According to a new data, global prospects for wearable electronics continue to be strong with retail value sales projected to grow by 138% to become a $45 billion dollar industry in 2021, remaining the world’s second best-selling product behind smartphones.
"New products like smart wearables and wireless speakers and innovations like Ultra HD and convertible laptops resonate with the shift in consumer preferences. These products command higher retail selling prices, helping boost profit margins of manufacturers and retailers,” says Head of Consumer Electronics at Euromonitor International, Wee Teck Loo.
While wearable electronics demand is growing, “Emerging markets like India and Indonesia provide plenty of untapped opportunity for smartphones due to the huge pool of feature phone upgrades. Indonesia is projected to overtake Brazil and Mexico as the fourth largest smartphone market reaching almost $1 billion dollar sales in 2020,” adds Loo.
At the same time, convertible laptops and convertible tablets are gaining popularity due to their convenience. Unit prices of laptops are projected to stabilise at US$620 over the forecast period, helped by the popularity of convertible laptops. Convertible tablets will account for 40% of sales in 2021, said Ovum.