Burgeoning middle-class and their consumption pattern are the incentives for smartwatch makers to tap the consumer base here. Let’s see how watchmakers are gearing up to grab a share of the pie
After the smartphone revolution, India is all set to witness the smartwatch boom. The market is still in its nascent stage, but leading players are gearing up to build a vibrant ecosystem in the country. Experts believe, India’s smartwatch market will witness a wearable tech explosion in coming 4-5 years, which is evident with players like Apple, Titan and Samsung, who are gearing up to grab a share of the pie. The motive behind tapping the Indian consumer for smartwatches is simple: burgeoning young population and their consumption patterns that often reflect aspirations well beyond income levels.
Leading watchmaker Titan made its entry into the wearable technology space by launching its smartwatch Juxt last year. Undoubtedly, the company has shown the way to other players to bring affordable watches in a price-sensitive market like India.
Samsung, which offers smartwatches including Gear S, Gear S Neo and Gear Fit, is helping build the market for smartwatches in India by developing new and innovative use cases, leveraging its own India R&D facility and engaging third party developers.
“India is an important market for smartwatches. It is currently at a nascent stage and it’s a continuous task to develop the ecosystem here. We are helping in developing the market by creating new cases,” says Manu Sharma, Director, Marketing, IT & Mobile at Samsung India.
Talking about the trend shaping in the market, S. Ravi Kant, CEO, watches and accessories, Titan, says, “Hybrid has the potential to redefine the wearable and watch segment. A lot will depend on the incremental price that a consumer has to pay to access the technology. The price-conscious consumer is a fairly big segment in India.” Echoing similar views, Parv Sharma, Research Associate, Counterpoint Research, says, “Hybrid watches will drive momentum for wearables as they offer better mix of luxury with technology.” According to Counterpoint Research, a million wearables were sold in India last year, with activity trackers having 85 per cent share and 15 per cent from smartwatches and other wearables.
Clearly, the benefits such as ease of use, mobility and health and fitness management have become the growth drivers of the smartwatch market - the trend which is here to stay for long.
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