India is slowly becoming the hub of new technologies, including the wearables devices. With a few leading brands already making their foray, the wearable devices sector is heating up to the delight of consumers benefiting from the low prices. Xiaomi is one brand that has grabbed the major pie of the market share.
According to a recent report from the International Data Corporation (IDC), the wearable devices witnessed an annual triple-digit growth. Xiaomi led the market share (27.1%), closely followed by GOQii (18.1%), Fitbit (6.2%), Samsung (2.5%), and Motorola (1.4%).
In Q1’2016, the wearable segment registered more than 400k units in sales. As per the report, fitness bands contributed majority to these sales (87.7%) whereas, smart wearables contributed the remaining 12.3%. Smart wearables are wearable devices that can run third-party applications. A smart watch would be an apt example.
Raj Nimesh, Senior Market Analyst, Client Devices at IDC said,
The wearable market is rapidly gaining traction as it provides an easy health tracking mechanism to the users. In terms of units, Xiaomi and GOQii together contributed over 45 percent share, however Fitbit had maximum market value share. The smart wearables have not yet gained enough ground because of the higher price attached to them.
Since the industry is still in the nascent stage in India, there is insignificant offline presence. Most of the products have to be bought from online channels such as Flipkart and Amazon. Additionally, some of the products may appear pricey to some, and hence, more affordable products such as smartwatches will ignite further interest in this space. Intex recently launched Fitrist at an affordable price of Rs 1099. Xiaomi is also expected to launch its Mi Band 2 in India this year with a host of new features.
Other offerings from Samsung and Fitbit will surely flood the market by the end of this year, but they are unlikely to engage in a price war. So, the consumers will have ample products to choose from, based on their pricing and features.
Featured Image: Xiaomi Mi Band