Summary

India's wearable technology market is undergoing a radical change as a result of the country's quick uptake of wearable technology that goes beyond calorie counting and step tracking. The wearable technology industry has experienced significant growth in India in recent times, primarily due to developments in technology, shifting consumer preferences, and increased awareness of the potential uses of wearables. In the Indian wearable tech sector, fitness trackers and smartwatches have taken the lead. These gadgets are becoming more and more popular because of their ability to track fitness and health, which appeals to people who are concerned about their health. Indian customers are incorporating smartwatches and fitness trackers into their daily routines as a means of tracking their heart rate, physical activity, sleep patterns, and general well-being. Another important development in the Indian wearable technology industry is the combination of wearables and the Internet of Things (IoT). The user experience is improved by wearable’s capacity to be connected to other smart devices, including smartphones, smart home systems, and healthcare platforms. The sharing of data, automation, and total environment management are made possible by this link. Wearables are being positioned as the main control points for smart gadgets as the smart home idea gains traction in India. Smartwatch users can control their security, lighting, and thermostats, improving the comfort and energy efficiency of their homes. The IoT ecosystem's incorporation of wearables is generating consumer interest and acceptance. The market for wearable technology in India has been further stimulated by government efforts and laws. The "Make in India" initiative has promoted local invention and manufacturing, which has helped the nation produce wearable technology and its component parts.

According to the research report "India Wearable Technology Market Overview, 2028," published by Bonafide Research, the India Wearable Technology market is projected to grow with more than 25% CAGR from 2023 to 2028. India's drive towards digitalization, along with the country's growing availability of low-cost smartphones, has increased wearable technology's potential user base. By creating wearables that seamlessly integrate with smartphones, wearable makers have taken advantage of this and expanded the audience for this technology. Platforms for online shopping have grown in importance as avenues for selling wearable technologies. Customers may easily explore and buy wearables online thanks to these platforms' extensive selection of wearables, brands, and pricing points. In India, wearable technology is slowly finding its way into the educational system. Learning is being improved by the use of gadgets like augmented reality (AR) glasses and smartwatches. With these wearables, students may access interactive courses, instructional content and even virtual field trips. This trend is expected to grow as educators recognise the potential for immersive and interactive learning. A number of Indian businesses are making their way into the wearable technology market with competitively priced goods. This could democratise wearable technology and increase its accessibility for a wider range of people. Wearable technology is finding more and more applications in the healthcare industry, beyond just tracking fitness. Wearables can help in the early detection and monitoring of chronic diseases such as hypertension and diabetes in India. Certain gadgets can even conduct electrocardiograms (ECGs) and instantly transmit the results to medical experts. Wearables will become essential for remote patient monitoring and consultations as telemedicine takes off.

Based on product segment market is segmented into wristwear, eyewear and headwear, footwear, fashion and jewelry, bodywear and other wearable technology. Wristwear products are significantly dominating the market of India and are growing at significant pace as well. A greater spectrum of consumers can now buy wristwear products thanks to their increased affordability in recent years. In India, where a sizable section of the populace is still middle-class or lower-class, this is particularly crucial. The growth of India's economy is contributing to an increase in disposable incomes. The demand for consumer electronics, particularly wristwear products, is rising as a result of this. In India, the popularity of smartphones is rising, and wristwear items frequently integrate with smartphones. Users can now easily monitor their statistics and access services like music controls and notifications. The adoption of wristwear items is in line with the Indian government's goals to support digital literacy, connectivity, and smart city development. These devices can be instrumental in the government's vision for a digitally empowered India. Sports and physical fitness are gaining popularity among Indians. As a result, there is a rise in demand for wristwear products that are used to measure fitness objectives and progress. Fitness trackers and smartwatches are constantly adding cutting-edge features to meet the unique requirements of Indian consumers. Menstrual cycle tracking, stress tracking, and localised content collaborations are some of these features.

In terms of type market is divided into wearable smart textiles and wearable product and devices (non-textiles). Wearable technology that isn't textile-based includes a broad variety of gadgets like fitness trackers, smartwatches, augmented reality (AR) glasses, and other multipurpose devices. They are made to be multipurpose and to provide a great deal more functionality than just clothes. Indian consumers are drawn to this device's multifunctionality as they are looking for devices that can fulfil multiple purposes. Wearables that aren't made of fabric, like smartwatches, are available in a variety of designs and styles. They can be customised to meet various ensembles and style tastes. Indian consumers who care about fashion value this customization and view these gadgets as accessories. There are uses for smartwatches and augmented reality glasses in research and educational settings. Their uptake might be aided by their use in research projects, academic initiatives, and innovation hubs. Based on application market is divided into consumer electronics, healthcare, enterprise and industrial applications and other applications (fashion and lifestyle, gaming and entertainment, military and defense, education and training, tourism and navigation, pet and animal health, etc.). Consumer electronics segment is expected to lead the market of India wearable technology market. Smartwatches, in particular, are wearables that go along with smartphones. Customers in India, where there is a strong smartphone adoption rate, view wearables as useful additions to their mobile phones. They don't need to continually check their phones to receive notifications, take calls, and use other smartphone features. Consumer electronics wearables are multipurpose devices with a broad range of capabilities. They include functions like music playback, GPS navigation, messaging, and even mobile payment capabilities, going beyond basic timekeeping. Indian consumers find this multifunctionality to be quite appealing. Innovative wearable consumer electronics are being developed in part by India's expanding start-up ecosystem. The attraction of these devices is being further expanded by these start-ups, which are concentrating on special features and regional market demands.

Considered in this report:
• Geography: India
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• India Wearable Technology market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product:
• Wristwear
• Eyewear & Headwear
• Footwear
• Fashion & Jewelry
• Bodywear
• Other Wearable Technology (Wearable Camera)

By Type:
• Wearable Smart Textiles
• Wearable Products and Devices (Non-Textiles)

By Application:
• Consumer Electronics
• Healthcare
• Enterprise and Industrial Applications
• Other Applications (fashion and lifestyle, gaming and entertainment, military and defense, education and training, tourism and navigation, pet and animal health, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Wearable Technology industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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