Wearable Electronics in South Korea

PROSPECTS

Changing healthcare regulations to offer opportunities for smart wearables?

Smart wearables are widely using for analysing personal health, such as monitoring stress, calories and cardiotachometry. Such functions are one of the major reasons why these products are attractive to consumers, especially senior citizens.

Smart wearables taking sales from digital activity watches

Despite the slowing growth rate in activity wearables, various activity wearables continue to be introduced to the market. As it is easy to produce activity wearables, small domestic players continue to enter the category.

Internet retailing dominates distribution

Internet retailing is the main distribution channel for wearable electronics, not least because consumers buying wearable electronics are most likely to be tech friendly and savvy. It is convenient to see product reviews by other consumers when online shopping and to receive the product within a day.

COMPETITIVE LANDSCAPE

Multinational companies dominate activity wearables

Xiaomi Inc is the dominant player thanks to its Mi Band series of digital activity wearables. The relatively low cost of the products and their connectivity with other appliances such as IoT functionality drive the company’s sales.

Smart wearables led by domestic players but facing strong competition from multinationals

Samsung Electronics, which remained the leading company in smart wearables in 2019, launched the new Galaxy Watch Active in February 2019. It has a wireless charging function and the Bixby voice recognition system.

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