An Analysis of the Emerging Market and Future Trends of Smart Wearable in Indian Fitness Periphery

An Analysis of the Emerging Market and Future Trends of Smart Wearable in Indian Fitness Periphery

Dr. Richa Tiwari, Mr. Vivek Gupta, Shivansh Gupta, Rishabh Mittal, Sahil Singhania, Raja Vijay Simha, Sathya Sivagiri S.B.S

(Center for Management studies, Jain University, Bengaluru, India)

Abstract

This is a study to find the growth potential in the smart fitness wearables market and understanding about the consumer’s perception for the same. Fitness trackers have become extremely popular and accessible to the general public. The global fitness tracker market was valued at USD 36.34 billion in 2020 and is expected to grow at a CAGR of 15.4% between 2021 and 2028, from USD 36.34 billion in 2020 to USD 114.36 billion in 2028. According to our calculations, the global market will grow by 19.5% in 2020. COVID-19 has had an unprecedented and staggering global impact, with fitness trackers experiencing a positive demand shock across all regions as a result of the pandemic. The decrease in CAGR is due to this market's demand and growth, which will return to pre-pandemic levels once the pandemic is over. We went with a descriptive research type because, the objective of research is to explore the characteristics of various aspects, such as the market potential for a product or the demographics and attitudes of consumers who buy the product which will help us better understand the future of the industry. The sampling technique adopted was simple random sampling, which helped gather and analyse 125 certified respondents, which helped us getting to the conclusion that the industry will grow rapidly, given the manufacturers integrate more advanced features and focus towards increasing its accuracy making it more reliable and try to make it more affordable within Rs. 4,000.

Keywords

Smart wearables;

Fitness tracking;

Technology adoption