Pandemic pushes up demand for fitness wearables; watches fastest-growing category in Q1

In watches, with a surge of low-cost gadgets available in the market, the ASP fell to $88 (round Rs 6,000-Rs 6,200). Furthermore, the ASP additionally declined by 31% from the earlier quarter, highlighting that distributors are aggressively capitalising on this market by introducing extra inexpensive gadgets.

The Indian wearables market has been witnessing certainly one of its most interesting phases in the course of the pandemic. After reaching document shipments final 12 months, the phase once more posted volumes of 11.4 million items throughout January-March 2021, the very best ever recorded within the first quarter of any calendar 12 months.

The market grew 170.3% 12 months on 12 months (y-o-y) in Q1 2021 on the again of a powerful momentum in watch and earwear classes, IDC India stated. Watches grew 463.8% y-o-y to develop into the fastest-growing class in wearables, changing earwear. A complete of 1.4 million watches had been shipped in Q1 2021, the second quarter in a row to document over one million shipments for watches, it stated.

The general wristwear class, together with wrist bands and watches, grew 74.8% y-o-y within the first quarter.

“The continuing shopper enthusiasm for earwear gadgets demonstrates the class’s wholesome urge for food. Distributors try to capitalise on the experience with low- and mid-priced gadgets. This isn’t solely serving to decrease the class’s common promoting worth (ASP) but in addition including improved options to amass new customers,” IDC India market analyst Anisha Dumbre stated.

In watches, with a surge of low-cost gadgets available in the market, the ASP fell to $88 (round Rs 6,000-Rs 6,200). Furthermore, the ASP additionally declined by 31% from the earlier quarter, highlighting that distributors are aggressively capitalising on this market by introducing extra inexpensive gadgets.

The offline channel, which confronted challenges because of Covid-19, began to witness some normalcy and distributors explored offline growth as an important means to enhance companies in each hearables and wristwear, she stated.

Nonetheless, the second wave has once more halted retail gross sales as key cities are going by lockdowns, additional pushing the offline growth of corporations for the subsequent two quarters, Dumbre stated.

On the expansion of the Indian wearables market, IDC India affiliate analysis supervisor (shopper gadgets), Jaipal Singh stated, “From type to well being monitoring, wearables have now develop into probably the most subtle gadgets in current occasions. The class is witnessing a continuing shift within the aggressive panorama with new gamers coming into the phase.”

The second wave of infections has impacted deliberate launches and delayed deliveries. Nonetheless, during the last 12 months, the worth of wearables has quickly expanded. The demand for these gadgets is anticipated to proceed sturdy in 2021, he stated.