India’s consumer wearables Market is expected to grow at a CAGR of 20% by 2024. Will the Projections justify the growth rate? Ken Research
A massive market opportunity is present for the Consumer wearables market in India owing to government initiatives, increasing investment & rising fashion trends, says a report by Ken Research
1. Government Initiatives to Bridge Gaps in consumer wearables Industry via appropriate schemes for development of domestic market in India.
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The regional government bodies are implementing new policies which may significantly drive the market. For instance, in February 2022, The Indian government unveiled a new phased manufacturing scheme to encourage the domestic production of wearable and hearable devices (PMP). Most components used to make wearable, and hearable gadgets will no longer be subject to customs tax beginning on April 1, 2022, while importing such goods will range from 15 to 20 % from 2023 to 2026. While there will be a 20% tariff on imported smartwatches, Bluetooth speakers, true wireless stereos, headphones, earbuds, neckbands, and headsets, there will be a 0% to 15% duty on imported components between 2023 and 2026.
2. “Investment scenario getting a boost:’ India consumer wearables Market is getting massive investment boost & emergence of new startups.
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Various companies operating in the India Consumer wearables market are getting massive investment influx owing to government regulations & the infrastructure development. For instance, Indian electronics & wearables market was able to raise $100 Mn investment. All in all, the market is currently growing at a robust rate with startups & companies showing interest in entering the India market owing to vast opportunities.
3. India is expected to be a major hub for consumer wearables market growth in the upcoming years owing to massive investment flow.
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India is witnessing an increased investments alongside feature upgradation. For instance, the Gen7 Hybrid Smartwatch has been introduced by Fossil in India. The smartwatch series aims to integrate the functions of smartwatches with the design language of classic watches. The country is to witness a surge in the demand for consumer & smart wearables owing to the rising fashion & technology trends in the country with a higher adoption of digitalization by various industries in next few years. Moreover, the emergence of 5G technology in India is likely to grow the adoption of IoT-enabled products in the Indian market further contributing to the development of consumer wearables industry. All in all, a robust growth is expected in the upcoming years.