Retail current value sales of wearable electronics remain dynamic. Heightened consumer interest in health and wellness and outdoor sporting activities, such as hiking, running and cycling, are the main drivers of growth.
Digital activity watches will continue to dominate retail volume sales of wearable electronics during 2021. As they become more affordable, local consumers are trading up to more advanced models, with digital activity watches designed for specific activities, particularly running or cycling, increasingly popular.
The competitive landscape in wearable electronics remains quite fragmented, but leader Xiaomi (which overtook Fitbit in 2019) more than doubled its retail volume share over the course of the review period –due in large part to the affordability of its products. Xiaomi’s expanding retail network of Mi stores has also helped to familiarise local consumers with the brand.
Retail current value sales of wearable electronics will continue to exhibit strong growth throughout the forecast period, but the rate of growth will gradually decelerate as demand begins to mature. Analogue activity watches will be the top performer (albeit from a relatively low base), with these products of particular appeal to older and more conservative consumers who prefer the traditional look of an analogue watch to a digital one.
Digital activity watches will continue to account for the bulk of retail volume sales of wearable electronics during the forecast period. Higher levels of participation (or at least the intention to participate) in sporting activities like cycling and running combined with a steady decrease in unit price will be the main drivers of this.
The forecast period is likely to see the leading brands in wearable electronics experiment with ecosystems of products – such as smartphones, headbands, wearables, and smart speakers – that share data. These will allow them to build up a more imitate picture of the habits of users to provide them with a service that feels more integrated and personalised.
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This report originates from Passport, our Wearable Electronics research and analysis database.
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