Global Market Research Company US India Smart Band Market Forecast and Opportunities | Page 7

Industry Brief
Smart Band Sales in India to Grow at 41% CAGR until 2023
According to TechSci Research report, “India Smart Band Market By Product Type, By Category,
Competition Forecast & Opportunities, 2013 – 2023”, smart band market in India is forecast to grow at an
astounding CAGR of 41% during 2018 - 2023. Growth in the market is expected to be driven by new
technological advancements, rapidly increasing number of health-conscious people in the country and
presence of a robust distribution channel. Smart bands enable users to perform functions such as using
email, receiving WhatsApp notifications, monitoring heartbeats, etc., which is boosting their adoption
across varied consumer segments. Owing to aforementioned factors, number of people adopting smart
bands in India is anticipated to grow at a robust pace over the coming years.
On the basis of product type, India smart band market has been segmented into two categories, namely
fitness band and smart watch. Of these categories, fitness bands are gaining popularity as they enable the
users to easily track their health. Moreover, this segment of smart bands is expected to emerge as the
fastest growing segment during the forecast period, backed by the availability of several low-cost products,
rising disposable income and growing number of health-conscious people in the country. South India
dominates the country’s smart band market, on account of presence of huge tech-savvy and fitness
conscious population in the region. However, over the coming years, eastern region is anticipated to
register the fastest growth rate in the country’s smart band market, on the back of rapid urbanization.
According to a consumer survey conducted by TechSci, it was found that majority of the respondents
prefer purchasing smart bands in the price range of USD15-30 per piece. “India smart band market is
expected to witness strong growth over the coming years, as the IoT ecosystem is growing at a rapid pace.
In addition to rising sales of low-cost smart bands, the anticipated launch of more smart home appliances
and introduction of 5G technology, along with LTE feature in smart watches such as Apple, is likely to push
the smart band market in India over the course of next five years.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting firm.
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