According to SPER Market Research, the India Consumer Wearables Market is in India grew in terms of revenue. The young population and high level of disposable income in the country are two key elements fostering the industry’s expansion. The manufacturers’ continued investments in R&D and marketing strategies are helping the wearables industry grow. The market is expanding as a result of increased funding for plans to develop smart technologies that would aid in furthering healthcare and fitness developments. Simple fitness activities like steps taken, calories burned, distance travelled, and others are tracked and measured by a smartwatch. The smartwatch can instantly establish wifi or Bluetooth connectivity with a smartphone. With this support, the athlete or any customer can plan their daily chores. As a result, a significant driver of the growth of the smartwatch business is the rising popularity of wireless sports and fitness equipment.
The worldwide outbreak of the Covid-19 virus has severely disrupted every industry. The consumer electronics and wearables industries were both hurt by the decline in imports. Industry statistics show that after eight straight quarters of expansion, volumes experienced their first consecutive decline as shipments fell. Due to China’s supply limitations as a result of the nationwide lockdown in March, this drop was caused. The nation’s enforced lockdown and social isolation policies have had an impact on the market for premium wearables. Sales of fitness trackers decreased as a result of people’s decreased physical activity brought on by the epidemic and the lockout of gyms.
India Consumer Wearables Market Overview:
Forecast CAGR (2022-2032): XX.
Forecast Market Size (2032): XX billion.
Impact of COVID-19 on the India Consumer Wearables Market:
Massive disruptions have been caused by the Covid-19 virus’s global epidemic across all industries, particularly those that depend on imports, particularly those from China. India is the third worst-affected country worldwide by Covid-19, behind the US and Brazil. The lockdown that was imposed has caused businesses, factories, and other industries to close, which has hurt the Indian economy. Due to falling imports, both the consumer electronics and wearables industries were impacted. According to industry statistics, following eight consecutive quarters of growth, the volumes had their first consecutive dip as shipments decreased. This reduction was brought on by supply shortages coming from China as a result of the March nationwide lockdown. The demand for premium wearables in the nation has been impacted by the country’s enforced lockdown and social segregation practices. Individual’s reduced physical activity as a result of the epidemic and the lockout on gyms also contributed to the decline in fitness tracker sales.
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India Consumer Wearables Market Key Segments Covered:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Type:
- Fitness Trackers
- Smartwatch
By Price Segment:
- Under ₹1000
- ₹1000 – ₹10,000
- ₹10,000 – ₹20,000
- Above ₹20,000
By Distribution Channel:
- Offline
- Online
By Type of City:
- Metro
- Non-Metro
By Region:
- East
- North
- South
- West
The majority of fitness tracker sales in India are in southern India. The fundamental reason for this is that South India has more Tier 1 and metro cities than any other part of India. Additionally, because of the high literacy rate, people in the area are at ease using technology.
India Consumer Wearables Market Key Players:
The study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Apple India, Fitbit India, Fossil India Inc, Goqii Technologies India Inc., Samsung India Electronics Ltd., Titan Company India Ltd., Xiaomi Technologies India Inc.
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India Consumer Wearables Market Share
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