When smartwatches first entered the popular lexicon, the firms that profited the most were the tech giants -- Apple and Samsung. The firms became the first choice for premium segment Indian buyers, while Chinese wearables firms began to dominate the mass volume segment. But this has begun changing lately, with traditional watchmakers entering the fray. Experts say that with their long-term brand recall value, they might well begin giving tech players a run for their money.
Earlier this week, US-based luxury watchmaker Fossil Group launched seven touchscreen smartwatches under six brands in India, with an announcement promising more. Starting from Rs 19,995, the seven smartwatches launched were: Fossil Gen 4 Smartwatch Venture HR and Explorist HR for Fossil, Skagen Falster 2 for Skagen, Michael Kors Access Runway for Michael Kors, Emporio Armani Connected for Emporio Armani, A|X Armani Exchange Connected for Armani Exchange and Diesel Full Guard for Diesel.
“The market for smartwatches is expected to double by 2021. And if you look at the wearable market by 2020, the market for traditional watches and smart-wearables will be the same size. That is a huge opportunity for us because we play in both spaces,” said Gautam Sharma, Vice President Brand Strategy-APAC, Fossil.
The watchmaker also said that India is one of the fastest growing markets for it. “47 per cent of India’s population is below 25 and they understand technology and design very well,” Sharma said.As per the latest IDC report, smart wearables saw two successive quarters of double-digit growth and shipped 102,000 units in Q3 2018. The overall wearable market is expected to continue its double-digit growth in 2019.
While Chinese tech giant Xiaomi maintained its leadership with a 41 per cent market share in the quarter, Tata Son’s Titan registered a 70 per cent sequential growth in overall shipments to end up in the third position.
Garmin enters fray
US tech-major Garmin this week said it has witnessed almost 100 per cent growth in its India wearables business and that it will focus on experience zones to give business a boost.