Innovations in wearables market

India has become a major hub for the production of wearables, and this is having a negative impact on China's wearables industry. India's wearables market surpassed China to become the largest in the world. India is home to several wearables brands that are transforming the lifestyle industry. The Indian market is estimated to be worth around $6 billion by 2023, with an annual growth rate of 30-35%.

The global smartwatch shipments contracted 1.5% YoY in Q1 2023. The 121% growth in India’s shipments managed to restrict the decline. This was the second consecutive quarter of a YoY decrease in global shipments, which were hit by the seasonal decline in demand for products from major players like Apple and Samsung, along with consumer sentiment dampened by global financial pressures.

India will be home to several leading wearables companies that are transforming the lifestyle industry. These companies produce a range of products, such as fitness trackers and smartwatches, that allow users to monitor their activity and health, as well as receive notifications and other important information.

Indian brands such as Noise, Fire-Boltt, and boAt have been gaining popularity in recent years. These brands offer affordable and feature-rich wearables that are well-suited to the Indian market. As the wearables market continues to grow, we can expect to see even more innovations from Indian brands in the coming years. Fire-Boltt surpassed Samsung for the first time in the global smartwatch market, capturing the second spot.

Amazfit provides high-quality, stylish wearable products that combine advanced technology and superior design. Fitbit has also made inroads into the Indian market and has launched several products for adults and children. People increasingly like using Apple products, particularly Apple watches in India. But only the point is a very few people could afford to the pricing of Apple products.

Amid a global slowdown in demand for tech devices, the smartwatch consumption trend has also undergone a transformation. China's share of the global wearables market has been declining and in 2021, China's global wearables market was 45%. In 2022, China's share of the global wearables market fell to 35%. And in 2023, China's share of the global wearables market is expected to fall to 30%.

Although the overall smartwatch shipment volume declined slightly compared to last year, affordable products that offer a certain level of performance generated substantial demand based on their price accessibility. These low-end smartwatches are also absorbing or replacing the existing smartband market.

S Mohini Ratna, Editor, VARINDIA