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 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
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