Today, wearable items are being promoted and adopted by companies more than ever. And there’s a reason for that. Wearable devices are electronic devices that can be worn on the body and have specific practical applications. Modern wearables can, in fact, replace your smartphone in various instances. The devices are expected to have a major impact on health, fitness, and recreation in the future, and that’s the reason for the big push in the segment.
As per the latest data, smartwatches and fitness bands in electronic wearables recorded the biggest quarter in India in 2020. Retailers sold 15.2 million units, an increase of 198.2% over the previous year. In addition, the country exported 1 million units in the first quarter and 1.3 million units in the subsequent quarter.
Chinese Electronics Giant Xiaomi Leads the Indian Wearables Market
Subsequent new launches are driving the growth for brands like Noise, Realme, Apple, and Amazfit. Chinese electronics company Xiaomi is the largest company in the wearables sector in India with a market share of 48.1% and an annual growth of 54.7%. TATA-owned Titan has mounted a surprise push to emerge in the second spot with a market portion of 14. 5 per cent as its shipments grew 24.1 per cent during 2020.
Fitness brands represent 90% of the Indian wearables market. Fitness trackers have three major players in the Indian market: GOQii, Xiaomi and Fitbit, and Fitbit is also the global leader in this field.
India is a Big Market for Wearables Companies
According to the PriceWaterhouseCoopers Wearable Future Report, wearables are gaining popularity in India, and one in five Indians is using them in urban areas. Wearable consumer devices are now becoming synonymous with fitness trackers and smartwatches. As per the International Data Corporation (IDC) data, the Indian wearables consumer goods market grew by 144% to 36.4 million units in 2020, making it the third-largest market globally.
In December 2020, sales of electronic headphones increased by more than 300 per cent to 12.9 million units. Indian start-up boAt Lifestyle is the leading brand in this area, with a 27.3% market share. Apple is the leader in the completely wireless earbuds, with a market share of 43.1 per cent.
Indian Scenario is Ripe with Trends and Opportunities
New players in the industry can successfully compete with giants by providing better alternatives at affordable prices, as is being done by companies like boAT, Mivi, SYVO and many others. By offering features such as heart rate measurement, waterproofing, sleep monitor, and tons of others, start-ups can achieve great funding and prospects with entry-level segments.
Currently, this industry is providing new features and improved user experience at all costs. While there is a lot of Chinese influx in this segment, the Atmanirbhar Bharat and Vocal for Local movement can certainly help Indian companies push forward and establish themselves in a market of millions of users.