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Wearable electronics sales will grow by 15% per year in the coming years

This is the forecast of Technavio

Experts from the analytical company Technavio prepared a report related to the wearable electronics market and covered the period from 2020 to 2024, including a forecast for the coming years.

electronics sales
electronics sales

Wearable electronics sales will grow by 15% per year in 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 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 global economy’s growing digitalization offers tremendous opportunities for growth, analysts cite growing concerns about data security and privacy as a deterrent. Also, 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-worn displays, and smart bracelets, categorizing all other devices in the “other” category.

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