One of the key factors driving the growth of the smartwatch market in India is the increasing health consciousness among people, especially in the wake of the COVID-19 pandemic. With more people focusing on fitness and wellbeing, there has been a surge in demand for smartwatches that come equipped with features like heart rate monitoring, sleep tracking, and workout tracking. These features help users keep a tab on their health and wellness, aiding in self-monitoring and early detection of health issues.
The Role of Local Manufacturers in the Rise of Smartwatches
What's noteworthy is that the growth of the smartwatch market in India is being led by local manufacturers. These manufacturers have been instrumental in making smartwatches more affordable and accessible to a larger section of people. They have also been innovating and introducing new features that cater to the specific needs and preferences of Indian consumers.
Some of the popular locally manufactured smartwatch brands in India include Noise, Fire-Boltt, Amazfit, Boat, Goqii and Realme, among many others. These brands offer a range of smartwatches that cater to different price points and feature sets, making it easier for consumers to find a device that fits their needs and budget.
These brands have also been innovating and introducing new features that cater to the specific needs and preferences of Indian consumers. With more people focusing on fitness and wellbeing, smartwatches with features like heart rate monitoring, sleep tracking, and workout tracking have become more popular. Local manufacturers have been quick to recognize this trend and have incorporated these features into their devices.
The Role of Government Initiatives in the Rise of Smartwatches
The Indian government's initiatives have also played a significant role in boosting the local manufacturing of smartwatches. The Production Linked Incentive (PLI) scheme, launched in 2020, aims to boost domestic manufacturing of electronics and hardware, including smartwatches. The recently launched Phased Manufacturing Plan (PMP) for wearables has further provided incentives to manufacturers who produce locally. These initiatives have led to an increase in domestic production of smartwatches and other wearables in India.
According to the Economic Times, India manufactured wearables worth ₹8,000 crore in 2022-23, up from negligible levels in FY22, due to the implementation of the PMP. The scheme has helped boost local manufacturing of smartwatches and earphones in India, and the industry is hopeful of doubling production to ₹15,000-17,000 crore in FY24.
According to an analysis conducted by Feedback Advisory and the India Cellular and Electronics Association (ICEA), India's share in the global wearables market by value is estimated to be around 4-5%.
In conclusion, the rise of smartwatches in India can be attributed to the increasing health consciousness among consumers, local manufacturers' innovation, and the government's initiatives supporting domestic manufacturing. As the demand for health and fitness-related features in smartwatches continues to rise, local manufacturers will need to continue innovating and introducing new features that cater to the specific needs and preferences of Indian consumers. With the government's continued support for domestic manufacturing, the future looks bright for the smartwatch market in India.
Here are some brandnames for locally manufactured smartwatches in India:
- Noise
- Fire-Boltt
- Amazfit
- Boat
- Realme
- Fastrack
- Crossbeats
- Gionee
- Xmate
- Intex
- Spiral
- Ultra
- Aiqon
- Quirky
- Mobvoi
- Opta
- Lcare
- Zoook
- Bingo
- NoiseFit
- Ambrane
- Masa
- Zebronics
- Allyson
- iVooMi
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