India’s consumer wearable market include electronic gadgets or technology devices which can be worn on the body as an accessory similar to part of clothing. These electronics wearable gadgets work based on connected sensors, internet connections, and Bluetooth devices The increase in popularity of smart phones, mobile networks, mobile applications, computing, broadband connectivity and others some of the major contributors of the wearable technology devices. The demand of consumer wearable market in India is supported by the increase in disposable income, evolving urban lifestyle, stimulating the customers to spend on consumer utilities have favored the wearable technology demand. Moreover, change in lifestyle devices are also adopting new devices to track the health and fitness further reflecting in the uptake of demand for wearable devices in India.
Nowadays, consumers also prefers to use a single compact device which could possibly integrate all the key computing and monitoring requirements in a daily routine. Change in preference & lifestyle presents a substantial opportunity over the development of multi-function and hybrid wearable devices which provide ease and handiness to users. The advancement in the wearable technology further leading to provide the new business opportunities. Some of the key advantages associated to using of wearable technology includes power efficient, miniaturized sensors, innovations for the medical and automotive sectors supporting the wearable technology demand in India.
Some of the key players operating in the consumer wearable technology market are Xiaomi Inc., Apple Inc., Google Inc., Garmin Ltd., Fitbit, Samsung Electronics Co., Ltd., Sony Corporation, Qualcomm Technologies, Inc., Nike, Inc., Lifesense Group, Misfit, Inc. and others
The key demand for consumer wearable market is influenced by the rise in implementation, technological advancements in software & hardware components, followed by increased adoption in fitness, and healthcare. In addition to the growing concerns of obesity coupled with use of activity trackers and body monitors supporting market growth. Wearable technology further emerging as a trend that integrates electronics over the daily activities which fits into new changing lifestyles and can be worn on any part of the body. The wearable devices can measure and provide information including heartbeat monitoring, cholesterol levels, calorie intake, quality, and quantity of sleep, oxygen levels, blood pressure, as well as other information required by the body for day-to-day activities.
The consumer market is segmented based on product type, such as smartwatch, head-mounted display, fitness trackers, body worn, camera, and medical devices. Owing to the rise in penetration rates of urbanization, demand for aesthetically appealing new featured products with ability to better serve the consumers have now increased considerably. Moreover, some new brands in India have also entered the market and set to increase the trend of true wireless devices by providing affordable prices and updated technologies.
COVID-19 Impact on Market
The use of Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are substantially contributing during COVID-19 pandemic. The present situation due outbreak of the epidemic is inspiring pharmaceutical merchants and healthcare establishments to increase their R&D investments using AI, and other new initiatives. Usage of AI and new technologies helps in reducing the operating costs, which can further increase customer satisfaction during process, claims, and other services. The use of VR/AR also assist in providing e-learning, avoiding of unnecessary travel as demand is expected to surge owing to the closure of many schools and universities.
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Ankur Gupta, Head Marketing & Communications