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Growing Trend Towards Adoption of Smart Devices, Young Tech Savvy Population, and Increasing Incomes to Drive Growth
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The study aims to analyze and forecast the Indian wearables market from 2018 to 2023.The wearables market is broken down into Fitness Trackers, Smart Watches, and Medical Devices & Others. • Fitness trackers are also known as basic wearables which use sensors to perform functions such as detect physical functions of the body, help track fitness goals set by the user, identify heartbeat rate, and other related functionalities. • Smart watches are connected with smartphones providing ease of operation by having features such as reading texts on a screen of a smart watch, attending calls, and others. Smart watches also have the features of fitness trackers. • Medical devices are medical-grade products such as heart patches, which track the condition of the heart and help in preventive healthcare. Others include smart wearables such as smart glasses and smart t-shirts.The region covered is India, with an analysis of the North, South, East, and West regions. End users covered in the study are divided into age group: 15-24 Yrs, 25-45 Yrs, and 46 Yrs & above. The distribution channel is broken down into online and offline sales.The wearables market in India is witnessing double-digit growth and this trend is expected to continue during the study period, backed by growing affluence of the Indian middle class, increasing awareness toward health products, and other positive factors. The market has several global and Indian players battling out for the immense potential it presents. Fitness trackers dominate the market by volume due to their ease of use and comparatively lower price than other wearables. There has been an increase in demand for smart watches in recent years and this trend will sustain due to the increasing penetration of smartphones and Internet and the availability of easy purchasing options. Smart watches will present a large opportunity by value during the period of this study. Medical devices and other wearables such as smart t-shirts and smart glasses are at a nascent stage. However, the growing need for preventive healthcare will drive the adoption of medical wearables, and the country’s large youth population will show interest towards tech-savvy products like smart t-shirts and glasses.
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