The company aims to capture up to 20 per cent of this segment over the next few years, according to a senior executive.
"We decided to enter the wearables segment because there are many synergies between our core smartphone business and wearables, from the supply chain and manufacturing to design and research and development (R&D). This strength extends across sales, distribution, and customer service," Sunil Raina, executive director at Lava, told Business Standard.
The company primarily operates in the sub-₹30,000 smartphone market and is now vying for a larger share in the sub-5,000 wearables segment. "In the next couple of years, we aim to achieve a market share of 10-15 per cent in the sub-₹5,000 wearables segment," Raina added.
This comes as India's wearable device market has declined for the first time, dropping 10 per cent yearon-year (Y-o-Y) to 29.5 million units in the second quarter of 2024.
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