Wearable Devices Market in India 2022

Wearable Devices Market in India 2022

Wearable devices are an integration of computing architecture, sensors, and user interfaces. These devices are the most popular consumer IoT technology. With the upgradation of technologies such as the internet of things (IoT), robotics, augmented reality (AR), and virtual reality (VR), the adoption of wearable devices has increased rapidly in India.

Market insights:

Since 2015, wearable devices have been gaining popularity in India. In terms of sales volume, the market is expected to expand at a CAGR of ~39.33% during the forecast period (2022 – 2027). It is expected to reach 357.71 million units by 2027.
Besides smartwatches and wristbands, ear-worn devices have also become common in India in the last two years. They gained a significant share in 2019, leading to a high overall market growth. Rise in fitness awareness, technological advancements, and availability of high-speed internet connectivity have propelled market expansion. Various government programmes, including the National Digital Health Mission, Self-Reliant India, the National Health Policy, Digital India, and the Make in India campaign, have also proven to be key industry drivers. However, lack of data privacy and security, and high price range of smart products are likely to impede the rapid adoption of these devices.

Segment insights:

Based on its product type, the market is segmented into wristband, smartwatch, earwear, and other wearable devices. As of 2021, it was dominated by the earwear segment, accounting for about 80.73% of the total sales volume. The smartwatches segment held about 14.89% of the total market share. Prior to 2019, the earwear product category was less popular among consumers and hence played a minor role in the total wearable device market. However, as the earwear industry transitioned from wired to wireless, the popularity of Bluetooth-enabled earphones grew, and the sale of earwear items soared. Also, major smartphone companies not providing earphones as a mandatory box accessory further accelerated the growth of these earwear devices. As an impact of the pandemic, earwear devices is anticipated to remain the fastest growing segment in the market during the 2021 – 2027 period. This is because a major portion of the population shifted from wired to wireless earphone devices, owing to the remote work culture and increased consumption of entertainment during the lockdown.

COVID-19 impact analysis:

The onslaught of the pandemic and lockdowns have had a mixed impact on the wearable devices market in India. The wireless earwear devices and pulse oximeter devices have witnessed a significant surge in market demand during the second wave of COVID-19. However, the quarter-to-quarter (Q1 2021 – Q2 2021) sales volume of smartwatches and wristbands declined by almost 36%. The fall in the sales volume is primarily because of the implementation of stay-at-home orders, reduced physical activities of individuals, and the temporary shutdown of fitness centers.