Predictions for 2024: Hear this! Wearables are poised for a boom time
economictimes.indiatimes.com
The year 2024 promises to be a breakout one for India’s hearables and wearables industry, a rapidly growing segment within Indian electronics. Driven by domestic adoption, this sector witnessed modest growth in 2023 and anticipates robust growth.
With the continuous progress on AI and innovations, wearables are increasingly integrated into everyday life as indispensable health companions, fuelling the rise of Indian brands, and presenting a unique opportunity to create national champions.
As India continues to make strides towards becoming a global manufacturing hub, Make in India and Atmanirbhar Bharat have created a strong impact on developing the domestic market.
Hearables and wearables manufacturing are expected to reach $8 billion by 2025-26, with immense export potential.
However, challenges remain.
Building a robust supply chain, attracting high-tech talent, and bridging the digital divide are critical hurdles to overcome. While Make in India is achieving success, Design in India is equally crucial.
To encourage the relocation and welcome established design houses to India, a collaborative effort is needed by the government, industry and industry bodies to cultivate incentivising innovation policies and skill development programmes. Building confidence in business continuity and policy stability is paramount.
There is a need for fostering a culture of innovation and protecting intellectual property to drive sustainable growth in design ecosystems.
As the advancement in technology continues, numerous local companies are developing sophisticated wearables and watches that monitor vitals, track fitness and provide personalised health insights.
To achieve quality standards and faster turn-around times,
