India’s consumer wearables Market is expected to grow at a CAGR of 20% by 2024. Will the Projections justify the growth rate? Ken Research

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Indias consumer wearables Market is expected to
grow at a CAGR of 20 by 2024. Will the
Projections justify the growth rate? Ken
Research A massive market opportunity is present
for the Consumer wearables market in India owing
to government initiatives, increasing investment
rising fashion trends, says a report by Ken
Research 1. Government Initiatives to Bridge
Gaps in consumer wearables Industry via
appropriate schemes for development of domestic
market in India.
Click to Read Full Article India Consumer
Wearables Market The regional government bodies
are implementing new policies which may
significantly drive the market. For instance, in
February 2022, The Indian government unveiled a
new phased manufacturing scheme to encourage the
domestic production of wearable and hearable
devices (PMP). Most components used to make
wearable, and hearable gadgets will no longer be
subject to customs tax beginning on April 1,
2022, while importing such goods will range from
15 to 20 from 2023 to 2026. While there will be
a 20 tariff on imported smartwatches, Bluetooth
speakers, true wireless stereos, headphones,
earbuds, neckbands, and headsets, there will be
a 0 to 15 duty on imported components between
2023 and 2026. 2. Investment scenario getting
a boost India consumer wearables Market is
getting massive investment boost emergence of
new startups.
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Sample Report Various companies operating in the
India Consumer wearables market are getting
massive investment influx owing to government
regulations the infrastructure development. For
instance, Indian electronics wearables market
was able to raise 100 Mn investment. All in
all, the market is currently growing at a robust
rate with startups companies showing interest
in entering the India market owing to vast
opportunities. 3. India is expected to be a
major hub for consumer wearables market growth in
the upcoming years owing to massive investment
flow.
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report India is witnessing an increased
investments alongside feature upgradation. For
instance, the Gen7 Hybrid Smartwatch has been
introduced by Fossil in India. The smartwatch
series aims to integrate the functions of
smartwatches with the design language of classic
watches. The
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country is to witness a surge in the demand for
consumer smart wearables owing to the rising
fashion technology trends in the country with a
higher adoption of digitalization by various
industries in next few years. Moreover, the
emergence of 5G technology in India is likely to
grow the adoption of IoT-enabled products in the
Indian market further contributing to the
development of consumer wearables industry. All
in all, a robust growth is expected in the
upcoming years.