	2007–2010	Category disappeared
Tablets	2010–2014	Settled as utility; lost status-symbol appeal
Smart Watches (India)	2020–2023	Maturing; premiumisation reshaping the category
Foldables / Flip Phones	2024–present	Verdict pending
Smart Rings / AI Goggles / AI Devices	Emerging 2025–	Verdict pending

The next wave is already here: foldables, flip phones, smart rings, AI goggles, lighter laptops, and AI-enabled devices across categories. Like every cycle before them, they too will have their moment before the market eventually delivers its verdict.