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With the recent launch of smartwatches, home-grown smartphone maker Lava is looking to secure a strong foothold in the Indian wearables market.
The company aims to capture up to 20 per cent of this segment over the next few years, according to a senior executive.
“We decided to enter the wearables segment because there are many synergies between our core smartphone business and wearables, from the supply chain and manufacturing to design and research and development (R&D).
“This strength extends across sales, distribution, and customer service,” Sunil Raina, executive director at Lava, told Business Standard.
The company primarily operates in the sub-Rs 30,000 smartphone market and is now vying for a larger share in the sub-Rs 5,000 wearables segment.
“In the next couple of years, we aim to achieve a market share of 10-15 per cent in the sub-Rs 5,000 wearables segment,” Raina added.
This comes as India's wearable device market has declined for the first time, dropping 10 per cent year-on-year (Y-o-Y) to 29.5 million units in the second quarter of 2024.
The first half of 2024 saw a 4.7 per cent decline, with 55.1 million units shipped, according to data from the International Data Corporation.
Analysts note that original equipment manufacturers are struggling to attract customers due to limited innovation in new models.
Additionally, vendors are cautious about inventory, focusing on clearing old stock before the festival season begins.
Despite the market downturn, Lava believes there is ample opportunity.
To address the innovation gap, the company is investing in R&D to offer higher-quality products.
Currently holding a low single-digit market share in wearables, Lava will focus primarily on the sub-Rs 5,000 category.
The company believes its “customer-first” approach will enable it to gain substantial market share in the near term.
“We are adopting a completely customer-first strategy.
“By meeting customer needs, our share will naturally increase
