Indian Market Presents Lucrative Prospects for Wearable Brands with Surging Smartwatch Demand
New Delhi (India), August 25: The Indian wearable market has experienced a significant momentum in sales, emerging as a promising hub for established and emerging brands to capitalize on the growing demand. As the first half of 2023 unfolds, a staggering year-over-year growth of 53.3%, as reported by the International Data Corporation (IDC), propels this market to new heights, marked by the shipment of 57.8 million units.
Amid this surge, an impressive transition in consumer preferences toward affordable wearables has come into light, motivating brands to launch products that offer high-end features within budget price-point. Budget smartwatches now offer cutting edge health and fitness features along with latest display, longer battery-life, and sought after connectivity features, which were generally seen on premium wearables.
Emerging brands such as Skyball seems to be tapping the market potential with its feature-packed products. The company’s latest range of smartwatches- Skyfit Elevate and Rigor offer premium craftsmanship, vibrant AMOLED displays, and an array of high-demand health and wellness features such as SpO2 monitor, sleep tracker, 24×7 heart-rate monitor, etc.
To meet consumer demands, Mr. Sandeep Gupta, Chairman and Managing Director of Skyball, emphasizes innovation, rigorous quality assessments, and compelling aesthetics. In his statement, he highlighted, “Skyball’s unwavering commitment to research and development, as well as the extensive expertise of its affiliated companies, VMI International Pvt Ltd and VMI Electronics, plays a pivotal role in maintaining the company’s commanding position in the competitive market.”
With an impressive year-over-year surge of 128.6%, the trajectory of demand is expected to continue its ascent in the forthcoming months. The increased demand requires strategic strengthening of production and delivery logistics to ensure seamless and timely product delivery to buyers.
Elista, another prominent Indian brand specializing in electronics, home appliances, IT, and mobile accessories, has demonstrated an effective approach to meet this challenge. Elista plans to manufacture its products in the new facility spanning 1.32 lakh square feet in Andhra Pradesh, indicative of its commitment to India’s ‘Atmanirbhar’ initiative to foster self-reliance in manufacturing.
Elista has also heavily invested in establishing a strong distribution network to ensure a widespread accessibility of its products across the market.
Pawan Kumar, CEO of Elista, emphasizes the importance of a robust distribution network as part of the company’s growth strategy that combines online and offline channels. Highlighting the importance of the multi-channel approach in the growing wearable landscape, he said, “We wholeheartedly acknowledge the value of a robust ecosystem to extend our outreach to a broader spectrum of customers in the growing wearable landscape. We meticulously position our products in both online and retail outlets to raise brand visibility and engage customers directly with our offerings. Our soon-to-be-released smartwatch lineup will allow you to delve into the world of cutting-edge wearable technology without straining your budget.”