The wearable devices market in India grew 41.9 per cent in the second quarter.
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GoQii apparently benefited in this quarter from its aggressive price for the GoQii fitness band.
Overall shipments of wearable devices soared 26.1% to 22.5 million units in the quarter, buoyed by a 49% year-over-year increase in basic wearables, such as fitness trackers that count calories and steps, according to data published Tuesday by industry tracker IDC.
Fitbit (FIT) is the champ in wearable technology, according to a bit released today by research firm IDC, while Apple’s (AAPL) Apple Watch has seen its share plunge as sales cool for the device.
Garmin entered into the leading five, with a 1.4 percent share displaying remarkable sequential growth of 250 percent over Q1 2016.
“Fitness is the low-hanging fruit for wearables”, said Jitesh Ubrani, senior research analyst for IDC Mobile Device Trackers. Huawei is one the few brands with presence in both basic and smart wearables. Domestic consumer electronics company Intex held a significant chunk in the “others” category and was one of the major drivers of the market, the report added. Chinese company Xiaomi, which was at the first position in Q1, saw a decline to the second position due to its competitors launching products in the same price band and also the consumers waiting for the yet to be launched Mi Band 2. At the same time, consumers prefer low-priced wearable devices because for them spending Rs 1,000 is more prudent on a bracelet kind of device instead of spending Rs 10,000.
The wearable devices market is rapidly gaining traction and a drop in growth rate does not seem to be in sight. “Considering the wide range of price points, wearable devices are expected to be first choice for gifting purposes”, he said.
Wearable market has advanced to a stage where consumers are now looking for better product features and companies are increasingly working on solving the concerns.
“Smart wearables, meanwhile, are still struggling to find their place in the market”, Llamas said. The penetration of wearables is still low, and vendors are investing in the continuous development of products to provide better value to users.
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The market in India is still at a nascent stage and is expected to evolve in all form factors, it added.
