In a report from Kalaari Capital and Grant Thornton on healthcare in India, Fitbit is claimed to have close to 82% market share in Indian activity trackers. The report was published in September 2017 lists five which include Apple Watch, Goqii, Micromax YU, and Boltt. They are listed under Emerging market players – Fitness and wearables.
Note: The list of players is based on desktop research and this document does not comment on the effectiveness/ impact on human health
Below is an excerpt from the report:
Growing focus on fitness technology. The fitness technology market in India is expected to double in value to $250 million by 2023 (of which nearly 90 percent is expected to be fitness wearables).
Growing smartphone penetration in India will increase access and use of fitness applications and technology. Everyone today is looking for “fitness on the move”. The report points out that Fitbit currently holds close to 82 percent market share in Indian activity trackers.
This is a surprising report IMO. I use a Fitbit tracker, and but I really haven’t seen a lot of people around me or even during the travel wearing it. While I do agree that trackers aren’t a thing in India, yet, and is being used mostly by people are a little bit of tech or have the awareness, but 82% market share is huge.
In India, right now, most of the people are bothered about step count. This is where Xiaomi comes into the picture which has good quality, and fitness band for really cheap, compared to the Fitbit. It would not be right to compare both of them. Fitbit has its own league, but then one cannot ignore the price factor in India.
Now if I have to talk other bands listed in the merging category, Apple Watch is used by very few, Goqii have a bit of success with corporate tie-ups, Boltt have looked promising, but the products have been delayed, and I am not sure about Yu Band. Last time I tried out, it was terrible.
All I wish that there was more clarity in the report. You can download the report from here.
What do you think of this report? Let us know in the comments.