Rise Of The Consumer Electronics Market3 min readReading Time: 3 minutes
Times have changed for India’s wearable electronics.
Waqt Badal Raha Hain, and yes so are the watches. A decade ago, who would’ve thought that you could someday receive a call on a smartwatch or quickly read an email while running errands?
In less than half a decade, the consumer electronics market in the country has boomed and how! If you happen to take a stroll down the lane, you’d witness every other person wearing a smartwatch or a digital one. Not to forget the ear pods that compliment the watch.
A few years earlier when Apple and Samsung launched their smartwatches, which almost cost a bomb and came at the cost of a phone itself, most wouldn’t even have thought of buying one. However, this is when the Indian Electronics manufacturers stepped in and revolutionised the out-of-league gadgets.
These are a few companies who captured the consumer electronics market within a short span of time and introduced smart watches and handsfree bluetooth earphones for as low as Rs.1,000.
As everyone was locked up at home, gadget freaks found a whole new world to explore, especially with these quirky wearable electronics. Be it for indoor fitness or for entertainment, these make up for the best buys. The pandemic here has played a vital role and has indeed created more awareness about health and fitness.
The demand for these products have shot up considerably and has remained throughout the past two years, more so after the pandemic.
Key factors like the durability, design, and affordable pricing has helped the local companies to strengthen their position with India and now the way forward to seek international success.
1. Growth over the years
According to media reports available, India has now become one of the fastest growing markets for smartwatch sellers worldwide in the second quarter of 2021.
A report by market research firm Counterpoint Research laid emphasis on the same and has highlighted that while the country accounted for only 2% of the total market, its share increased to 6% year-on-year.
It further also stated that, “The proliferation of sub-$100 affordable, feature-rich smartwatches from Chinese brands and Indian brands has been one of the key growth drivers,”
These gadgets are now a part of our daily essentials.
Be it for checking an email while you are on your jog or to measure the amount of calories that one has burnt in a day’s span, these smart watches are acting like a one-stop solution for all and have swiftly become a part of the daily routine.
2. ‘Make in India’ initiative, a blessing to the domestic companies
The novel coronavirus was also termed as the Chinese Virus which in-return led to the banning of import as well as usage of several products made in the country. The term suddenly gave the Make In India initiative the much needed attention and appreciation. It was also then that the focus of Indians also started moving to the local brands which had a variety of gadgets to offer at prices which were at par with gadgets available globally or even at a lower rate.
3. The way ahead
The wearables manufacturers in the country have the potential to bring in a revolution in the market, some of which has begun already. In the best case scenario it could have an impact similar to what Apple Inc did in the U.S, but at a far more affordable rate.
According to the media report available, the global consumer electronics industry is projected to show considerable growth over the forecast period 2019-2025, courtesy a surging demand for products such as televisions, smartphones, and wearable devices.
Disclaimer – This content is purely for informational purpose and in no way advice or a recommendation.