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Technological Advances, Decreasing Cost of Manufacturing, Higher Levels of Health Awareness and Entry of Large Companies will drive the Growth of Indian Wearable Industry: Ken Research

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.

india-wearable-market

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

Related Reports:-

India Audio Accessories Market Outlook to 2023 – By Type (Headphones, Earphones, Bluetooth Speaker and 2.1 Speaker), By Sales Channel (Online and Offline), and By Region (North, South East and West)

Saudi Arabia Fitness Services Market Outlook to 2025- By Market Structure (Organized and Unorganized), By Revenue Stream (Membership, Personal Trainer and Supplementary Services), By Regions (Riyadh, Jeddah, Dammam, Al Khobar, Makkah and Madinah and others), By Subscription (3 months, 6 months, 1 year and others), By Gender (Male and Female), By Age (Below 18 years, 19 to 30 years, 31 to 60 years and above 60 years) and By Income Group (Below SAR 38,000, SAR 38,000 to SAR 94,000, SAR 94,000 to SAR 150,000 and above SAR 150,000)

Asia Pacific Orthopedic Device Market Outlook To 2025 – By Country (China, Japan, India, Korea, RoAPAC), By Type Of Treatment (Joint, Spine, Trauma And Orthobiology And Sports Medicine); And By Type Of End User (Multispecialty And Orthopedic Specialty Hospitals)

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