India Smartwatch Market
India Smartwatch Market - By Product (Extension, Standalone, Classic/Hybrid); By Operating System (iOS, Android, Others); By Application (Personal Assistance and Safety, Health/ Wellness, Media & Entertainment, Sports, Communication, Others); By Distribution Channel (Direct Sales, E-Commerce, Retail Stores, Others), Trend Analysis, Competitive Landscape & Forecast, 2023–2029
- Published Date: January 2023
- Report ID: BWC22618
- Available Format: PDF
- Page: 118
Report Overview
An increasing number of smartphone features available on smartwatches, wide range of smartwatches at affordable prices, and targeted advertisements are expected to drive India smartwatch market at a robust growth rate during the forecast period between 2023 and 2029.
India Smartwatch Market - Industry Trends & Forecast Report, 2029
India smartwatch market size is projected to grow at a CAGR of 64.7% during the forecast period between 2023 and 2029. The availability of a wide range of smartwatches at affordable prices and targeted advertisements are establishing the smartwatch market in India as the largest market one globally. Furthermore, smartwatch brands constantly launch new products to stay at the top of their game as well as e–commerce websites, such as Flipkart and Amazon, offering attractive deals and discounts to boost their sales also acts as a favorable factor contributing to the growth of the overall India smartwatch market.
India Smartwatch Market
Growth Drivers
Wide Range of Smartwatches and New Launches
India has many smartwatch brands, such as Apple, Xiaomi, Noise, Fire-Boltt, boAt, Fitbit, HONOR, and Samsung. This allows the consumers to have a wide range of products as well as keep the price competitive. According to an estimate, domestic smartwatch companies, such as Noise and boAt, in India occupy about 80% of the market with Noise being in the top three. These companies constantly launch new products with new features to attract consumers. These factors significantly contribute to the growth of the market.
Restraints
High Risk of Cyberattacks and Data Breaches
Smartwatches are embedded with sensors that collect and transfer vital data. However, this data is at huge risk of breaches and theft. The data smartwatches collect are easily accessible to third-party websites. An average Indian consumer lacks an understanding of data security. India does not have strict regulations regarding cybersecurity and data breaches. This may pose a huge threat to the growth of India smartwatch market.
Impact of COVID-19 on India Smartwatch Market
The unprecedented COVID–19 pandemic affected the growth of India smartwatch market. The manufacturing and supply chain of the smartwatches were completely halted due to the lockdown and social distancing measures. The COVID–19 regulations that forbid the sale of any non–essential commodity during the lockdown period, either through offline or online stores, also implied huge losses to the smartwatch market in India. At the same time, the pandemic also provided huge growth opportunities to the market. The significant spike in smartphone usage and online channels for the purchase of consumer goods along with the rapid use of smartwatches as a healthcare tracking device is anticipated to boost the growth of the India smartwatch market in the forecast period.
India Smartwatch Market
Segmental Coverage
India Smartwatch Market – By Product
Based on product, the India Smartwatch market is categorized into extension, standalone, and classic/hybrid segments. Standalone smartwatches account for the highest share of India smartwatch market, as they can be used exclusively without smartphones with the help of eSim cards, integrated Wi-Fi, and GPS. It makes them an effective alternative for smartphones that can provide urgent notifications, and music, and can be used as a mobile wallet, wristwatch alarm, and several other features.
India Smartwatch Market – By Operating System
Based on the operating system, the India smartwatch market is segregated into iOS, Android, and others. The android operating system holds the highest market share in 2022 and is expected to dominate the market in the forecast period as well. The Indian market is price–driven and a slight price change can influence their demand. The android smartwatches are cheaper compared to iOS, which acts as a major driving factor for the market growth. Due to this, Xiaomi dominates the India smartwatch market.
India Smartwatch Market – By Application
Based on application, India's smartwatch market is segmented into personal assistance and safety, health/ wellness, media & entertainment, sports, communication, and others. The health/wellness application accounts for the highest market share. Smartwatches are embedded with medical grade sensors, such as ECG, to track and collect vital information like heart rate that can be used by healthcare professionals to monitor the wearer’s health. The personal assistance segment also covers a substantial share of the market and is expected to register significant growth in the forecast period.
India Smartwatch Market – By Distribution Channel
Based on distribution channels, 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 consumer goods platforms such as Flipkart, Reliance Digital, and Amazon.in. Smartwatches are available a lot cheaper on the online channel compared to offline sales channel. Furthermore, the aggregators offer various deals and discounts through festive deals and clearance sales, which attract younger customers. This is significantly contributing to the growth of the overall India smartwatch market.
Competitive Landscape
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.
Recent Developments
-
In November 2022 - Mivi, an audio electronics brand, launched Mivi Model E, the company’s first smartwatch, in India.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
|
Estimated Year – 2023 |
|
Forecast Period– 2023–2029 |
|
Facts Covered |
Revenue in USD Million |
Product/ Service Segmentation |
Product, Operating System, Application, Distribution Channel |
Key Players |
Apple Inc., SAMSUNG, FOSSIL GROUP, INC., OnePlus, OPPO, Honor Device Co., Ltd., Fitbit, boAt, Titan Company Limited, French Connection, Michael Kors, Realme |
By Product
-
Extension
-
Standalone
-
Classic/Hybrid
By Operating System
-
iOS
-
Android
-
Others
By Application
-
Personal Assistance and Safety
-
Health/ Wellness
-
Media & Entertainment
-
Sports
-
Communication
-
Others
By Distribution Channel
-
Direct Sales
-
E-Commerce
-
Retail Stores
-
Others
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- India Smartwatch Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Growing consumer preference for wireless fitness and sports devices
- Rise in awareness about the benefits of wearing a smartwatch
- Increasing disposable income
- Restraints
- Delay in spectrum standardization
- Opportunities
- Advancement in digital wearable technologies
- Rising inclination towards purchasing new and trending products
- Challenges
- Inaccurate smartwatch data
- Volatility of raw material prices
- Growth Drivers
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- India Smartwatch Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Product
- Extension
- Standalone
- Classic/Hybrid
- By Operating System
- iOS
- Android
- Others
- By Application
- Personal Assistance and Safety
- Health/ Wellness
- Media & Entertainment
- Sports
- Communication
- Others
- By Distribution Channel
- Direct Sales
- E-Commerce
- Retail Stores
- Others
- By Product
- Market Size & Forecast, 2019–2029
- Competitive Landscape
- List of Key Players and Their Range
- India Smartwatch Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Merger, Acquisition, Partnership, and others)
- Impact of Covid-19 on India Smartwatch Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
- Apple Inc.
- SAMSUNG
- FOSSIL GROUP, INC.
- OnePlus
- OPPO
- Honor Device Co., Ltd.
- Fitbit
- boAt
- Titan Company Limited
- French Connection
- Michael Kors
- Realme
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
List of Figures
Figure 1 India Smartwatch Market Segmentation
Figure 2 India Smartwatch Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 India Smartwatch Market Size, By Value (USD Million), 2019–2029
Figure 5 India Smartwatch Market Share, By Product, By Value, 2019–2029
Figure 6 India Smartwatch Market Share, By Operating System, By Value, 2019–2029
Figure 7 India Smartwatch Market Share, By Application, By Value, 2019–2029
Figure 8 India Smartwatch Market Share, By Distribution Channel, By Value, 2019–2029
List of Tables
Table 1 India Smartwatch Market Size, By Product, By Value, 2019–2029
Table 2 India Smartwatch Market Size, By Operating System, By Value, 2019–2029
Table 3 India Smartwatch Market Size, By Application, By Value, 2019–2029
Table 4 India Smartwatch Market Size, By Distribution Channel, By Value, 2019–2029
Table 5 Apple Inc. Company Overview
Table 6 Apple Inc. Financial Overview
Table 7 SAMSUNG Company Overview
Table 8 SAMSUNG Financial Overview
Table 9 FOSSIL GROUP, INC. Company Overview
Table 10 FOSSIL GROUP, INC. Financial Overview
Table 11 OnePlus Company Overview
Table 12 OnePlus Financial Overview
Table 13 OPPO Company Overview
Table 14 OPPO Financial Overview
Table 15 Honor Device Co., Ltd. Company Overview
Table 16 Honor Device Co., Ltd. Financial Overview
Table 17 Fitbit Company Overview
Table 18 Fitbit Financial Overview
Table 19 boat Company Overview
Table 20 boat Financial Overview
Table 21 Titan Company Limited Company Overview
Table 22 Titan Company Limited Company Overview
Table 23 French Connection Company Overview
Table 24 French Connection Company Overview
Table 25 Michael Kors Company Overview
Table 26 Michael Kors Company Overview
Table 27 realme Company Overview
Table 28 realme Company Overview
Market Segmentation
By Product
-
Extension
-
Standalone
-
Classic/Hybrid
By Operating System
-
iOS
-
Android
-
Others
By Application
-
Personal Assistance and Safety
-
Health/ Wellness
-
Media & Entertainment
-
Sports
-
Communication
-
Others
By Distribution Channel
-
Direct Sales
-
E-Commerce
-
Retail Stores
-
Others
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