BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, India smartwatch market size is projected to grow at an impressive CAGR of 64.7% during the forecast period between 2023 and 2029. Major growth factors for India smartwatch market include the availability of a variety of smartwatches at reasonable rates and focused advertising. India is one of the world’s largest markets for smartwatches. To stay competitive, smartwatch companies often release new products with advanced features to attract consumers. The country’s leading E-commerce marketplaces, such as Flipkart and Amazon, also play a positive role in the expansion of the India smartwatch market by providing appealing offers and discounts to increase sales. However, delays in spectrum standardization and inaccuracy in smartwatch data may limit the growth of India smartwatch market during the period in analysis.
India Smartwatch Market – Overview
A smartwatch is a wrist-worn gadget that resembles a watch but has more modern functionality. Its functions are similar to those of smartphones, including call-making and receiving Wi-Fi and Bluetooth connectivity, and access to a variety of mobile apps. These days, advanced health monitoring devices like heart rate monitors are included in the smartwatches that are being released. It may also be used in place of many devices, including thermometers, pedometers, barometers, compasses, GPS receivers, and more. Additionally, smartwatches can access and transfer data to and from other devices, such as PCs and cell phones.
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India Smartwatch Market – By Distribution Channel
Based on distribution channels, the India Smartwatch market is segmented into direct sales, e-commerce, retail stores, and others. The e–commerce segment dominates the India smartwatch market owing to the high penetration of e-commerce platforms, such as Flipkart, Reliance Digital, and Amazon.in. Smartwatches are available a lot cheaper on the online channel compared to offline. The aggregators also offer various deals and discounts through festive deals and clearance sales, which attract younger customers. It is significantly contributing to the growth of the overall India smartwatch market.
Impact of COVID-19 on India Smartwatch Market
The unprecedented COVID-19 outbreak had a detrimental impact on the expansion of the smartwatch market in India. Lockdown and social distancing measures completely interrupted the production and supply chain of smartwatches. The COVID-19 regulations, which ban the sale of any non-essential goods through offline or online channels during the lockdown time, also imply significant losses for the Indian smartwatch sector. At the same time, the pandemic also provided the industry with significant growth opportunities in the post-COVID-19 period. The rising adoption of smartwatches as healthcare tracking devices and the huge increase in smartphone and online retail sales are expected to drive the growth of the India smartwatch market during the projected period.
Major players operating in India smartwatch market include Apple Inc., SAMSUNG, FOSSIL GROUP, INC., OnePlus, OPPO, Honor Device Co., Ltd., Fitbit, boAt, Titan Company Limited, French Connection, Michael Kors, and Realme. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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