Coronavirus will slow the growth of the market of wearable devices by almost ten times

IDC analysts expect 368.2 million wearable electronic devices to ship this year. This means that the global market for such devices will grow by only 9.4%. For comparison: an increase of 89% was recorded last year. Analysts explain the slowdown in the COVID-19 pandemic, due to which deliveries have significantly decreased in the current half-year. Nevertheless, it is expected that growth will continue in the coming years and 526.8 million devices will be shipped in 2024. This figure corresponds to an average annual growth of 9.4% over a five-year period.

At the same time, sales of headphones and headsets will grow even by 10.3% per year, so that in 2024 301.5 million units will be shipped. According to IDC experts, in the coming years, these devices will receive new functions related to monitoring physical activity and health. However, the main ones will remain the functions of listening to sound recordings, voice communication and calling voice assistants. Another greater growth – 11.4% per year – is forecasted for smart watches, including relatively simple models with basic functionality. For bracelets, growth is projected at only 1.8% per year.

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