India Wearables Market Outlook to 2028

India Wearables Market Overview

The India Wearables Market has experienced notable growth, reaching a volume of 134.1 million units in 2023. This growth is primarily driven by increasing health consciousness, technological advancements, and rising disposable incomes.

Prominent players in the India wearables market include Apple Inc., Samsung Electronics, Fitbit (now part of Google), Xiaomi Corporation, and Garmin Ltd. These companies have established strong brand recognition and continue to innovate, providing consumers with cutting-edge wearables that offer a combination of style, functionality, and advanced technology.

In 2023, Apple Inc. announced the launch of its new Apple Watch Series 9, featuring enhanced health tracking capabilities and longer battery life. This development has further solidified Apple's position as a leader in the wearables market.

India Wearables Current Market Overview

The increasing prevalence of lifestyle diseases such as diabetes and hypertension has spurred demand for health monitoring devices. In addition to it, the youth population's preference for smart gadgets and the rising fitness trends have significantly contributed to market expansion.

Wearable technology has significantly impacted the healthcare sector by enabling continuous health monitoring and early detection of potential health issues. The widespread adoption of wearables has led to increased health awareness among consumers, prompting lifestyle changes and preventive healthcare measures.

The southern region, which includes tech hubs like Chennai, Hyderabad, and Bangalore, has a high presence of major multinational companies (MNCs) that attract a growing young population, making it the biggest market for fitness trackers and smartwatches and it witnessed high adoption of wearable devices, making it the biggest market in the industry.

India Wearables Market Segmentation

By Product: India Wearables Market is segmented by product into smartwatches, fitness bands, and smart glasses. In 2023, smartwatches held the significant market share due to their ability to offer various features such as notifications, fitness tracking, and health monitoring. The seamless integration with smartphones and other smart devices has made smartwatches a preferred choice among consumers.

By End User: India Wearables Market is segmented by end users into individual consumers, corporate wellness programs, and healthcare institutions. In 2023, individual consumers lead the market primarily due to individual consumers because of increasing health awareness and the desire for personalized health monitoring solutions.

By Region: The regional segmentation of the market includes North, South, East, and West India. In 2023, South India held the significant market share. The region's focus on health and fitness, coupled with the presence of major technology hubs, has contributed to its leading position in the market.

India Wearables Market Competitive Landscape

Company

Establishment Year

Headquarters

Apple Inc.

1976

Cupertino, USA

Samsung

1938

Suwon, South Korea

Fitbit (Google)

2007

San Francisco, USA

Xiaomi

2010

Beijing, China

Garmin

1989

Olathe, USA

Apple Inc.: Apple, the world's largest technology company by revenue and second-largest mobile phone manufacturer, offers iconic products like the i Phone, i Pad, Mac, Apple Watch, Vision Pro, and Apple TV. In July 2024, Apple announced plans to integrate Google's Gemini AI chatbot into the i Phone. The company also launched the Apple Vision Pro in Australia and removed several VPN apps from its Russian App Store.

Samsung: Samsung is one of the largest mobile phone makers by unit sales and the second-largest semiconductor maker. In 2024, Samsung announced plans to introduce a new health-tracking feature in Galaxy Watch models, launched an external washing machine filter, and began mass production of industry's most advanced 12nm-class DRAM.

Xiaomi: Xiaomi is known for its focus on innovation, high-quality user experience, and operational efficiency. In 2023, Xiaomi announced plans to release a new operating system called Hyper OS, replacing its previous MIUI platform. The company continues to expand its product portfolio and global footprint as it competes with other major tech giants.

India Wearables Industry Analysis

India Wearables Market Growth Drivers

Health Awareness and Lifestyle Diseases: Proliferation of fitness and health monitoring features. The popularity of smartwatches and fitness trackers that can track activity, heart rate, and other health metrics has driven adoption, especially among health-conscious consumers. Smartwatch shipments in India surged year-over-year, totaling 53.4 million units in 2023.

Increasing Smartphone Penetration: In 2023, India had 1.10 billion mobile connections, with a smartphone penetration rate of 71%. The compatibility of wearables with smartphones enhances their functionality and appeal, driving increased adoption.

Declining Prices and Increasing Affordability: The growing popularity of affordable options from homegrown brands like Fire-Boltt, Noise, and bo At has contributed to make wearable devices more accessible to a wider range of consumers. Homegrown wearable brands like Fire-Boltt, Noise, and bo At have collectively captured 65-70% market share, competing against global players.

India Wearables Market Challenges

Data Privacy Concerns: Wearable devices collect personal data that can be misused if exposed. In 2023, an unsecured database with over 61 million records from fitness trackers was breached, fueling concerns about wearable data security and privacy. The aggregation of personal health data by wearables has fueled heightened apprehensions about data security and privacy.

Limited Battery Life: One of the primary complaints from consumers is the limited battery life of wearable devices. Despite technological advancements, many wearables still require frequent charging, which affects user experience and satisfaction. The average battery life of smartwatches is indeed around 2-3 days, which is a common range for many models.

Inventory Challenges: The wearables market experienced high inventory levels in the second half of 2023, leading to a slowdown in growth. Vendors have had to focus on clearing this excess inventory. To clear this excess inventory, wearable brands had to resort to heavy discounting which cannot be a good idea in the long run.

India Wearables Market Government Initiatives

Phased Manufacturing Program (PMP): In February 2022, the government unveiled a new PMP scheme to encourage domestic production of wearable and hearable devices. In 2022, the Ministry of Electronics and IT notified a PMP for wrist wearable devices (smartwatches) and their inputs/components.

Make in India Campaign: The Make in India initiative has been encouraging the domestic production of electronic goods, including wearables. India's overall exports of goods and services are expected to reach $900 billion in the current fiscal year of 2024, with the Make in India initiative providing a platform for homegrown wearable brands to excel, innovate, and establish a global presence.

India Wearables Market Future Outlook

Looking ahead to 2028, the India wearables market will be advancing forward because of continuous technological advancements, increased adoption of Io T devices, and growing consumer awareness about health and fitness. The integration of AI and machine learning in wearables, coupled with the expansion of 5G technology, will provide new growth opportunities.

India Wearables Market Future Trends

Increased Adoption of AI and Machine Learning: By 2028, wearables in India will extensively integrate AI and machine learning to offer personalized health insights and predictive analytics. Devices will become more intuitive, providing users with real-time health recommendations based on continuous monitoring.

Growth in Healthcare Wearables: The healthcare sector will increasingly adopt wearables for patient monitoring and telemedicine. These devices will play a crucial role in remote patient monitoring, chronic disease management, and post-operative care. For example: Dozee's remote patient monitoring and AI-based early warning system is being used by the HCG Network of cancer centres to monitor oncology patients.
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