“A REPORT ON COMPETATIVE

ANALYSIS OF FITNESS
WEARABLE IN INDIA”

Anindita prusty
(20dm025)
Institute of management and information science bhubneswar
 TABLE OF CONTENT
1 INRODUCTION

2 MARKET SIZE AND GROWTH OF FITNESS

WEARABLE IN INDIA
3
DRIVING FACTOR
4 RESTRAINING FACTORS
5 TRENDS, OPPRTUNITIES & DEVLOPMENT
6 COMPETITIVE LANDSCAPE & STARTEGIC
RECOMMDATION
7
REFERENCES
INRODUCTION
The India wearables market posted a remarkable 144.3% year-over-year (YoY)
growth in 2020, exiting 2020 with 36.4 million unit shipments, according to the
recent data from the International Data Corporation’s (IDC) Worldwide Quarterly
Wearable Device Tracker. India was the only country in the top 20 to see triple-
digit growth in wearables in 2020 and continues to be the third-largest wearables
market globally. This growth was majorly driven by the increasing acceptance of
earwear devices and upgrades to watches from wrist bands, both recording their
highest annual shipments in 2020.

Keeping this in mind, many brands in India started

pushing out multiple wearable devices over the past BEST FITNESS WEARABLES
few months and now we have got options from Rs IN INDIA
2,000 to over Rs 50,000 for a fitness tracker. A
recent report says the Indian wearable market grew 1. Apple Watch Series 6
by a whopping 170.3% in 2021 Q1. Digging up 2. Fitbit Sense
further reveals that the wristbands or fitness band 3. Samsung Galaxy Watch 3 
category saw a decline of 22.4%. 4. Amazfit GTS 2/GTR 2 
5. Fitbit Charge 4 
6. Amazfit Bip U Pro    
This is because we are getting many more
7. Honor Watch ES
attractive budget smartwatches filled with a bunch of 8. Mi Band 5
fitness and health-related features starting at Rs
3,000 in India - which is impressive. A fitness
tracker is now capable of doing more than just
counting the number of steps you've taken. 

While most of them come with Heart rate monitors, a few of them have also come
with SpO2 monitors which help in monitoring the blood-oxygen level in your
body. Apart from these two features, you get a bunch of fitness tracking modes
including indoor, outdoor activities and also swim tracking in some trackers. 
MARKET SIZE AND GROWTH OF
FITNESS WEARABLE IN INDIA
The India Consumer Wearable industry has grown at a CAGR of 32.0% on the
basis of revenue over the period 2015-2020. The young demographics and high
disposable income in the country is one of the largest growth drivers of the
industry. Continuous investment in research & development and marketing
activities by the wearables manufacturers is positively impacting the industry’s
growth.

Fitness wearable Market

By Type: Wrist worn product dominated the fitness tracker industry in India in
2020 on the basis of revenue. The adoption of wearables is currently led by the
ease to carry these devices as compared to products like heart patches. In addition,
the falling prices of these products are fuelling its sales.
By Price Segment: Fitness trackers between the price category of ₹ 1,000- ₹
10,000 generate more demand as  products in this category offer more features as
compared to other price segments. Although there is a difference of quality,
majority of the branded companies are present in this price spectrum, adding to the
growth of the market.
By Region: Sothern India accounts for most sales of fitness trackers in India. This
is mainly due to the fact that South India has more number of Tier1 and metro
cities as compared to the other regions of India. Also, the literacy level is high due
to which the individuals in the region are comfortable in using technology.
By Distribution Channel: With increase in focus on non-metro cities the
companies are using online channels to penetrate the area. As a result online sales
are increasing. As the brand awareness in the country is on the rise customers with
no access to offline retail stores are making online purchases. As a result the online
sales for these devices are increasing.
The fitness wearable devices market in India is anticipated to expand at a
compound annual growth rate (CAGR) of ~26.33%, and reach a sales volume of
16.22 million units by 2024, from 4.72 million in 2019.
The India Consumer Wearable Market report concludes with projections for future
of the industry including forecasted sales volume & revenue by 2025, market
segmentations, Covid-19 impact and analysts’ take on the future.

Fitness wearables have been one of the quickly growing markets in india.

According to a report by research firm international data corporation (idc),
the Indian wearable market posted a 144.3 percent year-on-year growth in 2020.
Shipments in 2020 exited at 36.4 million units.

This graph shows that how the fitness brands are growing in Indian market
DRIVING FACTOR
Growing Awareness Related to Health and Fitness to Fuel Demand for Fitness
Monitoring Products
Growing awareness to stay healthy and fit to monitor fitness activities is
anticipating the growth of the market. These tracking products have come a long
way from being just a basic pedometer to becoming a smarter device with a
colored display that tracks the sleep pattern, measures heart rate, activity monitor,
and others. Being at their nascent stage in India, the fitness industry foresees a
good amount of adoption, particularly amongst the younger generation. People are
currently more inclined towards health clubs and gyms to limit the side-effects of a
hectic lifestyle. Moreover, a regular workout helps in reducing stress, anxiety, and
depression. The growing health issues are pushing people not only towards a
healthy diet but also towards fitness activities. The fitness trackers help them track
their exercises, thus, propelling the demand for fitness monitoring products.
Besides, certain economic factors such as growing per capita healthcare
expenditure, developing healthcare infrastructure, and rising investment in the
industry sector to expand innovative technologies are expected to boost the global
market's growth rate by 2028. Thus, growing health awareness is anticipated to
drive the growth of the market.
Increasing Prevalence of Health Disorders to Propel Market
Deskbound lifestyles associated with contemporary living are baring people to the
high risk of developing several health issues, including obesity, lack of sleep,
diabetes, and other diseases. The frantic work timetables and growing health issues
have urged people to commence daily exercise to sustain their health and avoid
numerous health conditions. Consequently, increasing awareness about the
prominence of healthy living will increase the requisite for fitness activities. This,
in turn, is expected to foster the demand for fitness monitoring products. Besides,
fitness products offer better flexibility to customers, as a result, help to prevent
major health conditions. Thus, rising health awareness is expected to drive the
growth of the market.

RESTRAINING FACTORS
Safety and Privacy Concerns to Limit Market Growth
The data collected by fitness monitoring devices is mainly personal, entailing the
user's information, which includes weight, birth date, photos, GPS coordinates, or
social data, heart rate, steps, and background data used by the device. Besides the
highly personal data, the primary concern is data theft. Thus, leaving the person
open to privacy destructions that may cause them harm. Though, fitness tracker
users are likely uninformed of the privacy implications of how the data could be
misused when collected over time or when linked with other information. For
Instance, in 2018, Strava on its website uploaded a heat map of users' unnamed and
collective fitness tracking data.

TRENDS, OPPRTUNITIES &

DEVLOPMENT
While fitness tech has been one of the fastest-growing sectors in the world since
2016, the pandemic might just have triggered the sharpest growth in the industry
yet. In the months before the pandemic, fitness enthusiasts were starting to team
their wearables with at-home fitness and outdoor workouts like cross-functional
training, kickboxing, piloxing, and a variety of other new ideas.

Fitness providers were also beginning to identify the demand for virtual training
and recognise the potential of online services. The pandemic and resulting
lockdowns pushed both to quickly embrace these technology-driven alternatives,
giving rise to an era of technology-driven fitness in India.

In 2021, as the pandemic wears away, technology will unlock ways for the
industry to boost both its online and offline offerings. Here are some of the
trends that will become more prominent in the months to come

So the wearable device has already dominated the market of 2021 by

 AI and analytics emerge as key drivers.

 Virtual fitness is here to stay; gamification set
to rise.
 Remote coaching set to get bigger.
 Tech-driven changes at gyms
and fitness studios.
“Market Driven by Rising Fitness Trends, Modernization of
Lifestyle, Growing Keenness to Own Sophisticated Devices and
Surging Internet Penetration”

The current generation of fitness wearables suffer from a number of problems,

including substandard battery life and poor accuracy when tracking users’
movements. Aside from performance issues, the devices themselves have noticeable
limitations. what people mostly seek in wearable device.

The future generations of their wearables. Popular requests included hardware

improvements, like making the devices waterproof and adding more wristband
options. Those surveyed would also like to see greater versatility. Now that they’ve
integrated their wearable into their lives, they want it to see it track more aspects of
their health and connect more closely with their smartphones.
So companies are trying to improve more features and technological
improvement.so that it will more convenient for the customer to use. and these are
the developments to be done the companies in near future.

COMPETITIVE LANDSCAPE &

STARTEGIC RECOMMDATION
As far as competitive landscape is concerned, Fitbit and Samsung are both well
established as smart wearables companies, having a strong brand recognition and
credibility among the young generation. GOQii leads the market in volume terms
and increased its share by over 12% from year 2014, while value market is still
dominated by American Fitbit. Fitbit continues to promote the habit of fitness and
GOQii partners with doctors and other stakeholders. Other tech start-ups are
projected to come up with new features offerings, like Hyderabad based HUG
Innovations, which has developed next wave of innovation called Gesture Control
Technology. The technology enables touch less communication with smart IOT
devices.

Wearable devices market is projected to gain significantly during estimated period

of 2018-2023, on account of trends like rising fitness trends, modernization of
lifestyle, growing keenness to own sophisticated devices and surging internet
penetration. Year 2017 also saw plenty of new launches of smartwatches as well as
fitness trackers in India, for instance, Garmin launched Garmin Vivo smart 3
Smartband while Huawei also launched its fitness tracker in Indian market.
Increasing disposable income, particularly in tier II and tier III cities will help
wearable devices manufactures immensely and make demand more sustainable.
REFERENCES
https://www.researchandmarkets.com/reports/4461812/india-wearable-devices-market-2018-2023-by-
type
esearchandmarkets.com/reports/4461812/india-wearable-devices-market-2018-2023-by-type
https://www.globenewswire.com/news-release/2020/04/22/2019767/0/en/indian-wearable-devices-
market-outlook-2019-2024-sales-volume-to-reach-16-22-million-units-by-2024-growing-from-4-72-
million-units-in-2019.html