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Titan’s smart wearables business which is dedicated to smart tech products under the Fastrack and Titan brands within Titan Company Limited, is set to broaden its current product offerings in the smartwatch and Truly Wireless (TWS) categories. It also is venturing into new product categories, including the introduction of smart rings and smart weighing scales, according to a top company executive.
Speaking to businessline, Raja Neravati, Chief Product & Technology Officer, Wearables Titan Company Ltd., elaborated on the strategic shift towards the health-tech segment, citing the extensive opportunities it offers. “We have been working on health tech for the past two years and expect to launch at least one product in the smart ring category this year. As for the smart weighing scale, we aim to launch sometime early next year.”
Despite being a relatively recent entrant into the segment, the company amassed a topline of Rs. 500 crore from the smart wearables segment in FY2023. A staggering 95 per cent of this revenue was generated from their smartwatches, with the remaining 5 per cent stemming from TWS products.
Furthermore, as part of its aggressive product expansion strategy for the ongoing year, it has scheduled six to seven product launches in the audio category and plans to release 25 to 30 products in the smartwatch category. Last year, it unveiled 16 new products.
The company operates under two distinct brands: Fastrack, catering to entry-level price points ranging from 2K to 7K, and Titan, targeting the premium market with price points spanning from Rs. 7,000 to Rs. 20,000.
According to the International Data Corporation (IDC), Titan secured its place as the fourth-ranked smartwatch company among the top five in the country, alongside Fire-Boltt, Nexxbase (Noise), Imagine Marketing (BoAt), and Boult Audio.
With respect to the market size of smartwatches, the first half of 2023 registered a strong 53.3 per cent YoY growth, shipping 57.8 million units during the first half of 2023. Additionally, the smartwatch share reached 40.0 per cent, up from 26.8 per cent a year ago, while the earwear category grew 27.3 per cent in 1H23, noted the IDC report.
As for the smart weigh and smart ring categories, which are still relatively nascent, it is challenging to ascertain their market size. However, competitors such as BoAt and Noise have already announced their intentions to launch products in the ring segment.
Elaborating on their go-to-market strategy, the CTO emphasised their robust online presence, which encompasses e-commerce platforms such as Amazon and Flipkart in addition to their official website. Furthermore, their products are available through the company’s physical stores, which include the World of Titan and Fastrack stores.
In regards to establishing an experience centre, “Are we looking at specific smart wearable stores as experience centres? The answer is yes. However, before that, we need to have enough products in the store to curate an experience for customers to just walk in and want to spend some time in the store to actually experience,” he explained
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