No Diwali cheer in India’s smartwatch market; Apple and Samsung the only exceptions

India’s wearable market, particularly mass-segment smartwatches, has faced a significant downturn over the past year, despite the festive season’s traditional boost. This trend is reflected in the financial performance of two of the major players like Boat and Boult. According to a report in Economic Times, “The festive season failed to arrest a downturn in India’s wearables market, particularly mass-segment smartwatches, over the last 12-15 months even as its impact has become visible in the financials of device makers.”
Warburg Pincus-backed Boat, while reducing its losses by 48%, saw a decline in its FY24 revenue. Conversely, Boult witnessed a halving of its profits due to increased spending on growth initiatives.