India Wearable Devices Market 2018-2023
February 15, 2018 | Business WireEstimated reading time: 1 minute
Wearable devices recorded a value CAGR of over 140% during 2013-2017. The market benefits from wearable devices' features like, all day stress tracking, VO2 Max data, heart rate monitoring with Elevate technology, sleep tracking, activity measurement and calories burnt. In addition, country's young fitness conscious working class population, who are primary buyers of these smart fitness devices and smartwatches are being bombarded by competitive pricing strategy from Chinese vendors, which helped the market to see higher sales during review period.
India is the world's youngest nation with nearly 60% of population below average age of 35 years. The country recorded strong economic success over the last couple of decades despite certain challenges. Country's GDP growth was recorded at 6% in 2017, which was faster than any other large economy except China. IMF forecast for Indian economy for 2018 and 2019 is much better owing to roll out of Goods and Services Tax in 2017, which will overall the indirect tax system and improve business sentiment and benefit industries including smart wearables devices.
As far as competitive landscape is concerned, Fitbit and Samsung are both well established as smart wearables companies, having a strong brand recognition and credibility among the young generation. GOQii leads the market in volume terms and increased its share by over 12% from year 2014, while value market is still dominated by American Fitbit. Fitbit continues to promote the habit of fitness and GOQii partners with doctors and other stakeholders. Other tech start-ups are projected to come up with new features offerings, like Hyderabad based HUG Innovations, which has developed next wave of innovation called Gesture Control Technology. The technology enables touch less communication with smart IOT devices.
Wearable devices market is projected to gain significantly during estimated period of 2018-2023, on account of trends like rising fitness trends, modernisation of lifestyle, growing keenness to own sophisticated devices and surging internet penetration. Year 2017 also saw plenty of new launches of smartwatches as well as fitness trackers in India, for instance, Garmin launched Garmin Vivosmart 3 Smartband while Huawei also launched its fitness tracker in Indian market. Increasing disposable income, particularly in tier II and tier III cities will help wearable devices manufactures immensely and make demand more sustainable.
Suggested Items
Absolute EMS Champions Collaboration Between Humans and Robots in Modern Manufacturing
04/19/2024 | Absolute EMS, Inc.Absolute EMS, Inc., an award-winning EMS provider of turnkey contract manufacturing services, offers a perfect factory environment that seamlessly blends robotic automation with human expertise.
Microsoft, Google Join as Sponsors for First-Ever AI Expo for National Competitiveness
04/19/2024 | SCSPThe Special Competitive Studies Project (SCSP), a non-partisan, non-profit project dedicated to strengthening America’s long-term competitiveness in artificial intelligence (AI), announced today two additional sponsors of the AI Expo for National Competitiveness.
IDTechEx Explores the Role of 3D Cu-Cu Hybrid Bonding in Powering Future HPC and AI Products
04/18/2024 | PRNewswireSemiconductor packaging has evolved from traditional 1D PCB levels to cutting-edge 3D hybrid bonding at the wafer level, achieving interconnecting pitches as small as single micrometers and over 1000 GB/s bandwidth. Key parameters, including Power, Performance, Area, and Cost, are crucial considerations
Intel Brings AI-Platform Innovation to Life at the Olympic Games
04/18/2024 | BUSINESS WIREIntel announced its plans for the Olympic and Paralympic Games Paris 2024. Bringing AI Everywhere, Intel will implement artificial intelligence technology powered by Intel processors on the world’s biggest stage.
Adura Solutions Exhibits at Del Mar 2024
04/18/2024 | Adura SolutionsSumit Tomar, CEO of Adura Solutions, has announced that his company will be exhibiting at this year's Del Mar Electronics and Manufacturing Show to be held at the Del Mar Fairgrounds, San Diego, California, April 24-25.