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Since 2015, the sale of wearable devices in India has increased rapidly. Besides smart watches and wristbands, ear-worn devices have also become very popular in the country and have gained a considerable market share in 2019, allowing the wearable devices market to flourish. Awareness regarding fitness, technological advancements, and the availability of high-speed Internet connectivity are the major factors propelling market growth. The wearable devices market in India is anticipated to expand at a compound annual growth rate (CAGR) of ~26.33%, and reach a sales volume of 16.22 Mn units by 2024, from 4.72 Mn in 2019.
Based on product type, in 2019, the wristband segment would occupy the highest market share (~47.90%), followed by the newly emerging segment of ear-worn devices, with a market share of ~44.40%. Earlier, earwear devices were less popular. However, with the transition from wired earphones to wireless technology, Bluetooth-enabled earphones became prevalent, and the earwear segment became a significant contributor to the wearable devices market. Also, major smartphone companies discontinued providing earphones with phones as an accessory, which accelerated the growth of earwear devices further. However, the wristband segment, which still occupies a considerable market share, is witnessing saturation levels in its growth trajectory and significant decline in its demand with the growing popularity of applications that run on Android and iOS, like HealthifyMe and MyFitnessPal. These low-cost counterparts are perfect substitutes for expensive wearables, as they are programmed to perform similar kind of functions as wristbands. On the other hand, the smartwatch segment has lost its market by ~5.60% over the last three years due to the high price range of smartphones and considerably lower value proposition. Overall, the shipment volume of wearable devices has experienced a growth of around 25.53% from 2018 to 2019.
By the end of 2018, the Chinese multinational company, Xiaomi Technology India Private Limited managed to be the leading player in the wearable devices market in India, followed by GOQii Technologies Private Limited, and Titan Company Limited. Other major players in the market are Fitbit India Private Limited, Fossil India Private Limited, and Samsung India Electronics Private Limited. Xiaomi Mi Band 3 (a fitness band launched by Xiaomi in September, 2018) was the highest-selling wearable device in India till March 2019. The upgraded version of the same fitness band, Xiaomi Mi Band 4, launched in September 2019, has already gained a considerable momentum so far.
• Garmin India Private Limited
• Huawei India Private Limited