Increasing consumer awareness about health and fitness, rising tech-savvy population, technological advancements and growing e-commerce industry to drive India smart band market through 2023
According to TechSci Research report, “India Smart Band Market By Product Type, By Category, Competition Forecast & Opportunities, 2013 – 2023”, smart band market in India is forecast to grow at an astounding CAGR of 41% during 2018 – 2023. Growth in the market is expected to be driven by new technological advancements, rapidly increasing number of health-conscious people in the country and presence of a robust distribution channel. Smart bands enable users to perform functions such as using email, receiving WhatsApp notifications, monitoring heartbeats, etc., which is boosting their adoption across varied consumer segments. Owing to aforementioned factors, number of people adopting smart bands in India is anticipated to grow at a robust pace over the coming years.
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On the basis of product type, India smart band market has been segmented into two categories, namely fitness band and smart watch. Of these categories, fitness bands are gaining popularity as they enable the users to easily track their health. Moreover, this segment of smart bands is expected to emerge as the fastest growing segment during the forecast period, backed by the availability of several low-cost products, rising disposable income and growing number of health-conscious people in the country. South India dominates the country’s smart band market, on account of presence of huge tech-savvy and fitness conscious population in the region. However, over the coming years, eastern region is anticipated to register the fastest growth rate in the country’s smart band market, on the back of rapid urbanization.
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According to a consumer survey conducted by TechSci, it was found that majority of the respondents prefer purchasing smart bands in the price range of USD15-30 per piece. “India smart band market is expected to witness strong growth over the coming years, as the IoT ecosystem is growing at a rapid pace. In addition to rising sales of low-cost smart bands, the anticipated launch of more smart home appliances and introduction of 5G technology, along with LTE feature in smart watches such as Apple, is likely to push the smart band market in India over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Smart Band Market By Product Type, By Category, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of India smart band market and provides statistics and information on market structure, size and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India smart band market.
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