According to the monthly wearable device tracking report released by the International Data Corporation (IDC), the wearable device market in India experienced a significant growth of 34% in 2023, reaching a historic high of 134.2 million units sold. In the fourth quarter, the market saw sales of 28.4 million units, a year-on-year increase of 12.7%. This figure not only highlights the strong demand for smart technology among Indian consumers but also indicates the limitless prosperity and potential of the Indian wearable device market in the future.
The report indicates a particularly rapid growth in the smartwatch market, with shipments increasing by 73.7% year-on-year to reach 53.4 million units, leading to a substantial rise in market share from 30.7% to 39.8%. The headphone market also showed steady growth, with a 16.9% year-on-year increase, and the market share of True Wireless Stereo (TWS) headphones rose from 55.3% to 67.3%. Additionally, the smart ring market surged in the latter half of 2023, with shipments exceeding 100,000 units, with Ultrahuman, Pi Ring, and Aabo taking the lead in the market.
IDC predicts that although the growth rate of the wearable device market will slow to single digits in 2024, the market's potential remains enormous.
In response to this market full of opportunities and challenges, GoMore has significantly increased its investment in the Indian market. Leveraging its technical expertise and extensive experience on a global scale, GoMore has already successfully served prominent Indian wearable device companies such as Noise, assisting in the successful launch of their smart rings and smartwatches. Now, GoMore has successfully recruited industry expert Mr. Gaurav Mathur to vigorously expand into the Indian market.
Mr. Gaurav Mathur brings rich experience in market development and profound industry insights, offering unique perspectives on consumer demands and industry trends in the Indian market. His addition will provide strong support for GoMore's strategic planning, business expansion, and customer relationship maintenance in the Indian market.
Dr. Guo Xinfu, CEO of GoMore, stated: "The Indian market is one of the most promising markets globally, and we believe that with Gaurav Mathur on board, GoMore will achieve remarkable success in the Indian market."
Mr. Gaurav Mathur also expressed: "I am deeply impressed by GoMore's outstanding strength in sports and health algorithm solutions. I believe that with our joint efforts, we will achieve brilliant success in the Indian market."
In fact, as GoMore enters a comprehensive layout of the Indian market, it has already achieved significant success on a global scale. Since its establishment, GoMore has been committed to providing excellent algorithm solutions for the wearable industry, with its technology widely applied in smartwatches, headphones, smart rings, and other product areas. With outstanding technical capabilities and innovative strengths, GoMore has garnered favor from numerous well-known companies globally, including leading Chinese brands such as Xiaomi, vivo, OPPO, and HiSilicon, as well as prominent Indian brands like Noise.
Looking ahead, GoMore will deepen its global presence, including in the Indian market. Through continued efforts in the Indian market, GoMore will leverage its technological advantages and resources on a global scale to assist Indian wearable device companies in better meeting consumers' diverse demands for health technology through precise data analysis and algorithm optimization. By providing consumers with a more intelligent and convenient lifestyle experience, GoMore aims to inject new vitality into the global wearable device market and drive the industry towards a brighter future.
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