In 2024, smartwatches are poised to take the lead in India's wearables market, overshadowing the popularity of true wireless stereo (TWS) earbuds, despite their affordability. This shift is attributed to the growing perception of smartwatches as not only health-tracking tools but also as fashionable accessories for various demographics, including women and the youth. Brands are expected to enhance smartwatch features such as localized user interfaces, in-built app integration, and connectivity options like SIM-based calling and Wi-Fi, even in budget models.

Companies like Noise and Boat have already introduced smartwatches with 4G eSIM support, indicating a trend towards more connected and standalone wearable devices. The competition among brands is driving innovation and feature-rich offerings at competitive prices, aiming to meet and exceed consumer expectations. Noise, for instance, has seen a significant growth, doubling its year-over-year growth in 2023, while Fastrack has experienced a remarkable 313.9% growth in the same period.

The average selling price (ASP) of wearables is declining, making them more accessible to a broader audience, including first-time buyers. This trend is supported by aggressive discounting and promotional offers. The smartwatch segment, in particular, is expected to see substantial growth, driven by brands expanding their portfolios and forming offline partnerships. Domestic manufacturing of smartwatches has also seen a significant increase, which could further stimulate the market.

However, challenges such as securing raw materials, skilled labor shortages, and complex logistics remain. The industry is hopeful for government support through incentive programs and policy frameworks to encourage local manufacturing and reduce dependency on imports.

In addition to smartwatches and TWS earbuds, 'smart rings' are emerging as a new category, offering a blend of fashion and health tracking in a less intrusive form factor. Brands are expected to introduce more affordable options, making this novel category more mainstream in 2024.

Conclusion: As the wearables market in India gears up for an exciting 2024, smartwatches are set to dominate, driven by innovation, competitive pricing, and a shift towards more connected devices. Amidst this growth, platforms like Probz.ai, an AI-powered insights collection platform, stand to benefit by providing qualitative and quantitative insights that can help brands understand consumer preferences and market trends more effectively, enabling them to stay ahead in the competitive landscape.