Consumer electronics brand Omthing aims to capture a five per cent share of the smart wearables market in India over the next three years, as it expands its product lineup and strengthens its local team.
Omthing, a sub-brand of Chinese consumer electronics company 1More, is also keen on establishing a manufacturing and R&D centre in India in the coming years.
"We take India as one of our biggest markets owing to its population, economy and income growth and technology development.
"We believe India will be a big part in our company's income streams...we have already registered our subsidiary in India, we will start setting up the local team," 1More Vice President (Overseas Business) Shen Hui told PTI.
The company is "looking for opportunities in the near future to establish a manufacturing and R&D centre in India to deliver a better user experience to the aspirational Indian consumers", he added.Qualcomm bets big on Snapdragon platform; launches Wearables Ecosystem Accelerator programme
Currently, the company has R&D centres in Shenzhen, Vietnam and the US. Its products are manufactured in China and Vietnam.
Omthing will position itself in the budget-friendly to mid-tier pricing segment, while 1More products will be aimed at mid-tier to the premium market.
Hui said Omthing is especially focusing on the youth and those groups who are seeking budget-friendly products. Its portfolio includes audio accessories and smart wearable products such as smartwatches. The products are priced at Rs 500-8,000.
"Omthing aims to be one of the leading brands in India to empower people's joy of life through its various smart wearable products, from headset to smartwatch, etc. We are looking to gain a market share of 5 per cent over the next three years," he added.
Hui stated that the company will mainly focus on R&D and manufacturing to bring budget-friendly, high-quality products to the market.OnePlus ropes in Jasprit Bumrah as brand ambassador for wearables
It will work closely with its partner Tiger Retail to expand its sales to both online and offline channels in India, and build a better system for consumers to access and experience its products, he added.
"While we do have some products specially manufactured for India, there are plans to develop more SKUs that are specially designed for Indian consumers to deliver them a better experience," he said.
Hui cited a survey from Research and Markets to state that the headset market in India is projected to grow at a CAGR of 4.7 per cent during 2021-2027 to reach total market revenue of over USD 77 million.
"Wired headsets and neckband may still hold the major chunk of Indian headset market, we believe this trend is changing rapidly as a result of higher adoption of true wireless headsets that would dominate the market. Omthing is aiming to be one of the top brands in the budget-friendly market," he added.
In India, the wearables market posted 144.3 per cent year-on-year growth in 2020, exiting 2020 with 36.4 million unit shipments. The earwear category accounted for 83.6 per cent of the overall wearable market share with 30.4 million unit shipments in 2020.
1More and Omthing have expanded their footprint to more than 70 countries till now.Samsung pips Xiaomi to grab 2nd spot in global wearables market; Apple retains top position
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