Smart Wearables & True Wireless To See Massive Growth In 2021
The smart wearables and true-wireless headphones markets are set to enjoy a surge in growth by 2021, according to market research firm Canalys.
The forecast reports wearable devices will exceed 200 million units, with a YoY growth of 12%, while true-wireless headsets will exceed 350 million units with 39% growth.
Canalys points to the COVID-19 pandemic as a major catalyst for consumers shifting to accessories such as smart watches and true wireless earbuds.
The firm also suggests the two markets will withstand the effects of the pandemic better than the smartphone industry.
“The pandemic will prolong replacement cycles for smartphones. However, the ‘lipstick effect’ will drive consumers to spend on smaller, less costly items during an economic downturn to meet their buying pleasures,” says Canalys analyst Cynthia Chen.
“Consumers’ attention to health and wellness has increased significantly during the pandemic, which is a great opportunity for wearable devices, such as those from Xiaomi, Garmin, Fitbit and Huami etc.
Engagement in indoor activities such as remote learning, working from home and home entertainment, as well as outdoor sports and recreation also continued to rise. This usher in greater than expected growth, particularly for TWS headphones, such as those from Apple, Samsung, Jlab and QCY etc.”
Shipments of wearables and TWS headsets are expected to increase by 32% by the end of this year, while the devices will see strong growth in Asia-Pacific and European regions.