Surge in Sales of Electronic Gadgets Sweeps Indian Market
The first half of the year has witnessed an astounding 65.8 percent increase in the domestic market for wearables, including smartwatches, digital watches, wristbands, and earphones, with consumers purchasing a staggering 3.8 million of these tech accessories.
Unprecedented Growth in the April-June Quarter
What sets the April-June quarter apart is the remarkable 113% surge in the sales of these wearables, bringing the total sales to an impressive 2.39 crores.
Factors Driving the Wearables Market Boom
As the wearables market thrives, a multitude of factors are contributing to this surge in sales. New product releases, discounts, and aggressive marketing strategies are changing the game in the Indian market.
Is the Pricing Phenomenon the reason behind an increase in the sale of smart wearables?
The primary catalyst behind the increase in sales of wearables is the pricing phenomenon.
Over the past few years, the cost of consumer electronics like smartwatches, digital watches, wristbands, and earbuds has been consistently decreasing, making them accessible to the general public.
Lower Prices, Higher Sales
A research report released on Wednesday revealed that the average price (ASP) of wearables dropped by 7.2% in the June quarter, with total sales expected to reach a staggering 9 crores. Notably, the average selling price of affordable watches saw a remarkable 29% reduction, going from an average of Rs 5,000 to just Rs 3,500.
Record-Breaking Sales on the Horizon
The International Data Corporation (IDC) predicts that this year will break all-time sales records for wearables in the United States, with sales expected to surpass $90 million.
Accessibility and Competitive Features
IDC India’s Research Manager, Upasana Joshi, attributes the falling prices to intense brand-on-brand competition. Premium features such as Bluetooth calling, larger screens, and AMOLED displays are now available at affordable prices, attracting both new users and those seeking to upgrade their existing technology.
Expanding Wearables Market Reach
According to Navkender Singh, AVP at IDC India, South Asia & ANZ, the wearables market has expanded beyond urban areas to reach towns and the countryside, driven by affordable products and aggressive marketing techniques.
In conclusion, the Indian wearables market is experiencing a significant surge in sales, driven by competitive pricing, accessibility, and a broad range of features, making these electronic gadgets more attractive and available to the general public.
Also read – NPCI Bharat BillPay Forays into B2B Category: Offers Payments and Collections for Businesses
Join our WhatsApp News Channel for quick updates – FYI9 News WhatsApp Channel
