With demand for wearable devices like fitness band and smart watches increasing consistently, the US-based Timex Group is exploring the possibility of manufacturing such devices in India.
It currently imports them from China. However, the 22 per cent Customs Duty makes it too expensive. “Manufacturing locally will significantly help in price reduction. We are in talks with OEMs,” said Rohit Singh, Senior Manager, Timex Group India Ltd.
Singh expects revenue of around ₹15 crore from wearable devices in the current financial year with potential to reach nearly ₹100 crore in three-four years, he said. Timex Group India expects revenue of around ₹450 crore this year, he told BusinessLine on the sidelines of launch of Timex smart watches — iConnect and iConnect Fashion — in the fitness category at Zimson, one of the oldest watch stores in the country.
International Data Corporation’s (IDC) Worldwide Quarterly Wearable Device Tracker said that the India market for wearable devices grew 30.9 per cent quarter-over-quarter in the second quarter of 2019 and 123.6 per cent when compared to the same quarter a year ago, reaching an all-time high of 3 million shipments in a single quarter. This has further cemented India’s position as the third-largest wearables market in the world after China and US, the research agency said.
Singh attributed the growth of smart watches to fast Internet connectivity and increase in adoption of smart phones. People are now looking at wireless fitness and sports devices and are more drawn to adopting healthier lifestyle.
In August, Timex launched two variants — iConnect with a radiant rectangular dial at ₹7,795 and iConnect Fashion with a round dial at ₹9,995 — in four colour variants (Black, Grey, White and Beige).
Both are enabled with a robust notification system, make and receive calls, get texts and enable notifications such as Facebook, WhatsApp and even emails on the touch screen colour display. Connect to your phone using the iConnect app available for iOS and Android.
A feature of iConnect is its in-built speaker for listening to audio messages and making and receiving calls swiftly. “The new device with caller option is priced attractively at less than ₹10,000, which is far less than the competitors,” he said.