Executive Summary

Aug 2019
PROSPECTS
Premiumisation and expansion of price segments for smart wearables

Smart wearables continued to record impressive retail volume growth in Hong Kong in 2019, while still recording an increase in unit price as the category moved towards premiumisation in the country. New models of smart wearables now have longer-lasting batteries, while offering more specific functions such as greater waterproofing capabilities appealing to divers.

Short-lived excitement around activity watch (analogue) due to high price compared to digital format, while smart wearables offers greater functionality

Activity watch (analogue) is a niche within wearable electronics in Hong Kong, with a high unit price discouraging many consumers who would rather make the extra investment in a smart wearable for greater functionality. After its entry to the country at the end of 2016, its first full year of sales resulted in impressive retail volume growth in 2017; however, the initial hype surrounding the product was short-lived with sales growth significantly slowing towards the end of the review period.

Single function of activity bands loses out to greater functionality of smart wearables

With a wide price range of wearable electronics that offer varying degrees of functionality, demand for activity bands continued to wane, leading to further decline in 2019. Local consumers are willing to pay more for a premium smartwatch rather than wearables that offer a single function of tracking footsteps.

COMPETITIVE LANDSCAPE
Apple Watch feels pressure of close competitors Samsung and Garmin

While retaining its lead of smart wearables in 2019 in Hong Kong, Apple Watch continued to feel pressure from its close competitors Samsung Gear and Garmin, as the leader lost some retail volume share. Apple implemented a policy that required all smartwatch apps to be developed in a native standalone manner, forcing all app companies that wanted their products to be compatible with the Apple Watch to redevelop their application on the new watch platform from scratch.

Huawei Watch performs well on own OS but may struggle in future

Despite the negative publicity surrounding its smartphones regarding the Google ban and US trade war, the brand’s performance within smart wearables remained unaffected in 2019, with Huawei Watch recording a strong performance after its initial entry to Hong Kong in 2018, recording double-digit retail volume growth. The latest line from the brand, Huawei Watch GT runs on Lite OS, and is not dependant on the Google OS or app store.

LG ceases production of smart wearables due to lack of popularity

With dwindling retail volume share from 2017 and declining sales from 2018, LG took the decision to remove its product from the market due to low popularity, halting production. The brand has struggled to find a relevant audience as it was forced to compete with the high functionality of the leading brands, while smaller brands offered affordability.

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Wearable Electronics in Hong Kong, China

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Overview

Discover the latest market trends and uncover sources of future market growth for the Wearable Electronics industry in Hong Kong, China with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Wearable Electronics industry in Hong Kong, China, our research will save you time and money while empowering you to make informed, profitable decisions.

The Wearable Electronics in Hong Kong, China market research report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volumes and values, company and brand market shares
  • Five year forecasts of market trends and market growth  
  • Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

  • What is the market size of Wearable Electronics in Hong Kong, China?
  • What are the major brands in Hong Kong, China?
  • What is the growth rate for Wearable Electronics in Hong Kong, China?

Why buy this report?

  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply functions

This industry report originates from Passport, our Consumer Electronics market research database.

Wearable Electronics in Hong Kong, China - Category analysis

HEADLINES

PROSPECTS

Premiumisation and expansion of price segments for smart wearables
Short-lived excitement around activity watch (analogue) due to high price compared to digital format, while smart wearables offers greater functionality
Single function of activity bands loses out to greater functionality of smart wearables

COMPETITIVE LANDSCAPE

Apple Watch feels pressure of close competitors Samsung and Garmin
Huawei Watch performs well on own OS but may struggle in future
LG ceases production of smart wearables due to lack of popularity

CATEGORY DATA

Table 1 Sales of Wearable Electronics by Category: Volume 2014-2019
Table 2 Sales of Wearable Electronics by Category: Value 2014-2019
Table 3 Sales of Wearable Electronics by Category: % Volume Growth 2014-2019
Table 4 Sales of Wearable Electronics by Category: % Value Growth 2014-2019
Table 5 NBO Company Shares of Wearable Electronics: % Volume 2015-2019
Table 6 LBN Brand Shares of Wearable Electronics: % Volume 2016-2019
Table 7 Distribution of Wearable Electronics by Channel: % Volume 2015-2019
Table 8 Forecast Sales of Wearable Electronics by Category: Volume 2019-2024
Table 9 Forecast Sales of Wearable Electronics by Category: Value 2019-2024
Table 10 Forecast Sales of Wearable Electronics by Category: % Volume Growth 2019-2024
Table 11 Forecast Sales of Wearable Electronics by Category: % Value Growth 2019-2024

Consumer Electronics in Hong Kong, China - Industry Overview

EXECUTIVE SUMMARY

Further decline for many consumer electronics due to saturation and longer replacement cycles
Further polarisation amongst price tiers with mid-priced segment losing out
Samsung continues to pressurise leader Apple while Huawei’s success is short-lived
Larger chains of electronics and appliance specialist retailers note rising demand for high-end premium devices
Forecast period to see further decline with positive performances for devices that offer greater functionality

MARKET DATA

Table 12 Sales of Consumer Electronics by Category: Volume 2014-2019
Table 13 Sales of Consumer Electronics by Category: Value 2014-2019
Table 14 Sales of Consumer Electronics by Category: % Volume Growth 2014-2019
Table 15 Sales of Consumer Electronics by Category: % Value Growth 2014-2019
Table 16 NBO Company Shares of Consumer Electronics: % Volume 2015-2019
Table 17 LBN Brand Shares of Consumer Electronics: % Volume 2016-2019
Table 18 Distribution of Consumer Electronics by Channel: % Volume 2014-2019
Table 19 Forecast Sales of Consumer Electronics by Category: Volume 2019-2024
Table 20 Forecast Sales of Consumer Electronics by Category: Value 2019-2024
Table 21 Forecast Sales of Consumer Electronics by Category: % Volume Growth 2019-2024
Table 22 Forecast Sales of Consumer Electronics by Category: % Value Growth 2019-2024

SOURCES

Summary 1 Research Sources