The market is segmented into Product Type (Smart Watches & Sports Watches), Gender (Male, Female, Unisex) and Distribution Channels (Online & Offline)
Market Overview
India Digital Watch Market Overview
India Digital Watch Market was valued at $0.57 Mn in 2019, and it reached $0.55 Mn in 2023 as the market grew at a CAGR of -0.8% between 2019 and 2023. The expansion of e-commerce platforms has streamlined the process of purchasing digital watches online, giving consumers access to a wide range of options and competitive pricing, which enhances their overall shopping experience. Looking ahead, the India Digital Watch Market is expected to reach $1.2 billion by 2029 at a CAGR of 13.8%. Some of the leading players in this market include Titan Co., Fossil Group, Timex, and Fitbit.
India Digital Watch Market Definition
India Digital Watch Market: India Digital Watch Market is calculated on the basis of revenue generated through sale of digital watches in India. The market is segmented by product type (smart watches, sport watches), gender (male, female, unisex) and distribution channels (online & offline channels). Major companies like Titan Co Ltd, Casio, Fossil Group, Timex and Fitbit are mentioned in the report. The market excludes smart watches, pocket watches, watch parts and handmade watches.
Taxonomy
India Digital Watch Market Ecosystem
India Digital Watch Market Size (Revenue in USD Bn), 2018-2023
India Digital Watch Market was valued at $0.57 Mn in 2019, and it reached $0.55 Mn in 2023 as the market grew at a CAGR of -0.8% between 2019 and 2023. The digital watch market has reached a point of saturation where most potential customers have already purchased a digital watch. Moreover, the market is undergoing intense competition from various brands, both local and international, which affects sales and growth. Smartwatches are becoming popular in the market, offering advanced features like fitness tracking, heart rate monitoring, and smartphone connectivity, which has shifted consumer preferences from traditional digital watches. The Indian economy had experienced a slowdown in recent years, which is likely to have impacted consumer spending on discretionary items like watches. Additionally, the availability of low-cost digital watches from Chinese brands and local manufacturers has intensified competition in the market, adding pressure on prices and margins.
India Digital Watch Market Analysis
Increasing Disposable Income
As India's economy moves in an upward direction, disposable incomes rise which allows more people to afford luxury items like digital watches. India’s per capita consumption is expected to reach ₹2.14 lakhs in 2024, as against the ₹2.12 lakhs expected earlier on. In FY’24, the per capita disposable income of the country reached 8% in FY’24 and 13.3% in FY’23. Therefore, the upward trajectory of disposable incomes in India is a crucial driver for the digital watch market. As more consumers find themselves with extra money to spend, the demand for modern, stylish, and multifunctional digital watches is expected to continue its impressive growth.
E-Commerce Proliferation in India
The expansion of e-commerce platforms has streamlined the process of purchasing digital watches online. Today, consumers have access to a wide range of options and competitive pricing, enhancing their shopping experience. In India, there are approximately 800 million internet subscribers, which include about 350 million mature online users actively engaging in transactions. In 2022, India was the second-largest internet market in the world with 125.94 lakh crore UPI transactions. By offering convenience, variety, competitive pricing, and a smooth shopping experience, e-commerce platforms in India are revolutionizing the way consumers purchase digital watches, which ensures that this market continues to thrive and expand.
Urbanization & Millennial Consumers
Urbanization and the growing population of millennials who are tech-oriented and value-conscious are driving the adoption of digital watches. In 2022, the urban population of India was at 508.3 million. In terms of the millennial population in the country, 34% of the Indian population belongs to the millennial category, which is expected to increase towards 50% of the total population by 2030. Urbanization leads to infrastructure and lifestyle changes that increase the demand for advanced, multifunctional gadgets. Millennials' tech-savviness and desire for personalized, experiential products are driving them towards digital watches.
Changing Fashion & Lifestyle Trends
With global fashion trends and a growing emphasis on fitness and wellness, there's a rising demand for digital watches which not only provide features like timekeeping but fitness tracking, heart rate monitoring, and GPS. For example, the Casio Men’s Digital Watch, specifically the W800H-1AV model, contains a guarantee of 10-year durability, timekeeping, and stopwatch features. Apart from these, the watch is equipped with features like an LED backlight which makes it easier to read the display in low-light conditions. Nowadays, smart watches are in fashion as their sales have increased rapidly in the upcoming years. Noise ColorFit Pulse 2 includes a large 1.8" display with a peak brightness of 500 nits which allows for excellent visibility even in bright sunlight. Changing lifestyles and fashion trends are important in shaping the digital watch market in India. Digital watches are an excellent blend of fashion and style, which makes them a perfect fit for the modern Indian consumer.
Intense Competition
The competition landscape in India's digital market is facing scrutiny, and regulatory changes are likely. The Competition Act of 2002 includes traditional markets like retail and manufacturing but does not address the complexities and unique challenges posed by digital markets. India has a big and varied group of people who are getting interested in digital gadgets like smartwatches. Since there are many potential customers, both Indian companies and ones from other countries want to sell their digital watches in the country. Moreover, Indian consumers are usually price-sensitive, especially in the electronics segment. Therefore, companies engage in price wars and offer competitive pricing strategies to gain market share, which leads to intense competition.
Counterfeit Instruments
Counterfeit goods are a significant challenge in the India digital watch market which affects consumers and legitimate businesses. The prevalence of counterfeit products decreases consumer trust but also leads to substantial revenue losses for the industry and tax losses for the government. The counterfeit market in India is growing rapidly with a substantial percentage of products sold in the country being spurious. Lack of stringent IP protection and enforcement in India contributes to an increase in the sale of fake products, as manufacturers take advantage of weak regulations to produce counterfeit goods resembling popular brands.
Aggressive Pricing Strategies
India digital watch market is facing challenges due to pricing strategies by vendors. While these strategies have led to extraordinary growth in the basic watch category, they also pose risks for the long-term sustainability of the market. In a competitive market scenario, companies engage heavily in price wars, a situation where they continuously lower their product prices to undercut competitors. This strategy aims for a larger market share by offering the most competitive pricing. Essentially, brands strive to outdo each other by consistently offering the lowest prices possible, thus intensifying the competitive landscape.
Production Linked Initiative (PLIs)
In March 2020, the finance minister announced an outlay of INR 1.97 Lakh Crores for the Production Linked Incentive (PLI) Schemes across 14 key sectors for creating national manufacturing champions and to create 60 lakh new jobs, and an additional production of 30 lakh crore during the next 5 years. In addition to the three schemes announced earlier in March 2020, the Government of India (GoI) further introduced 10 new PLI schemes in November 2022. In March 2020, the following schemes were announced: Key Starting Materials (KSMs)/Drug Intermediates (DIs) and Active Pharmaceutical Ingredients (APIs) by the Department of Pharmaceuticals; Large Scale Electronics Manufacturing by the Ministry of Electronics and Information Technology; and Manufacturing of Medical Devices by the Department of Pharmaceuticals. In November 2020, the following schemes were announced: Electronic/Technology Products by the Ministry of Electronics and Information Technology; Pharmaceuticals drugs by the Department of Pharmaceuticals; and Telecom & Networking Products by the Department of Telecommunications.
‘Make in India’ Initiative
Make in India initiative was launched in September 2014 amongst a wider set of nation-building initiatives. The ‘Make in India’ initiative aims to transform India into a global design and manufacturing hub. The Make in India campaign was a series of interconnected efforts. DPIIT started this process by sending invitations to state governments, industry leaders, various knowledge partners, union ministers, and secretaries to the Indian government to participate. Made in India initiative was started with a focus on 25 industries. Automobiles, auto parts, biotechnology, chemicals, building, defense manufacturing, IT & BPM, leather, media & entertainment, mining, oil & gas, pharmaceuticals, ports & shipping, railroads, renewable energy, roads & highways, space, textile & apparel, thermal power, tourism & hospitality, and wellness are some industries which were aimed to benefit the industry.
Digital India initiative
The Indian government started the "Digital India" program in July 2015 to advance the nation's digital capabilities by enhancing online infrastructure which increases access to the internet in remote areas to high-speed internet networks. The three main goals of the initiative are as follows: create a dependable and safe digital infrastructure, provide online services, and make certain that every citizen gets Internet access. All sectors are expected to benefit from the government's increased focus on building a digitally empowered economy, with the exception of core digital industries like electronics manufacturing, digital communication services, and information technology and business process management, which are expected to double their GDP to US$355 to 435 million in 2025.
India Digital Watch Market Segmentation, 2023
Segmentation on the basis of Product Type, (Revenue in %), 2023
India Digital Watch market is segmented by Product Type into Smart Watches and Sports Watches. Smart watches are dominating this segment with 89% of overall contribution in 2023, followed by sports watches with 11% of contribution. Smart watches usually offer a wide range of features beyond timekeeping like fitness tracking, heart rate monitoring, GPS navigation, and smartphone integration, making them appealing to a tech-savvy and health-conscious consumer base. The overall dynamics indicate a strong trend towards smart watches because of their versatility and integration of advanced technologies. However, sports watches continue to hold their ground within a specialized group of audience that values specific performance features and durability.
Segmentation on the basis of Gender (Revenue in %), 2023
India Digital Watch market is segmented into Men, Women, and Unisex on the basis of gender. Male users dominate this segment with 54% of overall contribution, followed by unisex digital watches and female users at 32% and 14% respectively. Men usually prefer buying digital watches for their functionality, sporty aesthetics, and technological features. Fitness tracking, GPS, notifications, and durable designs are some popular features among this demographic group. The dominance of male users shows higher preference towards digital gadgets and technology-driven accessories. However, the substantial share of unisex watches shows a growing trend towards gender-neutral preferences, especially among young buyers.
India Digital Watch Future Market Size
India Digital Watch Market was valued at $0.55 billion in 2023 and the market is expected to reach $1.2 billion in 2029 at a CAGR of 13.8%. As health and fitness consciousness increases among the people, digital watches in the future are expected to include features like advanced heart rate monitoring, blood oxygen level measurement, ECG monitoring, and stress and sleep monitoring. Additionally, digital watches are also likely to get equipped with Internet of Things (IoT) technology like seamless integration of home-made devices, improved smartphone syncing, and NFC payments for contactless payments. The digital watch market is expected to grow rapidly in India. They are expected to be widely used as long as producers keep up with technological advancements and satisfy a broad range of consumer demands.
India Digital Watch Market Company Profile
Company Name
Establishment year
Description
Titan Co
1984
Titan Company Limited is a leading player in the lifestyle industry, specializing in manufacturing fashion accessories like jewelry, watches, and eyewear. Established in 1984, Titan started as Titan Watches Limited and later expanded into jewelry with Tanishq, eyewear with Titan Eyeplus, and youth fashion accessories with Fastrack.
Fossil Group
1984
Fossil Group, Inc. focuses on lifestyle accessories. The business sells a wide variety of goods under owned and licensed brands like wearables, jewelry, purses, small leather goods, and fashion timepieces.
Timex
1853
Timex Group are renowned for creating, producing and selling cutting-edge timepieces. With numerous operating divisions and more than 3,000 workers globally, Timex Group is a private corporation with its headquarters located in Middlebury, Connecticut.
Fitbit
2007
Fitbit is a company in 2007 by James Park and Eric Friedman. This company was the first to revolutionize the personal fitness tracking industry with their gadgets and is still making significant advancements in the field. Tracking fitness objectives is made simple with the current Fitbit, which is worn on the wrist like a smartwatch.
Casio
1946
Casio Computer Co., Ltd. is a multinational electronics manufacturing company located in Shibuya, Tokyo, Japan. Founded in 1946, Casio is known for its calculators, mobile phones, digital cameras, electronic musical instruments, and watches.
India Digital Watch Market Macroeconomic Indicators
India's population was 1,417 million in 2022, increasing by 30 million to 1,437 million in 2023. By the end of 2025, India's population is predicted to reach 1,500 million.
In the year 2020, The population between the 25-49 age group is the largest age group (36.40%) in India followed by 0-14 (26.40%), 50+ (19.40%), and 15-24 (18%).
In 2022, India's GDP reached USD 3390 billion, up from USD 3160 billion in 2021. The country’s GDP is expected to reach 5000 billion by the end of 2025.
In 2022, India’s Inflation rate stands at 6.73% an increase of approximately 3.5% from the 2017 inflation rate of 3.33%. During the COVID-19 pandemic in 2020, the inflation rate in India surged unexpectedly to 6.62% from 3.72% in 2019.
As of 2023, India comprises of majority of the middle-class population which is 57% of the total population of India. After the middle class comes the lower-class category which comprises 33% of the total population of India. The remaining 10% of the population belongs to a high-income class.
Frequently Asked Questions
Find quick answers to common questions about India’s Digital Watch Market
India Digital Watch Market was valued at $0.55 billion in 2023.
India Digital Watch Market is expected to reach $1.2 billion in 2029.
Fossil Group, Titan Co, Fitbit, Timex are key players in India Digital Watch Market.
Advanced health metrics and Internet of Things (IoT) technology are emerging trends in India Digital Watch Market.
