The global outbreak of Covid-19 virus has led to massive
disruptions in all industries, especially with sectors which are dependent on
imports, especially from China. The looming public health crisis has claimed
over 530 thousand lives globally as of 6th July 2020 and apart from
that, it continues to pose a threat on the lives, livelihoods and businesses across
the world.
India is the third worst Covid-19 hit country in the world,
after the United States and Brazil with the number of cases reaching ~1.0
million. India’s GDP contracted by 13.1% in the first quarter of 2020 as
against in the last quarter of 2019. The closure of establishments,
manufacturing units, industries, etc. due to the imposed lockdown, has
adversely impacted the Indian economy. The consumer electronics industry as
well as wearables industry was affected due
to plummeting imports. As per industry reports, after consecutively growth from
the last eight quarters, the volumes registered their first sequential decline,
as the shipments curtailed 17.9% in first quarter of 2020. Supply constraints
from China due to the countrywide lockdown in March led to this decline. The
impact was largely seen on wrist bands as the category saw a 33.5% quarter over
quarter (QoQ) decline in the same duration.
Effect on Consumer Wearable
Demand in the First Half of 2020: The imposed lockdown in the country and
the social distancing norms have impacted the premium wearable demand in the
country. The total sales of both fitness trackers & smart watches combined
declined to -17.5% in FY’2020 as compared to FY’2019. Companies such as ‘Xiaomi’
reported approximately 39.3% decline in wearable sales volume in the weeks of
Mar-June, 2020. Stay-at-home orders amidst the pandemic reduced the physical
activities of individuals, moreover the lockdown on gyms contributed to the
declined sales of fitness trackers.
Effect on Medical
Wearable (or Consumer Wearable with Specific Medical Features) Demand in the
First half of 2020: Temporary closure and shutdown of hospital facilities
in the country lead to increased demand for medical wearables in the country. The
reluctance of patients to go to doctor’s offices and clinics during the
pandemic has helped telemedicine and online health coaching gain some traction,
and that supports the business model of many companies such as Goqii. Smartwatches
with ECG capabilities PPG for oxygen saturation and blood pressure monitoring
have seen increase amongst patients who require monitoring of vitals on a
regular basis. In addition to this, with the arrival of temperature sensing in
certain wrist worn wearables has helped in detecting the early onset of
COVID-19.
Temporary & Long Term Shifts in
the Business Practices: The
demand for wearables is expected to recover towards the end of 2020 due to the
ease offered on lockdown restrictions post June. The demand for fitness is
however expected to recover in the first half of the year 2021, as the gyms and
fitness centers reopen and logistics is restored along with removal of import restrictions.
As of now, the industry is heavily dependent on China for imports. There are
lots of essentials for which a lot of countries are banking on China. With
changing buying preferences throughout the world towards China, it is
anticipated that manufacturers may move towards India as a preferred
alternative for wearable manufacturing. The
industry is expected to witness steady recovery from 2021 onwards and the sales
volume reaching pre-Covid levels in the next few years. In the longer run, wearable
manufacturers are expected to shift towards online sales channels including
e-commerce platforms, online marketplaces and investing in an official online
store which accounts for majority of the wearable sales volume in the country.
As a result of the Covid-19 pandemic, online buying is expected to dominate the
buying preferences of consumers in the future. Strategic partnerships with
independent & franchisee gym and fitness centers, insurance companies as well as other
stakeholders in the industry is expected to lead the industry to recovery and
boost wearable sales volume in the future. This would be coupled with focus on
higher quality sensors, introduction of new features and continued investment
in research & development for introducing innovation product solutions in
the market. Basis all these factors, the India wearable’s market is expected to
grow at a CAGR of 21.8% on the basis of sales revenue during 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:-
Related Reports:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
