Chinese Device Maker Lenovo Group Ltd is looking forward to making smart wearables in India and raise its local market by three folds, a plan that will help to push Prime Minister Narendra Modi’s vision of making India an electronics manufacturing hub.
Sebastian Peng, Head of Accessories Lenovo Mobile informed in an interview that the tech giant aims to corner 20 percent share of India’s market for wearables such as fitness bands and watches. He added,
We have launched our product range in India and have received a positive response. We are looking to expand our porfolio including premium products.
The company has managed to secure 6-7 percent of the market share of smart wearables since last year when they had started. It now aims to set up a manufacturing unit in India, where the smart wearable market is expected to grow by 30-40 percent. Currently, Lenovo makes wearable products in China.
Lenovo has already partnered with e-commerce firm Flipkart to sell wearables at its platform informed Naveen Bajaj, Indian Head at Shenzhen Aodishi Technology, Lenovo’s authorized overseas accessories distributor.
According to International Data Corporation, Indian wearable market was worth $157 million in 2017. Other wearable sellers in the country include Xiaomi Technology, Fitbit, and Huawei.
In addition, the device maker is also keen on localizing the algorithm of its fitness devices to skin, body-type differences to make sure the algorithm caters well to the Indian market. Bajaj said, ” We are enhancing our capabilities while ensuring that the devices are affordable for Indian users.”