To understand Indian millennials’ consumer behavior in the smart wearables’ category (fitness bands)

Abstract

Wearable technology is the integration of technology with regular accessories which make user’s life easier. In the past couple of years, watches are being slowly replaced with wearable devices and smartphones. The worldwide market for wearable devices is around $26 Billion and comprise of 293 million active devices worldwide. The wearable electronics in India has a volume of 5,22,000 retail units’ sales with 66.4% y-o-y growth. Smart wearables category was introduced in the Indian market in 2009 by Fitbit. With changing lifestyles, technological innovations and the integration of these wearables with smartphones, the category has observed significant growth, but is yet to gain traction in Indian consumers and the penetration remains on the lower side. The number of players in the category have been increasing rapidly considering its business potential. The category is basically divided into activity trackers and smartwatches with a wide price range. Fitbit and Xiaomi are the leading brands in the category.