Smart Band Sales in India to Grow at 41% CAGR until 2023
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.
About TechSci Research
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technologies and niche applications. Our workforce of more than 100 fulltime analysts
and consultants employing innovative research solutions and tracking global and
country specific high growth markets helps TechSci clients to lead rather than
follow market trends.
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