India set to be no. 1 wearables market in 2023

India’s wearables market is expected to end 2023 as the world’s largest and is set to prop up the global demand for smartwatches and hearables, at a time when North America and China are showing signs of saturation amid macroeconomic headwinds.

Of the total 504.1 million units of wearables forecast to be shipped worldwide this year, India is expected to account for 130-135 million, or around 26%, as per market research firm IDC India. Last year, India had shipped around 100 million units of wearables – behind China and North America – making up nearly a fifth of the 492-million-unit global shipments,IDC said. On a quarterly basis, the wearables market in India became the largest globally in January-March this year, accounting for 26% of global shipments, according to IDC India, and 27%, as per Counterpoint Research.