Report Overview

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

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Smartwatch Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing consumer preference for wireless fitness and sports devices
         2. Rise in awareness about the benefits of wearing a smartwatch
         3. Increasing disposable income
      2. Restraints
         1. Delay in spectrum standardization
      3. Opportunities
         1. Advancement in digital wearable technologies
         2. Rising inclination towards purchasing new and trending products
      4. Challenges
         1. Inaccurate smartwatch data
         2. Volatility of raw material prices
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Smartwatch Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
         1. Extension
         2. Standalone
         3. Classic/Hybrid
      2. By Operating System
         1. iOS
         2. Android
         3. Others
      3. By Application
         1. Personal Assistance and Safety
         2. Health/ Wellness
         3. Media & Entertainment
         4. Sports
         5. Communication
         6. Others
      4. By Distribution Channel
         1. Direct Sales
         2. E-Commerce
         3. Retail Stores
         4. Others
5. Competitive Landscape
   1. List of Key Players and Their Range
   2. India Smartwatch Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership, and others)
6. Impact of Covid-19 on India Smartwatch Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
   1. Apple Inc.
   2. SAMSUNG
   3. FOSSIL GROUP, INC.
   4. OnePlus
   5. OPPO
   6. Honor Device Co., Ltd.
   7. Fitbit
   8. boAt
   9. Titan Company Limited
   10. French Connection
   11. Michael Kors
   12. Realme
   13. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation

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