Analysing the Major Players in the Wearable Devices Market in India

Posted by Andrew Thomas on May 21st, 2019

In accordance to hectic lifestyle people follow today, it has become necessary for people to track their daily activities for improving their health and sustainability. Wearable devices come across as a distinct option for people in this regard. Wearable devices are typically worn on the body as accessories, and are connected to a mobile application to facilitate different functionalities. Wearables leverage recent technological advancements like Internet of Things (IoT) and machine learning for exchanging data between the device and network. Be it for monitoring health, physical fitness or creating a fashion statement, the use of wearable devices apps is increasing in India with each passing day. Wearable devices in India has become as popular as smartphones, mobile apps, broadband, and computing in India.

The wearable devices market in India comprises gadgets that come with smart sensors, which are connected to the internet to facilitate data transfer. From smartwatches to fitness trackers, wearables technology is gaining significant ground in India and gradually becoming a mainstream product in the market. While wearables like smartwatches and fitness bands help people monitor their daily activities and motivate them to exercise harder; other wearable technologies like smart glasses come with the capabilities of projecting digital images as well as allowing the user to see through it.

Major players in the market

GOQii retains its leading position

GOQii regained its position at the top of the Indian wearable devices market with 15.5% share. Recently, the company emerged as the third Indian start-up, after Flipkart and Paytm, to find a place amongst the Harvard case studies.  The fitness tracking device comes equipped with integrated service ecosystem like a personal trainer and doctor, and this has been the unique selling point for the manufacturer. Over 60% of shipments from GOQii is focused toward the commercial segment, and this number is comparatively higher than any other wearable device manufacturers in India.

Xiaomi gains solid ground in India

Chinese vendor Xiaomi slipped down to the second position in the wearables market with 13.2% share, hurt mainly by a 29.9% decline in shipments on a quarterly basis. Xiaomi has managed to make considerable inroads in the Indian market with it distinct product line-up comprising smartphones, wearable devices, mobile accessories, air purifiers, and others. Frequent product upgrade has been the unique selling point of the manufacturer. The company recently replaced its highly successful first-generation Mi band with Mi band 2, which features a display unit and heart rate sensor, in September. The launch of Mi Band 2 primarily drove Xiaomi’s shipments in this quarter, and became the highest selling heart rate sensing fitness tracker in India.

Fitbit offers discount to gain revenues

US-based Fitbit emerged as the third most prominent player in the Indian wearable devices market, owing to a significant 21.2% increase in shipments sequentially. Increasing demand from the commercial segment coupled with price discounts levied on certain devices was the primary driver of growth for the manufacturer. Fitbit has managed to balance its presence across all distribution channels. While the offline channels contribute almost 50% to the total sales, Fitbit has an exclusive partnership with Amazon for online distribution of their products.