Smart Wearables Are Expected to Grow by 54 Percent and Hit US$24 Billion in 2024

Market research company Euromonitor International analyses the on-going development of the global consumer electronics industry in its webinar, “Consumer Electronics 2024: Trends and Opportunities”.

The webinar investigates the key drivers of the evolving consumer electronics landscape. “Wearables were touted as the next big thing, but sales failed to ignite, leading to companies like TomTom to exit the market,” says Loo Wee Teck, head of consumer electronics at Euromonitor International.

The newer iterations of smart wearables evolved from being smartphone companions to stand-alone devices. This transformation will push sales of smart wearables to hit US$24 billion in 2024, while wearables with payment capabilities, also booming for retailers, will chalk up proximity payment sales to US$78 billion in 2023.

Chinese brands, namely Huawei, Xiaomi and Oppo commanded nearly one third of global smartphone sales in 2019. These companies shattered the image of cheap and poorly made products from China and focused on innovations to stand-out from competition.

Other companies like Sony and Huawei are moving up the value chain and targeting the premium segment. “Sony is focused on large screened TVs and leveraging on its technological advantage in offering immersive picture quality and high-quality sound,” adds Loo Wee Teck, “while Huawei gained credibility by partnering with Leica, a renowned brand recognised by photographers, and now its flagship smartphones are priced like Samsung and iPhones.”

By diversifying their strategy, Chinese companies within the global consumer electronics space are ranking up and slowly getting their place to the podium with global leaders such as Apple and Samsung.

To find out more about how the global consumer electronics landscape will continue to advance, download Euromonitor International’s free on-demand webinar here.

ABOUT EUROMONITOR INTERNATIONAL

Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.

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