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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 analyse and forecast the Indian Wearables market from 2018-2023. The wearables market is broken down into Fitness trackers, Smart Watches and Medical devices & Others. (1) 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 heart beat rate and other related functionalities. (2) Smart Watches are connected with smart phones providing ease of operation by having features such as reading texts on a screen of a smart watch, attend calls and other features. Smart watches also have the features of fitness trackers. (3) 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, smart t-shirts, etc. The region covered is India with analysis by North, South, East, and West regions. The end users covered in the study are divided into age groups- 15-24 Yrs, 25-45 Yrs, and 46 Yrs & above The distribution channel is broken-down into online sales and offline sales. The wearables market in India is witnessing double digit growth and the trend is expected to continue during the study period backed by growing affluence of the Indian middle class, increasing awareness towards health products and other positive factors. The market has several global players and Indian players battling out for the immense potential it presents. Fitness trackers dominate the market by volume due to its ease of use and comparatively lower price than other wearables. There has been increase in demand for smart watches in the recent years and will continue to do so due to increasing penetration of smart phones, internet penetration and availability of easy purchasing options. Smart watches will present a large opportunity by value during the study. Medical devices and other wearables such as smart t-shirts, smart glasses. etc. are at a nascent stage. However growing need towards preventive healthcare will drive the adoption of medical wearabls and large youth population will show interest towards tech-savvy products like smart t-shirts and glasses. Key Questions that this study will answer are: (1) Is the market growing? how long will it continue to grow, and at what rate? (2) Which products segments are driving the growth of wearables market in India? (3) Which are the key demand regions in India and what are the region-specific trends? (4) What are the key distribution channels? What will be the preferred mode of purchase in the next few years? (5) Where are the key growth opportunities and how can brands capitalise on it? (6) What is the competition landscape? Which are the major players operating in this market?
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