According to a market report, published by Sheer Analytics and Insights, The India smart watch market was valued at $4.2 billion in 2021 and it is expected to reach $120.9 billion at a CAGR of 28.4% between 2022 and 2032. The availability of numerous smartphone-like functions and the strong demand for aesthetically pleasing smart gadgets serve as important purchasing motivators for consumers. Smartwatches make it possible to connect various devices, including wireless earbuds and smartphones, which makes it easier to manage calls, listen to music, and conduct other tasks while doing daily chores at home. A few years ago, COVID-19 caused work-from-home opportunities during the pandemic and raised the market for several IT accessories, including smartwatches. The need for wireless fitness and sports equipment, a rise in consumer health consciousness, and a rise in technological breakthroughs in smartwatches by industry players are projected to have an impact on the size of the global smartwatch market. The market's expansion is, however, constrained by the expensive initial cost of the technology as well as issues with power consumption and short battery life. Additionally, the desire for linked ecosystems and the increasing importance of connected devices across sectors are predicted to drive profitable growth in the worldwide smartwatch market.
In addition, smartwatch firms are investing considerably in R&D thanks to developments. Leading companies like Samsung, Pebble, Maritime, and Sony are prioritizing their R&D efforts as a strategy to grow their market shares. A good distribution network is yet another crucial component of this business. The market penetration strategies used by the top corporations include choosing the appropriate channel, location, and target market in conjunction with their suppliers and resellers. For the first time, India surpassed China to take the second-largest position in the global wristwatch market. Shipments from domestic manufacturers Fire-Boltt and Noise, which debuted in the top five global smartwatch brands, were a major factor in India's growth. The majority of the devices may have been purchased for the nation's increasingly popular fitness-tracking features. Additionally, to expand offline sales as well, the main "home-grown" companies have been pushing harder to stray from the industry's online beginnings. This strategy appears to be paying off so far.
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Moreover, in recent years, the smartwatch market in India has expanded. Growing customer interest, numerous releases during the quarter, and the availability of numerous discount offers and promotions are all credited with this. One such example is the Galaxy Watch 4 series, which continues to enjoy popularity, particularly in India. Compared to the previous year, Garmin dropped two spots to claim the seventh position. However, because of its higher ASP, the brand came in third in terms of wholesale revenues, behind Apple and Samsung. Amazfit's had the greatest market share in India and did well. Hence, these rising factors are expected to create more growth opportunities for the Indian smart watches market over the past few years.
Global demand for smartwatches has been driven by the increasing rates of urbanization and the demand for visually pleasing, technologically advanced products to better meet customer needs, such as time schedules and numerous functionalities in one device. Additionally, a large portion of the millennial generation has been wearing smartwatches due to rising tracking costs and luxury expectations for their regular working hours. Smartwatches are made to pair with smartphones through Bluetooth devices and serve as information hubs for sharing phone notifications including text messages, email notices, and application alerts.
Some new developments in the India smart watch market:
On 9th November, 2022, The Wave Ultima is a new, reasonably priced smart watch from Indian wearable company boAt. The watch has enticing features including a Curve Arc display, Bluetooth Calling compatibility, and more. To learn more, see the details below. With the auto work-out identification feature, there is support for over 100 sports modes, including modes for walking, jogging, swimming, and more. There are additional health functions including a stress metre, spO2 sensor, and a heart rate monitor available. You can keep track of your calories, steps, and much more.
- On 12th October, 2022, launch of Navic support by Amazfit With new smart watches from the GT 4 series in India. It runs on eight local satellites in the sky that span 1,500 kilometers beyond the country's borders and the entire Indian subcontinent.
- On 17th October, 2022, The Gen 6 Wellness Edition has been released by Fossil in India and on the international market. The most recent wearable is powered by WearOS 3, the third major release of Google's Wear OS.
- On 18th October, 2022, Users of Gizmore Glow Luxe can use the smart watch to browse and listen to music. Users can support Google Assistant and Siri by using voice assistant functionalities. The smart watch has 200 watch faces that can be changed to give it a new look, and it also has calling features.
According to the study, key players dominating the India smart watch market are Apple (U.S), Fossil Group (U.S), Fire Boltt (India), Garmin (U.S), Amazon (U.S), Asus (South Korea), Alphabet (U.S), Amazfit (China), Garmin Limited (U.S), Huawei (China), LG Corp (South Korea), Lenovo (China), Noise (U.S), Pebble (Taiwan), Polar Electro (Finland), Sony (Japan), Samsung Group (South Korea), Withings (France), Xiaomi (China), Zepp Health (China), among others.
The India Smart Watch Market Has Been Segmented Into:
The India Smart Watch Market – by Display Technology Types:
- LCD
- LED
- Others
The India Smart Watch Market – by Application Type:
- Personal Assistance
- Medical
- Sports
- Other
The India Smart Watch Market – by Regions:
India
- Andhra Pradesh
- Telangana
- West Bengal
- Uttar Pradesh
- New Delhi
- Other
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/india-smart-watch-market-21
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