Increasing Health Awareness: Increasing availability of cheap data plans have resulted in increased internet penetration in the country. As a result, the health awareness among consumers continues to rise, as the access to information regarding preventive healthcare is increasing. Individuals continue to adopt preventive care as a necessary tool to help them lead a better lifestyle. There has been an increase in trend of monitoring vitals using fitness bands in order to maintain a healthy lifestyle, in addition to this, there has been addition of advanced features in products such as ECG etc. due to which, sales of these devices have increased.
Southern Region Dominating Sales: The South & South-East region in the country consists
of some of the major cities (such as Banglore, Chennai, Hyderabad, Coimbatore
and others) which are home to the major IT hubs in the country. These regions
also account for a large proportion of the technically literate individuals in
the country and have hence contributed to the majority of sales of wearables in
the country.
Challenges in Wearable Industry: India is still at a nascent
stage India is
still underpenetrated when it comes to the adoption of wearables for health.
Increased awareness for healthy lifestyle has certainly caused an increase in
sales of these devices to get initial traction for weight control and physical
activity monitoring. However, the market is yet to expand beyond the major
regions and cities. Keeping an eye on the niche segment of the market, the
vendors have started experimenting and expanding to capture scalable
opportunities.
Impact of COVID-19 on India Lubricants Industry: COVID-19 has severely impacted the wearable
industry in India. In June 2020, the wristband import volume declined by ~28.0%
as compared to the same period in 2019. Since most of the people were working
from home, there was a decrease in demand of these products due to lack of
access to fitness centers and gyms. The demand for both Wrist bands & Smartwatches
in the country is expected to remain low throughout third quarter of 2020; slow
recovery is expected by 2021. Companies are expected to invest in online sales
channels & partnerships to ensure sales volumes.
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
For More Information on
the research report, refer to below link:-
India Consumer
Wearables Market
Related Reports:-
Contact
Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
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