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
