Key Findings
- According to several industry reports, there are ~6.0 Million active users in India who are spending on an average USD 300 to USD 400 annually towards fitness services, amounting to USD 2.6 billion market size.
- With the current standoff between India and China, the threat of supplies being disrupted is looming over the wearable industry. As a result, certain companies are shifting their manufacturing from China to other markets. For instance, the Korean tech giant Samsung announced that all its Galaxy Smart watches will now be made in India.
- The adoption of online channels for purchasing wearables is rapidly increasing as a spill-over of the Covid-19 pandemic. In 2020, Xiaomi expanded its online presence by launching an e-commerce service to enable customers stuck at home to purchase its product online.
Rising Adoption of Higher Quality Wearables: The usage of higher quality wearables such as smart watches and fitness bands is expected to rise in the country in future with rising awareness and increasing disposable income. The demand of smart-watches is particularly expected to rise due to improving product technical features and changing consumer preferences.
Fitness Bands to Continue Dominance: The growing e-commerce sector as well as the rising smart phone ownership in the country is anticipated to ensure higher demand for wearables in the future. The rising penetration of e-commerce giants such as Amazon and Flipkart in the Tier-2 and Tier3 cities will increase demand for basic wearables.
Increasing Acquisitions: The wearables industry is projected to witness further consolidation with major players or new entrants acquiring smaller players to increase their market share. For instance, smart devices manufacturer Hug Innovations Corp was acquired by Titan as part of its strategy to focus on the fast-growing wearable market.
Increasing Demand of Wearables to Combat Covid-19: As current viral tests and vaccines are slow to emerge, there has been a need for more robust disease detection and monitoring of individual and population health, as a result companies are launching COVID specific features such as temperature measurement, contact tracking, ECG and other in order to assist COVID detection. For instance, GOQii’s new wrist-worn fitness band Vital 3.0 can measure heart rate, blood pressure and more importantly body temperature— a key symptom of COVID-19.
Analysts at Ken Research in their latest publication “India Consumer Wearables Market Outlook to 2025- By Type (Fitness Trackers and Smart-watches), By Sales Channel (Online and Offline), By Price Segment (Under ₹ 1000, ₹1000 – ₹ 10,000, ₹10,000 – ₹ 20,000 and Above ₹ 20,000) and By Sales Region (North, South East and West)” observed that the wearables market in India is witnessing a double-digit growth and this trend is expected to continue in the coming years as well. Increasing focus on research & development and marketing activities, new product launches, partnerships & collaborations are expected to drive further the industry towards growth in the future. The India Wearable Industry is expected to grow at a CAGR of 21.8% on the basis of sales revenue over the forecast period 2020-2025.
Key Segments Covered:-
India Consumer Wearables Market
By Type
Fitness Trackers
Smartwatch
By Price Segment
Under ₹1000
₹1000 – ₹10,000
₹10,000 – ₹20,000
Above ₹ 20,000
By Distribution Channel
Online
Offline
By Region
North
East
West
South
By Type of City
Metro
Non-Metro
India Smartwatch Market
By Type
General Purpose Smartwatch
Sports Smartwatch
Hybrid Smartwatch
By Price Segment
Under ₹1000
₹1000 – ₹10,000
₹10,000 – ₹20,000
Above ₹ 20,000
By Distribution Channel
Online
Offline
By Region
North
East
West
South
By Type of City
Metro
Non-Metro
India Fitness Trackers Market:-
By Type of Wearables
Wrist Worn
Others
By Price Segment
Under ₹1000
₹1000 – ₹10,000
₹10,000 – ₹20,000
Above ₹ 20,000
By Distribution Channel
Online
Offline
By Region
North
East
West
South
By Type of City
Metro
Non-Metro
Companies Covered:-
Xiaomi Technologies India Inc.
Goqii Technologies India Inc.
Samsung India Electronics Ltd.
Fitbit India
Apple India
Titan Company India Ltd. (Fastrack)
Fossil India Inc
Key Target Audience:-
Wearables Manufacturing Companies
Wearables Importing Companies
Semiconductor Manufacturing Companies
E-Commerce Companies
Healthcare Associations
Industry Associations
Regulatory Bodies
Time Period Captured in the Report:-
Historical Period: 2015-2020
Forecast Period: 2020-2025
Key Topics Covered in the Report:-
Overview and Genesis of India Consumer Wearable Industry
Target Addressable Market for End Users
Trends and Growth Drivers in the Industry and Challenges Faced
India Consumer Wearables Market Size and Segmentations, 2014 – 2019
Ecosystem and Value Chain of India Consumer Wearables Industry
Customer Decision Making Parameters
Cross Comparison between Major Players and Detailed Company Profiles & Product Portfolios
Future Market Size and Segmentations, 2020-2025F
Covid-19 Impact on the Industry & the Way Forward
Analysts’ Recommendations
For More Information on the research report, refer to below link:-
India Consumer Wearables Market
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