Electronic wearables from India likely to account for 8-10% of global market share by 2026: Report

New Delhi, May 8 (KNN) The Indian manufactured electronic wearables could bag a minimum of 8-10 per cent of the global market share through exports by 2026, according to an analysis done by Feedback Advisory and India Cellular and Electronics Association (ICEA).

The Feedback-ICEA study pointed out that at present, India accounts for 4-5 per cent of global electronic wearables market by value, which is largely met through imports from China.

In 2022-23, the India manufactured wearables such as earphones and smartwatches worth Rs 8,000 crore. In 2022, the Indian market for earphones and smartwatches rose to USD 2.8 billion from USD 2.1 billion in 2021, according to a report in the ET.

In FY24, the industry is hopeful of doubling production to Rs 15,000-17,000 crore, according to data shared with the government.

The government’s vision is to achieve USD 300 billion electronics manufacturing in the country by 2026 and wearables production is expected to contribute USD 8 billion (Rs 65,000 crore), of which USD 3 billion (Rs 25,000 crore) will be exports.

Pankaj Mohindroo, chairman of ICEA said, “Vision USD 300 billion is a comprehensive plan with every vertical of electronics manufacturing.”

“Hearables and wearables are emerging as an important segment. From nothing, we have targeted Rs 65,000 crore of manufacturing output by 2026, including Rs 25,000 crore of exports. PMP started last year and has shown excellent efficacy,” he told ET.

The industry, however, said India needs to overcome its electronics manufacturing disability to compete in the global market and attract global vendors to the country.  (KNN Bureau)