A recent analysis conducted by Feedback Advisory and India Cellular and Electronics Association (ICEA) suggests that India’s electronic wearables, manufactured domestically, have the potential to secure a minimum of 8-10% of the global market share through exports by 2026. Currently, India holds approximately 4-5% of the global electronic wearables market value, primarily relying on imports from China.
In the fiscal year 2022-23, India’s production of wearables, including earphones and smartwatches, reached a value of Rs 8,000 crore. The Indian market for earphones and smartwatches witnessed substantial growth, increasing from USD 2.1 billion in 2021 to USD 2.8 billion in 2022, as reported by ET.
Looking ahead to the fiscal year 2023-24, the industry aims to double production and achieve a range of Rs 15,000-17,000 crore, as shared with the government.
The Indian government envisions reaching USD 300 billion in electronics manufacturing by 2026, with the production of wearables expected to contribute USD 8 billion (Rs 65,000 crore), out of which USD 3 billion (Rs 25,000 crore) will be generated through exports.
Chairman of ICEA, Pankaj Mohindroo, emphasized the comprehensive nature of the USD 300 billion plan, covering all aspects of electronics manufacturing. He highlighted the emerging importance of hearables and wearables, expressing a target of Rs 65,000 crore in manufacturing output by 2026, including Rs 25,000 crore from exports. He also acknowledged the positive impact of the Production Linked Incentive (PLI) scheme initiated last year.
