Experts from the analytical company Technavio prepared a report related to the wearable electronics market and covering the period from 2020 to 2024, that is, including a forecast for the coming years.
According to analysts, this market will grow steadily in the foreseeable future. More specifically, during the indicated period, the market will increase by $ 41.24 billion. This figure corresponds to an average annual growth of 15%.
The experts on reports and forecasts note that the market is highly fragmented and the degree of fragmentation will increase over the forecast period. They include Acer, Apple, ASUSTeK Computer, Huawei Investment & Holding, Lenovo Group, LG Electronics, Microsoft, Samsung Electronics, Sony and Xiaomi Group as the main market participants. Recognizing that the growing digitalization of the global economy offers tremendous opportunities for growth, analysts cite growing concerns about data security and privacy as a deterrent. In addition, an increase in the supply of counterfeit products was named as a negative factor. Technavio specialists identify four main market segments – smartwatches, wireless headphones, head-mounted displays and smart bracelets, categorizing all other devices as “other”.
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