Boosted by the nation’s strengthening health consciousness and consumers’ increasingly hectic lifestyles, owing partly to a favourable labour market, there has been rapid growth in wearable electronics, particularly in smart wearables, which is the largest category. The ongoing increase in smartphone ownership in the Philippines and the improvement of 3G and 4G networks will help boost sales of wearable electronics further, as the two devices are often used in conjunction to track and upload a user’s health statistics to specific health applications or social media platforms.
As wearable electronics is still a nascent category in the Philippines, extensive marketing and promotional activities are needed to boost consumer-awareness of the different types and models available. For example, companies in the finance and BDO industries provide incentives for their employees when they sign up for specific credit cards, for instance a free Fitbit.
Currently, smart wearables command the highest unit prices, while digital activity watches have the lowest. Over the forecast period, the average unit price in analogue activity watches, which are also known as hybrid smartwatches, is set to fall the most.
As the manufacturer that has spearheaded the smartwatch movement, Apple Inc led smart wearables in 2019. A further strong rise in sales can be attributed to the release of its third-generation Apple Watch in the second half of the review period, with its main feature being built-in LTE connectivity, enabling consumers to send texts, stream music and make calls without being connected to their phone.
International manufacturers such as Fitbit, Apple and Fossil Group Inc continued to dominate wearable electronics in 2019. This situation can be attributed to their capacity to develop innovative products that are multi-functional and offer excellent connectivity, as well as sleek and sophisticated designs.
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Discover the latest market trends and uncover sources of future market growth for the Wearable Electronics industry in Philippines with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Consumer Electronics market research database.