The Second Largest Wearable Market: India is the second largest market where smartwatches are sold. Which means, smartwatches are in such a popular category in India where every other person has a smartwatch.
Basically, India is the second largest wearable market where products of wearable category are sold in very high volumes. And literally, the on average price of everything is less than 2000 rupees.
Leading Brands and the Market Shift
I want to tell you a simple thing. Do you know which are the companies that lead in India? Firebolt is yours, Boat is yours, Noise is yours, Bolt Audio is yours. All these companies.
But I observed an interesting thing here. Till 2024, all these companies were showing very good growth. Firebolt was selling a lot of watches. Even Boat was making a lot of money. But 2024 is such a year for them where the market share of these companies has also decreased.
People’s excitement has also reduced. And here, they are not making the money they were making earlier. Even the revenue of Boat has also dropped a lot.
What Is Happening in the Market?
What is happening now? Is their market going to end? Let’s talk about everything in this video. If you like it, then subscribe to the channel.
Categories of Wearable Devices
First of all, let me talk about that you can divide the wearable category into two parts. One is your smartwatch, in which your fitness band comes. Any health tracking device comes.
That is, any device that you can wear on your hand. Look at the time on it and track your health. All these come in the category of smartwatches.
The second wearable device is your TWS earphone. Where there is TWS in the market, earphone and neckband.
TWS Earphones: A Modern Necessity
Now, if you look at it, earphones have become a necessity in today’s time. Where there is no headphone jack in mobile phones in today’s time.
On top of that, earphones do not even come in the box of a mobile phone. And companies have made such a market that you will have to buy a separate earphone. That is, if you are buying a mobile phone, then you will have to buy an earphone as an accessory.
Apple started this thing here with its AirPods. But you followed every company. So that every company can sell their earphones somewhere. Now, because of this, many brands have come into the market. And they compete with each other. And basically, people’s preference here was to be cheaper than the audio quality. The cheaper one sells more.
However, now there is a shift in the market. The good companies like OPPO, Realme, OnePlus, some good earphones. They are slowly becoming popular. Redmi is jumping here. And the other company that has not been able to release its quality products yet. It is slowly shrinking here.
Smartwatches in Decline
Can, but this market will go up and down a little. But this market will never end here. Because this is such a thing that everyone needs.
Well, if you are listening to songs on your mobile phone, then you will have to use earphones. And you will have to buy from any company. It won’t happen that you will listen to songs at full volume without earphones. It doesn’t happen. But yes, this will be such a thing that in the coming time, people will keep buying it.
But talking about smartwatches, In India, smartwatches are slowly starting to fail.
Why Are Smartwatches Failing?
First of all, why are smartwatches used in India? Do you think it is used for health tracking? Not at all. More than half of the people need a digital band in their hands. It is necessary to have a watch that is a touch screen. They just want this.
That’s why two and a half thousand cheap smartwatches were being sold here. Even a company like Fireball has taken out watches in a very affordable category.
Their main aim is not to give you accurate information. Their main aim is that if it looks good, if it looks premium, then we will buy it.
Poor Quality and Short-Term Appeal
Then you see, in the market, you can see Apple Watch Ultra rip-off in 1000 rupees. Which is not going to work at all. Why would you give Apple Watch to a person who is going to buy it? Basically, the market has now moved in such a way that people are attracted to these things.
But this was a very short-term thing. Because literally, this is not solving any problem here. And until the consumer’s problem is not solved here, why will it come to you?
Lack of Innovation and Trust
And that’s why there’s a big decline here. Which we will see in the coming time. There are many smartwatch brands that sell other types of smartwatches.
There is an alarming situation for them. Because the consumer has now gradually seen so many watches that he has started to understand what is wrong and what is right. First of all, I want to tell you, he found out that innovation is not coming here much.
A lot of watches are not going to happen here by bringing them to the market. Even this product, the smartwatch of the budget category, is so bad that it is a use and throw product.
You will use it, run it for a few days, and then it may never work. Because of this, a trust factor has fallen here.
Premium Smartwatches Gaining Ground
Opposite to this, the premium segment where a Samsung Galaxy watch comes or an Apple watch comes has increased.
People are starting to prefer Apple’s watch here. Which is many times better than the rest of the smartwatches in the market.
Along with this, I am also seeing in the TWS category. There, those TWS brands will come out more. Which will give you a good premium sound quality experience. That’s why there is an increase here.
Tipping Point in the Market
All the smartwatches that are operating in India today. The tipping point for them has already started here.
In which it can also happen that after a few years, this brand does not exist. Until and unless it does not work on its product again. Or do not pivot anywhere else.
Suggested Solutions and Innovation Gaps
Because the problem in today’s time is that the quality of the product is not working at all. Even in features, it is not working.
If any company wants to revolutionize itself, there will be a suggestion for it. Make a VROS watch here. He can see a very good solution here. Because VROS has a demand in the market. But still no company was able to make it available.
Even Firebolt had released Android-powered smartwatches. But that product was exactly the same as it was seen 5-6 years ago. And they turned the same thing around and took it out.
Even in the name of innovation, these companies have done nothing here. And on top of that, a lot of such useless products have been brought here and filled in the market. Which does not have any union distribution or other factor.
Market Data and Consumer Trends
Even talk about 2024. In Q2, you got to see a 10% decline in the wearable industry. Which was the first time. Because before this, the smartwatch industry was also coming to a peak.
But now there is a situation where people do not feel so much requirement.
Even I have seen a surprising thing in the market. People are preferring regular analog watches over regular smartwatches.
Premium Segment Still Alive
In the premium segment, people who are health conscious have started giving more money. For example, Amazfit makes very good smartwatches.
Even though it has RTOS, but the product is good, the quality is good. And despite being expensive, people are going for it.
I have also seen that if someone buys one or two smartwatches, He is not going for another smartwatch again. Because literally the smartwatch does not solve any problem. And the material he has will continue to work.
The Rise of Smart Rings
Anyway, let’s see if these things change in the coming time. And with this, a new category is also rising in the market.
That is the smart ring. Where both such companies have also taken out their ring. Samsung has also taken out the ring. And an Indian company Ultra Human has also taken out its ring.
The ring concept is coming in the market completely new.
Niche Market for Smart Rings
But I can tell you that it will not be the same concept. That will completely replace your smartwatches. Smartwatches will keep running small.
The ring concept will rise slowly. But if you observe in it, There are many rip-off brands and low-quality products coming.
I think they will not be able to perform so well. And the rings in the premium category will be able to do it.
The ring will also be a niche product. So that the selected people who just want to track their health here And want to see the data accurately Maybe they will use this thing here.
Health Tracking Is a Niche, Not a Mass Market
Because I have seen that if someone wants to track their health, Then it goes on expensive premium products. Like the Whoop company that brought their band to India.
It is not a useless feature. But it is known for health tracking. That’s why many players use it. This is a niche market.
Health tracking is a very small market. And to crack this small market is not very special for anyone.
Future of the Wearable Industry
If I look at the big market, TWS is very big and smartwatches are getting smaller. And because of this, there is a downfall in the wearable industry.
I think a revolution can start here from the downfall. If a company takes advantage of this and brings a good product or something new to the market, Then it can change the whole dynamics of the market. Let’s see what is left here.
