Smartwatches as a product witnessed the most momentum seeing a reduction in the average selling price allowed more consumers to make the switch to an integrated smartwatch, over a traditional wristband.
The Indian wearables market has seen a lot of growth in the last few years and is expected to grow even more rapidly in the upcoming years. As per the recent reports it is poised to expand at a CAGR of 26.33%, reaching 16.2 million units by 2024.
Starting from the simple prototypes of the age-old calculator watches to the first ever hybrid watch, the category has witnessed huge transformation in terms of technological innovations as well as the aesthetics of the wearables.
Growth and reasons for growth
This gradual increase in demand can be attributed to several factors such as an increase in general health awareness, decreasing manufacturing cost, improved user-friendliness and advancing technology. Furthermore, seamless integration with smartphones gives such technology an added function in our daily lives. Smarter devices with more intuitive integration is one of the major reasons that the segment has witnessed such growth in a short span of time.
In the past 2 years the wearables industry is going through a paradigm shift in how the users imagine connected devices and this shift can be attributed to the greater adoption rates in the users.
The growth of the segment has its success sown in electronic advancements, newer sensor technologies and cutting-edge material sciences; allowing innovative companies in creating relatively inexpensive and highly practical devices, hyper specific to consumer needs.
Demographics
If we speak about the customers- we see that 70% of the customers are in the 18-35 age bracket with the metros being the leading cities and a rising demand coming in from Tier-2 and Tier-3 cities as well, another observable pattern that is also a very visible is the increase in the acceptance of the wearables as a product among the older generation too.
A multitude of features like watch faces, SPO2, heartrate etc. at the get go of your wrist with the trendy good-looking product has become the recipe for success in the wearables segment.
The rising customer approval can be seen through each quarter of 2020 as smartwatches, wrist bands and fitness trackers kept gaining steady momentum in India.
Market Trends and performance
Smartwatches as a product witnessed the most momentum seeing a reduction in the average selling price allowed more consumers to make the switch to an integrated smartwatch, over a traditional wristband.
The future of such technology is driven by innovations in the connected devices category with emphasis on more intelligent devices. This will be further assisted by the advent of 5G technology and integration of machine and deep learning into devices facilitating more interaction between humans and the internet of things. Smarter and intuitive AI based technology will further bridge the gap, between the consumers and wearables.
Source: Business World
