Sales of electronic gadgets like digital watches & headphones increased by 66%, more than double.
The first half of the year saw a 65.8 percent increase in the domestic market for wearables such as smartwatches, digital watches, wrist bands, and earphones. During this time span, 3.800 million wearables were purchased by consumers. What makes the April-June quarter unique is the 113% increase in sales of wearables, which brought the total to 2.39 crores.
As a result of new products and price cuts, the wearables market is booming. One of the causes for the surge in sales of wearables in the Indian market is fresh launches, discounts, & aggressive marketing approach, as per a survey by wearable device tracker International Data Corporation (IDC). However, the pricing phenomenon is the primary driver here. As a matter of fact, the cost of consumer electronics like smartwatches, digital watches, wrist bands, & earbuds has been steadily declining over the past few years. This makes them more accessible to all the common public.
According to a research released on Wednesday, the average price (ASP) of wearables has declined by 7.2% in the June quarter, but sales in the country will still reach 9 crore. The average selling price of inexpensive watches has dropped by as much as 29 percent. From an average of Rs 5,000 last year, their price has dropped to Rs 3,500. IDC predicts that this year will break the all-time sales record for wearables in the United States, at over $90 million.
Research Manager at IDC India Upasana Joshi said that as a result of intense brand-on-brand competition, costs are steadily dropping. In addition, previously premium features such as Bluetooth calling, larger screens, and AMOLED displays are now available at reasonable costs. Because of this, both new users and others looking to update their current technology are gravitating toward them.
According to Navkender Singh, AVP, IDC India, South Asia & ANZ, the market for wearables has shifted from urban regions to towns and countryside. The reason for it is inexpensive products & aggressive marketing techniques.