India’s wearable market reached 400,000 units in Q1 2016, reports research firm International Data Corporation (IDC), with fitness bands dominating the market and accounting for 87.7 per cent of the market share.
While Xiaomi and GoQii are have a 45 per cent market share, Fitbit has the maximum market value share, noted IDC.
“The wearable market is rapidly gaining traction as it provides an easy health tracking mechanism to the users. In terms of units, Xiaomi and GOQii together contributed over 45 percent share, however Fitbit had maximum market value share. The smart wearables have not yet gained enough ground because of the higher price attached to them,” said Raj Nimesh, Senior Market Analyst, Client Devices at IDC.
IDC also says, online channel was the most preferred means for majority of the vendors, with Fitbit and Apple being the only two brands that are widely present in physical stores.
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“The popularity of wearable devices is restricted to urban sectors with relatively higher disposable income. Since online platforms are immensely popular in this segment, nearly three-quarter of the sales happened through leading online retailers. However, to expand the reach, an increasing number of brands are taking up the offline channel, especially though major large format retail (LFR) outlets,” added Nimesh.
IDC expects smart wearables (wearables which can also run third-party apps, compared to basic fitness bands) will see a higher growth rate in the future. In the smart wearables market, which includes smartwatches, Samsung and Motorola were on top, with Apple coming at number three due to channel-related issues.
The list of top wearable vendors stands as the following:
Xiaomi was the top vendor this quarter with the continuing success of its affordable fitness tracker Mi Band, gaining 27.1 per cent market share in Q1 2016.
GOQii stood at second position in the market, with 18.1 per cent market share.
Fitbit is at number three with 6.2 per cent market share in terms of units. However, the brand leads in terms of market value share, currently over 10 percent more than its closest competitor.
Samsung is at number four with 2.5 per cent market share. It leads in the smart wearable category with 20.4 per cent market share thanks to the success of its Gear S2 smartwatch.
Motorola is number five in the list with 1.4 per cent market share.