The pandemic has taught us to become health-conscious and not to become scary. The world has witnessed low demand and decreased sales for most of the goods and services during the covid-19 crisis. However, the fitness wearables market in India had its best time during the pandemic.
The Indian wearables market has shown significant growth since the beginning of the COVID-19 crisis. The Indian wearables market recorded a 144.3 percent year-on-year growth in 2020. The segment has again recorded 11.4 million unit shipments during the first quarter of 2021.
According to IDC, the increased demand for watch and earwear categories has resulted in 170.3% year-on-year (y-o-y) growth for the market in Q1 2021. The total watches shipped in the first quarter were 1.4 million, thereby recorded a 463.8% y-o-y growth. There is a total of 74.8% y-o-y growth in the first quarter for the wristwear category.
In the opinion of Anisha Dumbre (IDC India market analyst), the current demand for earwear devices is a sign of increasing health consciousness among people. Sellers are making use of current demand to make a profit with low and mid-priced products. This helps to reduce the average selling prices for the products thereby acquiring new consumers with improved features. The average selling price has decreased 31% from the previous quarter with the introduction of low-cost devices in the market.
The second wave of coronavirus affected the retail sales for the sector as the offline expansion business has to be postponed due to lockdowns amidst the present crisis. Jaipal Singh, (IDC India associate research manager (client devices)), said that the fitness wearables market has emerged into a competitive market with new players entering the market. The wearables became the best cosmopolitan devices of recent times as it is used as a style statement as well as a fitness tracker.
The second wave of covid-19 has postponed new product launches and deliveries. Despite that, the demand for fitness wearables shows a swift growth and it is believed that the same momentum continues in 2021 also.