India Consumer Wearables Market Outlook to 2025

The report titled “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)” provides a comprehensive analysis on the status of the wearables industry in India. The report covers various aspects including the current sales revenue & market size, production scenario of wearables in the country, target audience, growth facilitators, issues & challenges faced by the industry, end-user analysis and more. The India Consumer Wearable Market report concludes with projections for future of the industry including forecasted sales volume & revenue by 2025, market segmentations, Covid-19 impact and analysts’ take on the future.

India Consumer Wearable Market Overview and Size

The India Consumer Wearable industry has grown at a CAGR of 32.0% on the basis of revenue over the period 2015-2020. The young demographics and high disposable income in the country is one of the largest growth drivers of the industry. Continuous investment in research & development and marketing activities by the wearables manufacturers is positively impacting the industry’s growth.

India Consumer Wearables Market Segmentations

By Type of Wearables: Fitness trackers dominated the wearables industry in India in 2020 on the basis of revenue. The adoption of wearables is currently led by decrease in the price of fitness trackers. In addition to being cheap, these devices now offer features which were once only available in high end devices.

By Price Segment: Wearables between the price category of ₹ 10,000- ₹ 20,000 will generate more demand as disposable income of the individuals rises in the country. This will be further fuelled by decline in prices of fitness bands and smart watches as competition is expected to increase.

By Type of City: Owing to high levels of pollution in the air and adulteration in the diet, residents of metro cities have become more fitness conscious as compared to the residents in its counterpart. As a result, these metro cities contribute higher proportion of sales revenue in the fitness tracker market.

By Distribution Channel: Since majority of the sales comes from Tier-1 and surrounding cities, the preferred channel of sales is online. This is due to the fact, as residents in these regions are more literate and find online medium as an easy platform to compare and buy products.

Fitness Tracker Market

By Type: Wrist worn product dominated the fitness tracker industry in India in 2020 on the basis of revenue. The adoption of wearables is currently led by the ease to carry these devices as compared to products like heart patches. In addition, the falling prices of these products are fuelling its sales.

By Price Segment: Fitness trackers between the price category of ₹ 1,000- ₹ 10,000 generate more demand as  products in this category offer more features as compared to other price segments. Although there is a difference of quality, majority of the branded companies are present in this price spectrum, adding to the growth of the market.

By Region: Sothern India accounts for most sales of fitness trackers in India. This is mainly due to the fact that South India has more number of Tier1 and metro cities as compared to the other regions of India. Also, the literacy level is high due to which the individuals in the region are comfortable in using technology.

By Distribution Channel: With increase in focus on non-metro cities the companies are using online channels to penetrate the area. As a result online sales are increasing. As the brand awareness in the country is on the rise customers with no access to offline retail stores are making online purchases. As a result the online sales for these devices are increasing.

Smartwatch Market

By Type: Since the numbers of IOT devices are increasing, consumers prefer to use touch interactive Smartwatch to control other devices. As a result, there has been a sluggish growth in sales of hybrid watches.

By Price Segment: Smart watches between the price category of above ₹ 20,000 generate more demand as products in this are from high end manufacturers such as Apple, Samsung etc. This is mainly due to the fact that as the disposable income is rising, people are preferring quality over price.

By Distribution Channel: Smart watches are usually bought via online channel and it is expected that this trend would continue in future as more consumers prefer to shop online due to the current situation of COVID-19 and because of various promotional discounts offered by the online platforms to boost sales.

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